SA insurance firm partners with Bharti Airtel
JSE-listed insurance-based financial services company, MMI Holdings has announced a strategic partnership between Metropolitan International and India based telecoms firm, Bharti Airtel.
Through this partnership, Metropolitan International is able to market and sell its products directly to Airtel’s customers through its extensive telecommunications networks in Ghana, Kenya, Nigeria, Tanzania and Zambia.
MMI was formed from the merger of Metropolitan and Momentum and listed on the JSE in December 2010.
The group announced during a presentation of its financial results for the year-end to 30 June 2013, earlier this week (11 Sept 2013), that its has set aside R500 million towards growth opportunities in Africa.
The group told BusinessTech that there are no similar deals in the works locally in SA, for now.
Commenting on the partnership, Nicolaas Kruger, Group CEO of MMI, said: “Success in Africa requires lateral thinking. The growth of mobile telephony has opened up considerable opportunities for diversification – not only in terms of products and services offering, but also as an alternative distribution channel.”
“By enabling access to basic insurance services, Metropolitan International not only hopes to promote financial inclusion in these markets, but also to encourage a culture of saving – to the ultimate benefit of economic growth and development,” Kruger said.
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