Fintech firm, Tangerine officially launched its financial service product offerings having made significant acquisitions across several financial services sectors. The firm plans to make more acquisitions and mergers in the financial service space.
The entities launched by the company include Tangerine Life, Tangerine General, Tangerine Pensions, and Tangerine Money. Tangerine Nigeria is also poised to enter 8 other markets in the African continent.
The products were unveiled by Dapo Akinsanya, Head Pensions; Livingstone Magorimbo, Head Life Insurance; and Ibitunde Balogun, the Head, Commercial at Tangerine Nigeria, in a press conference held in Lagos State.
This is coming at a time when the competition in the Nigerian Fintech space has increased, and even more in the Pension Funds sector, with the RSA window being open for customers to transfer from one PFA to another.
What the key people are saying
According to Dapo Akinsanya, Head Pensions at Tangerine Nigeria, “In under 2 years, we have been able to successfully acquire and rebrand several businesses, firmly establishing Tangerine. We have also made significant strides in repositioning our businesses in readiness for growth by assembling a strong, agile, and experienced team that aligns with our strategic thinking.”
“In the area of recaptization, the Nigerian insurance industry is currently going through a suspended recapitalization process, which has sought to increase the minimum statutory capital levels for life insurance and general insurance businesses from N2 billion to N8 billion and N3 billion to N10 billion, respectively,” he also added.
Head Life Insurance, Tangerine Nigeria, Livingstone Magorimbo shared plans to establish Tangerine as the No. 1 financial solutions provider of choice in Africa by driving efficiency, value addition, and growth.
“Our intention over the next 3 to 4 years is to build strong businesses that are profitable and have a fair share of the larger market, in all of the segments we participate in. We aim to do this by ensuring that the assets acquired in Nigeria are efficient and all the merger synergies are fully realized,” he said.
Mr Magorimbo also touched on Tangerine’s growth and expansion plans stating, “We see our future growth coming from the retail segment where we have made significant investments in understanding the market need, and in the technology and people required to support us going forward. We are also set to expand Tangerine’s presence beyond Nigeria. We plan to have a presence in at least 8 African countries by 2024.”
Ibitunde Balogun, Head Commercial, Tangerine Nigeria touched on the need for a variety of products. “We have merged deep consumer insights and cutting-edge technology to build a range of carefully tailored and relevant products that create value by broadening the financial potential of every individual, offering a unique blend of life insurance coverage, pensions, and wealth management to help individuals live without the worries of the future,” he said.
He also added that “At Tangerine, we believe that digital transformation done right, can help build a seamless environment for interaction with customers. This is what guides our agile infrastructure.”
According to the firm, Tangerine is equipped with a robust, integrated, and scalable digital platform that has been designed to meet the needs of a growing financial solutions ecosystem. Furthermore, it is driven by a high-performance and experienced management team. As a result, Tangerine is uniquely positioned for significant growth and impact.
What you should know about Tangerine
Tangerine was established in September 2019, following the acquisition of 100% equity stake in Metropolitan Life Insurance Nigeria by Verod Capital Management (“Verod”), a leading private equity firm investing in growth companies across Anglophone West Africa.
This was immediately followed by a stream of strategic mergers & acquisitions, which today has birthed four different entities.
Notably, the acquisition of ARM Life through Metropolitan Life to establish Tangerine Life Insurance Limited and the acquisition of Law Union and Rock by Verod, which has since been rebranded as Tangerine General Insurance Limited.
Also, the acquisition of Assured MFB, a microfinance bank, by Tangerine Life to establish Tangerine Money; and in the pensions space, the acquisition of Pension Fund Administrators (PFA) – AXA Mansard Pension and a minority stake in a significant PFA by Verod.
AXA Mansard has since been rebranded as Tangerine Pensions and the process to merge the two PFAs has commenced. The merger is expected to produce a formidable competitor with wide geographic coverage.