Developing synergies with financial institutions
Finafrica is acquiring insurance companies with the aim of creating a pan-African network in five Central and West African countries by late 2020. As part of the Finafrica network, these companies will be invited to comply with the capitalisation standards prescribed by the Inter-African Conference on Insurance Markets (Cima). The growth strategy is mainly based on international expansion and the development of digital solutions.
To achieve the latter, Finafrica has teamed up with a French group specialising in digital insurance to allow insurance companies inside the Finafrica network to modernise their IT systems while also improving productivity and profitability.
Through this, insurance companies develop partnerships with these institutions in order to offer micro-insurance and bank insurance services.
Finafrica is at work on developing an agricultural insurance offer in addition to its rural credit offer.