AXIAN Group, a leading pan-African conglomerate, has expanded its footprint in the insurance sector with the acquisition of a significant stake in WiASSUR, an innovative Côte d’Ivoire-based insurance startup. The deal, which was finalized in July 2024, positions AXIAN as WiASSUR’s second-largest shareholder and marks a strategic milestone in the Group’s efforts to deepen its presence in Africa’s high-growth insurance market.
WiASSUR, founded in 2019, has emerged as a dynamic player in the region by offering a fully digitized insurance platform, providing personalized and accessible solutions to individuals and businesses. The startup’s technology-driven model simplifies the often complex insurance process, allowing users to easily purchase and manage policies online. By focusing on flexibility and transparency, WiASSUR aims to make insurance more accessible to a wider audience, addressing a significant gap in financial services across West Africa.
AXIAN’s decision to invest in WiASSUR reflects the Group’s broader strategy of driving digital innovation and financial inclusion across Africa. Through its investment arm, AXIAN Investment, the Group has been actively supporting startups that leverage technology to meet the continent’s evolving needs. This move into the insurance space highlights AXIAN’s long-term ambition to be a key player in sectors that offer high growth potential, including fintech and financial services.
“We believe that the insurance sector is critical to promoting financial inclusion and economic stability across Africa. Our investment in WiASSUR not only strengthens our position in this fast-growing market but also aligns with our commitment to support innovative businesses that create meaningful social impact,” said Hassane Muhieddine, CEO of AXIAN Financial Services.
The partnership between AXIAN and WiASSUR comes at a time when insurance penetration in Africa remains low compared to other regions. According to the African Insurance Organization, insurance uptake on the continent is still below 3%, with West Africa particularly underserved. In Côte d’Ivoire, where WiASSUR is headquartered, the demand for accessible financial services is growing rapidly, driven by a rising middle class and increased smartphone penetration.
With AXIAN’s backing, WiASSUR plans to expand its operations and enhance its digital offerings. By combining its innovative platform with AXIAN’s deep expertise and resources, the start-up aims to scale beyond Côte d’Ivoire, potentially reaching new markets across West Africa. This partnership is seen as a major step forward in bringing insurance to more Africans, many of whom remain uninsured or underinsured.
Teva Fontaine, CEO of WiASSUR, welcomed the investment, noting that it aligns with WiASSUR’s mission of promoting accessible and inclusive insurance solutions. “Insurance plays a vital role in creating financial security for individuals and businesses. With AXIAN as a strategic partner, we are well-positioned to accelerate our growth and continue innovating to meet the needs of our clients,” said Fontaine.
This latest acquisition is part of AXIAN’s broader strategy to diversify its holdings across key sectors in Africa, including telecoms, energy, real estate, and financial services. The Group, which operates in 17 countries, has established itself as a leader in leveraging technology to drive socio-economic development.
As of 2023, AXIAN Investment had interests in over 225 businesses globally, with a focus on African markets. The Group’s investments span 34 countries on the continent, where it actively supports businesses that contribute to economic development and financial inclusion. AXIAN’s involvement in the insurance sector marks a new chapter in its growth story, as it seeks to play a more active role in reshaping financial services in Africa.
Insurance, traditionally a slow-moving sector, is being transformed by digital innovation. Companies like WiASSUR are at the forefront of this change, using technology to make insurance more affordable, efficient, and user-friendly. The market potential is immense, as many African countries are seeing rapid population growth, urbanization, and a rise in small and medium-sized enterprises (SMEs), all of which drive demand for insurance products.
AXIAN’s investment in WiASSUR is also expected to catalyze further innovation in the sector. By supporting companies that offer scalable, tech-driven solutions, AXIAN aims to accelerate the digital transformation of insurance across the continent. This is part of the Group’s broader mission to harness technology for positive social and economic impact.
Scaling Across West Africa and Beyond
For WiASSUR, the strategic partnership with AXIAN opens new opportunities for growth. With AXIAN’s support, the start-up is poised to expand its market presence beyond Côte d’Ivoire, targeting other West African countries where insurance penetration remains low. By offering tailored and affordable products, WiASSUR hopes to reach a broader customer base, including underserved individuals and businesses that have traditionally been excluded from insurance markets.
In the coming years, AXIAN and WiASSUR will work closely to develop new products and services that meet the evolving needs of African consumers. The focus will be on leveraging technology to create flexible insurance solutions that can be easily adapted to local markets. As both companies share a vision of promoting financial inclusion, this partnership is expected to drive significant growth in Africa’s insurance industry.
The acquisition of WiASSUR also signals AXIAN’s long-term commitment to the African continent. As one of the region’s leading investors, the Group is well-positioned to contribute to the economic transformation of Africa through strategic investments in high-growth sectors. With its latest foray into insurance, AXIAN is not only strengthening its portfolio but also helping to build a more resilient and inclusive financial system across the continent.