Fintech firm Tangerine officially launches in Nigeria

Leading pan-African financial services and technology firm, Tangerine has expanded its operations to Nigeria, officially launching its financial service product offerings in the country, the company said in a recent press conference.

The company has so far launched entities including Tangerine Life, Tangerine General, Tangerine Pensions, and Tangerine Money. It claims to be equipped with a well-integrated and scalable digital platform designed to meet the growing needs of the financial solutions ecosystem. It is also driven by a highly experienced and high-performance management team. The company says it is well-positioned for significant growth and impact in Africa.

Dado Akinsanya, head of pensions, Tangerine Nigeria said since 2019 the company has successfully acquired and rebranded several businesses, gaining more grounds for Tangerine. He added that the company has also made significant moves to reposition its businesses for growth by putting together a strong, effective, and experienced team that aligns with the company's strategic thinking.

"We believe in democratizing access to financial services and products and we seek to achieve this by developing simple value added products that are easy to understand and which leverage technology to increase ease of accessibility, helping millions of uninsured Nigerians have protection or save for the future," Akinsanya said concerning the company's financial inclusion and impact on the Nigerian social-economic landscape.

Livingstone Magorimbo, Head of Life Insurance, Tangerine Nigeria said the company's goal is to be established as the No.1 financial solutions provider in Nigeria and Africa. He said the plan is to build strong businesses that are not only profitable,  it have a fair share of the larger markets in all segments, over the next three years.

"We aim to do this by ensuring that the assets acquired in Nigeria are efficient and all the merger synergies are fully realized," Magorimbo said. "In addition, we plan to generate value through customer acquisition, expansion of our agent network, cross-seeking to our pool of customer and improving efficiencies. We are also set to expand Tangerine's presence beyond Nigeria. We plan to have presence in at least eight African countries by 2024."

Ibitunde Balogun, Head Commercial, Tangerine Nigeria discussed the importance to offer a variety of products saying that the company has merged helpful consumer insights and cutting-edge technology to create a range of bespoke and "relevant products that create value by broadening the financial potential of every individual," as well as offering a unique mix of life insurance, pension, and wealth management services to help clients to secure their future.

"At Tangerine, we believe that digital transformation done right, can help build seamless environment for interaction with customers. This is what guides our agile infrastructure, said Balogun.

About Tangerine

Tangerine was created in 2019 in a 100 percent acquisition equity stake deal of Metropolitan Life Insurance Nigeria by Verod Capital Management, a leading private equity firm that invests in growth companies across Anglophone West Africa. The acquisition has resulted in the multiple mergers of renowned Nigerian financial firms such as ARM Life, Assured MFB, and AXA Mansard, which all form the Life Insurance, Microfinance Bank, and pensions business units of Tangerine Nigeria.

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