AXIAN invests in Ivorian start-up WiASSUR to transform the insurance sector in Africa

The pan-African group AXIAN, through its subsidiary AXIAN Investment, announces the acquisition of a significant stake in WiASSUR, an Ivorian start-up specializing in insurance. This strategic investment, finalized in July 2024, represents a key step in AXIAN’s expansion in the African insurance market, with the aim of strengthening digitalization and financial inclusion on the continent.

(Cio Mag) – With this acquisition, AXIAN becomes the second largest shareholder of WiASSUR, marking a major entry for the group into the insurance sector. The equity investment allows AXIAN to play an active role in the governance of the company, with the ambition of directly contributing to its strategic development and growth in the African market.

WiASSUR, an insurance broker based in Ivory Coast, positions itself as a disruptive player in the insurance industry. Thanks to a fully digitalized platform, the start-up is revolutionizing the way customers interact with their insurance policies, offering a fast, transparent and personalized experience. This digital insurance model offers an innovative solution that effectively meets the needs of citizens while simplifying risk and contract management.

Insurance markets in Africa: a major challenge

The insurance sector is marked by several structural challenges that are hampering its development. In 2021, Africa had one of the lowest insurance penetration rates in the world, standing at 2.1%, making it the second lowest after the Middle East, at 1 .7%. This is explained by a general distrust of financial institutions but also a low awareness of the importance of insurance products. Not to mention the fact that technological infrastructure, although improved in some parts of the continent, remains patchy. And this makes it difficult to spread digital insurance services to rural and/or underserved areas.

Other obstacles arise. The lack of integration of formal financial systems in many African economies also complicates access to insurance. Today, there are an estimated 400 million people who are not or underserved financially in Africa. These factors, combined with a limited perception of the benefits of insurance, are hampering the development of a sector that is nevertheless considered essential for the long-term economic stability of households and businesses.

A strategy focused on digitalization and financial inclusion

The investment in WiASSUR echoes a growing trend in Africa where technology is emerging as a lever to overcome the challenges of the insurance sector. Companies investing in digital solutions seek to democratize access to insurance products, reducing costs but also improving user experience.

By investing in a digital platform like WiASSUR, AXIAN is part of this dynamic aimed at offering solutions adapted to local needs by relying on digital innovations to make insurance more accessible. AXIAN sees a significant growth opportunity in the insurance sector, not only in Ivory Coast, but across the entire African continent.

Present in 17 countries, AXIAN confirms its leading role in supporting African start-ups and continues to develop in high-growth sectors such as telecommunications, financial services and innovation.

Hassane Muhieddine, CEO of the Axian Financial Services division, emphasizes: “Axian Investment allows us to invest strategically in African start-ups and companies to create value and support economic development in Africa. With this acquisition of a stake in the capital of WiASSUR, we are continuing our support for innovative initiatives that respond to the continent’s major challenges, while further positioning ourselves in the insurance sector. Our ambition is strong in this rapidly changing field. »