… targets other African countries
By Juliet Ebirim
Leading financial services and technology platform, Tangerine officially launched its financial service product offerings in a press conference recently.
Speaking on the progress Tangerine has made since 2019, Dapo Akisanya, Head Pensions, Tangerine Nigeria said, “In under two years, we have been able to successfully acquire and rebrand several businesses, firmly establishing Tangerine. We have also made significant strides in repositioning our businesses in readiness for growth by assembling a strong, agile and experienced team that aligns with our strategic thinking”.
On financial inclusion and its impact on the Nigerian socio-economic landscape, he added, “We believe in democratizing access to financial services and products and we seek to achieve this by developing simple value-adding products that are easy to understand and which leverage technology to increase ease of accessibility, helping millions of uninsured Nigerians have protection or save for the future”.
On his part, Head Life Insurance, Tangerine Nigeria Livingstone Magorimbo shared plans to establish Tangerine as the No. 1 financial solutions provider of choice in Africa “Our intention over the next three to four years is to build strong businesses that are profitable and have a fair share of the larger market, in all of the segments we participate in.
We aim to do this by ensuring that the assets acquired in Nigeria are efficient and all the merger synergies are fully realized.
In addition, we plan to generate value through customer acquisition, expansion of our agent network, cross-selling to our pool of customers and improving efficiencies. We are also set to expand Tangerine’s presence beyond Nigeria. We plan to have a presence in at least eight African countries by 2024”.
On approach to product development, Head Commercial, Tangerine Nigeria Ibitunde Balogun, “We have merged deep consumer insights and cutting-edge technology to build a range of carefully tailored and relevant products that create value by broadening the financial potential of every individual.
We believe that digital transformation done right can help build a seamless environment for interaction with customers. This is what guides our agile infrastructure. We have built a one-stop platform for customers that features a front-end user interface that enables seamless interaction.” he added.
In September 2019, Tangerine was established following the acquisition of a 100% equity stake in Metropolitan Life Insurance Nigeria by Verod Capital Management (“Verod”), a leading private equity firm investing in growth companies across Anglophone West Africa. This was immediately followed by a stream of strategic mergers & acquisitions, notably:
The acquisition of ARM Life through Metropolitan Life to establish the 4th largest life insurer in Nigeria – Tangerine Life Insurance Limited; Verod’s acquisition of Law Union and Rock, one of the leading general insurance companies in the space, which has since been rebranded as Tangerine General Insurance Limited; the acquisition of Assured MFB, a microfinance bank, by Tangerine Life to establish Tangerine Money; and in the pensions space, the acquisition of Pension Fund Administrators (PFA) – AXA Mansard Pension and a minority stake in a significant PFA by Verod. AXA Mansard has since been rebranded Tangerine Pensions and the process to merge the two PFAs has commenced.
The merger will produce a formidable competitor with wide geographic coverage.
Today, Tangerine comprises of the following entities: Tangerine Life, Tangerine General, Tangerine Pensions and Tangerine Money. Tangerine is positioned to be Africa’s preferred one-stop financial solutions provider, leveraging a tech-driven, flexible, high-access platform to drive business across all the financial services segments in Africa to deepen financial inclusion, facilitate wealth creation and protection.