Ivorian Insurer NSIA acquires three of Sanlam’s subsidiaries, including Togo’s

Finance

Wednesday, 22 September 2021 14:01

Ivorian Insurer NSIA acquires three of Sanlam’s subsidiaries, including Togo’s

(Togo First) - NSIA - the Ivorian Insurer - has acquired four Sanlam subsidiaries, including its Life Insurance unit in Togo. The three others are Sanlam's Life Insurance unit in Gabon, Non-Life Insurance in Congo, and Non-Life in Guinea, a statement read.

“For 26 years, the NSIA Group has been undertaking a controlled development strategy for its activities. This has enabled us to establish ourselves in each of the countries where we operate. Today, we are strengthening our presence in Togo, Gabon, Congo and Guinea. For all our stakeholders, this operation heralds promising prospects,” said Jean Kacou Diagou, Chairman, CEO, and founder of the NSIA Group.

At the same time it is expanding in some countries, NSIA sells its life and non-life insurance units in Mali to the South African Sanlam (formerly Saham in Togo).

Despite selling part of its activities in Togo, Sanlam claims that Lomé will remain at the heart of its development strategy. "Sanlam will continue to deploy its multinational and pan-African strategies through its platforms in Casablanca and Lomé. They will continue the usual coordination and management of our programs via our SPA network or through partnership agreements," said the group.

Sanlam Togo, let’s recall, was initially controlled by the Moroccan Saham, before passing under South African control. The transfer from Saham to Sanlam was finalized in 2018, for more than $1 billion. Subsequently, the brand’s identity was changed last May.

ExpandPF Project Evaluates Healthcare Facilities in Togo for Reproductive Health Support

COOPEC-Blitta: Balance Sheet Totals CFA1.3 billion in 2023, up 12% YoY

Togo: CNSS Announces Mandatory Life Check for Pensioners and Annuitants in May-June 2024

Anti-Terrorism: President Gnassingbé Calls for the Reorganization of Military Cooperation in West Africa

anti-terrorism-president-gnassingbe-calls-for-the-reorganization-of-military-cooperation-in-west-africahttps-www-togofirst-com-fr-securite-2304-13894-lutte-contre-le-terrorisme-faure-gnassingbe-plaide-pour-une-nouvelle-organisation-de-cooperation

Togo: New ECOWAS Committee Launches to Bolster Healthcare Delivery

Togo Expands Property Tax to Include Secondary Homes

Togo: Constitutional Court Welcomes Two New Members

Togo: Parliament Approves New Constitution after Second Reading

BCEAO’s foreign asset revenues soar 112% but trail potential of operations account

With UNDP, Emmanuel Adebayor’s Foundation Launch its Second Agribusiness Incubation Cohort

REFORMS OVERVIEW

STARTING A BUSINESS (more info)

At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

TRADING ACROSS BORDERS (more info)

In comparison to previous years,Togo has significantly improved its ranking under the“Trading across borders” indicator by adopting multiple reforms that focus mainly on the digitization and reduction in delays, for import and export procedures related to import and export.

In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

After moving from the 133rd to 127th place under the 2020 Doing Business’ construction permit index, Togo intends to reiterate this feat in the coming edition of the global ranking. To this end, it has introduced this year multiple reforms.

GETTING ELECTRICITY (more info)

Over the past two years, Togo’s ranking under the Doing Business’ Getting electricity and water indicator has increased consistently. Owing this performance to multiple reforms aimed at making it easier for businesses to access power and water, Lomé plans to introduce even more reforms this year to keep up its improvements.

REGISTERING A PROPERTY (more info)

Out of all the 'Doing Business’ indicators, Property Registration is where Togo has improved the most since 2018. Indeed, after spending years in the lowest part of this ranking, the country now seeks to beat Rwanda which is the best performer on this index in Africa. To do so, Lomé has been introducing many reforms, with the latest batch implemented this year.

PUBLIC PROCUREMENT (more info)

From professionalization to digitization, through legislative regulations, Togo’s public procurement framework is constantly being modernized. Several reforms have been implemented to improve the sector much to the benefit of the private sector, which is the focus of the National Development Plan.

PAYING TAXES AND DUTIES (more info)

To improve its business environment, Togo introduced some important reforms related to the payment of tax and duties. From the replacement of some taxes to the cancellation of others through exemptions, the country has only one objective: offer the most attractive tax framework to investors and economic operators. To achieve this, the authorities relied on digitization.