MMI has confirmed a partnership between Metropolitan International and Airtel to promote large-scale access to Metropolitan insurance and micro-savings products in East and West Africa.
"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 offerings, but also as an alternative distribution channel," says Nicolaas Kruger, group CEO of MMI.
MMI recently revealed its financial results for the year to 30 June 2013 and elaborated on its African expansion drive, highlighting this as a strategic focus for the group. MMI has set aside R500 million for growth opportunities in Africa.
"Through this partnership, Metropolitan 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," says MMI.
According to Kruger, by enabling access to basic insurance services, Metropolitan not only hopes to promote financial inclusion in these markets, but also to encourage a culture of saving, while promoting economic growth and development.
"By launching this partnership with Metropolitan, Airtel aims at bringing relevant services to the fingertips of millions of people across Africa. This new development highlights our commitment to finding convenient solutions for all our customers," Chidi Okpala, director and Africa head of Airtel Money, says.
"With its established presence in Africa, the Metropolitan brand brings with it a strong sense of peace of mind to our customers," Okpala says.
For Mervyn Cookson, CEO of Metropolitan International, the partnership should forge a new path for financial services in Africa. "Metropolitan and Airtel have a shared vision to reach and improve lives across the African continent through this innovative and affordable services offering," Cookson concludes.
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