Table of Contents
Key Points
- AXIAN Group strengthens its insurance footprint by acquiring a significant stake in WiASSUR, becoming the startup's second-largest shareholder.
- The investment aims to enhance financial inclusion and promote digital innovation in Côte d'Ivoire's evolving insurance sector.
- AXIAN's diverse portfolio includes real estate, telecommunications, finance, and energy, emphasizing its commitment to socio-economic growth across Africa.
AXIAN Group, the Malagasy-based pan-African conglomerate headed by renowned businessman Hassanein Hiridjee is enhancing its presence in the insurance sector through its subsidiary, AXIAN Investment. The company has acquired a significant stake in WiASSUR, an emerging insurance startup in Côte d'Ivoire, highlighting AXIAN’s strategic growth initiatives.
The acquisition, finalized in mid-July 2024, positions AXIAN as WiASSUR’s second-largest shareholder and grants the conglomerate a governance role. This investment will allow AXIAN to actively shape the development of WiASSUR, further bolstering the startup’s operations.
The move aligns seamlessly with AXIAN Investment’s overarching strategy of backing technology-driven enterprises that resonate with the group’s vision of advancing financial inclusion and fostering digital innovation across Africa.
Recognized for transforming the insurance landscape through a fully digital customer experience, WiASSUR is poised to be a key asset for AXIAN as it navigates a sector ripe for substantial growth.
Transforming the insurance market
WiASSUR aims to reshape the insurance market by offering optimized and accessible insurance solutions tailored to meet the evolving needs of consumers across Côte d’Ivoire. As part of AXIAN’s portfolio, the startup is expected to play a central role in advancing financial inclusion across the continent.
“Our investment in WiASSUR reflects our commitment to driving economic growth and creating value through strategic investments,” said Hassane Muhieddine, CEO of AXIAN Financial Services. “We see immense potential in the insurance sector, and this acquisition supports our goal of fostering innovative solutions to the challenges faced by African markets.”
Teva Fontaine, CEO of WiASSUR, echoed this sentiment, emphasizing the shared vision between the two companies. “WiASSUR is aligned with AXIAN Group’s mission of positive impact. By promoting insurance as a tool for risk mitigation and financial stability, we aim to contribute to sustainable, inclusive growth for individuals and businesses.”
Ambitious growth strategy
Headquartered in Madagascar, AXIAN Group operates in real estate, telecommunications, finance, and energy sectors across six countries. Under the leadership of Hassanein Hiridjee, the conglomerate has become Madagascar’s top energy producer, demonstrating a commitment to socio-economic progress and renewable energy accessibility.
In a related development, AXIAN recently acquired solar assets in Madagascar and Burkina Faso from French power producer GreenYellow, bolstering its renewable energy portfolio. Additionally, the company secured a $30 million senior secured debt facility from the Emerging Africa Infrastructure Fund (EAIF) in 2023 to advance its energy initiatives.
Reports indicate that AXIAN is also in advanced negotiations to acquire MTN’s assets in Liberia, Guinea-Bissau, and Guinea-Conakry, further signaling its aggressive growth trajectory across the continent.
