The MTN Group has announced that it has partnered with the Sanlam Group to form a strategic InsurTech alliance, promoting long-term mobile financial services and insurance and investment growth.
The MTN Group, together with Sanlam, announced on Thursday, 12 August 2021, that they would be joining forces to form a strategic InsurTech alliance across Africa. The alliance will set out to distribute the Sanlam Group’s insurance and investment products across Africa, while also developing MTN’s mobile financial services business.
MTN stated that the alliance would build a digital insurance and investment business, which would be an integral part of its fintech offering. According to MTN, the alliance has the potential to pre-empt and adapt to digital disruption in markets where both Sanlam and MTN operate. MTN also stated that its InsurTech businesses currently have approximately six million active policyholders, with a target of over 30 million by 2025 with this new alliance.
In reference to the alliance, the Sanlam Group CEO, Paul Hanratty stated, “We anticipate strong long-term growth in mobile financial services and insurance and investments are no exception to this.” President and CEO of the MTN Group, Ralph Mupita also stated that Sanlam is the ideal partner as the leading insurance and investment business, and that MTN built a scale fintech business that presents a drive for financial inclusion through appropriate insurance and investment solutions.
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#MTNResults21: Our new InsurTech alliance with @sanlam aims to change the face of insurance in Africa. By leveraging MTN’s brand and reach and Sanlam’s licensing we will scale our InsurTech business. Learn more: https://t.co/jqV7C2VHea pic.twitter.com/pNOClkVRS5
— MTN Group (@MTNGroup) August 12, 2021
