South African insurer Sanlam has partnered with First Bank of Nigeria to launch its insurance products in Nigeria, reported Bloomberg.
According to the report, Sanlam may start selling its products as early as next month.
Sanlam has operations across 12 African nations as well as a business in India. Sanlam is planning to spend as much as $197m for expanding its business in Africa and India. The company is also looking for European insurance partner.
Johan van Zyl, CEO of Sanlam, said: “About 60% of all our potential clients in Nigeria bank with First Bank. We can get the money in from those clients fairly easily and quickly.
“We have 35% of the arrangement and it’s a simple model where we’ll roll out 30 to 50 branches this year. With First Bank having more than 400 branches. If it works we can do a hell of a lot in the next 18 months to two years.”