AXIAN Group, a Malagasy-based pan-African conglomerate led by renowned billionaire Hassanein Hiridjee, is expanding its position in the insurance market through its subsidiary AXIAN Investment. AXIAN has purchased a significant investment in WiASSUR, a rising insurance startup in Côte d’Ivoire, as part of its strategic growth ambitions.
The deal, which was completed in mid-July 2024, establishes AXIAN as WiASSUR’s second-largest stakeholder and gives the conglomerate a governing role. This investment will enable AXIAN to actively shape the development of WiASSUR, thereby strengthening the startup’s operations.
The decision is consistent with AXIAN Investment’s overall approach of supporting technology-driven firms that share the group’s mission of increasing financial inclusion and fostering digital innovation across Africa.
WiASSUR, known for revolutionizing the insurance environment through a totally digital client experience, is positioned to be a valuable asset to AXIAN as it navigates a market ripe for significant growth.
WiASSUR seeks to alter the insurance business by providing optimized and accessible insurance solutions that are suited to the changing demands of consumers in Côte d’Ivoire. As a member of AXIAN’s portfolio, the firm is expected to play an important role in increasing 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, AXIAN Financial Services’ CEO. “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 similar view, highlighting the two companies’ common mission. “WiASSUR aligns with the AXIAN Group’s purpose of positive impact. We hope to contribute to long-term, inclusive growth for both individuals and businesses by promoting insurance as a tool for risk mitigation and financial stability.
AXIAN Group, headquartered in Madagascar, operates in the real estate, telecommunications, finance, and energy sectors in six nations. Under Hassanein Hiridjee’s leadership, the group has become Madagascar’s largest energy producer, displaying a dedication to socioeconomic improvement and sustainable energy availability.
AXIAN has bought solar assets in Madagascar and Burkina Faso from French power company GreenYellow, expanding its sustainable energy portfolio. The company obtained a $30 million senior secured financing facility from the Emerging Africa Infrastructure Fund (EAIF) in 2023 to support its energy activities.
AXIAN is reportedly negotiating to acquire MTN’s assets in Liberia, Guinea-Bissau, and Guinea-Conakry, indicating a strong expansion strategy across Africa.