- Monday, 22 September 2014 03:45
(Business in Cameroon) - The Wafa insurance company out of Morocco, a branch of the Attijariwafa banking group, with one billion FCFA of social capital, called Wafa assurance Vie Cameroun. This was announced by the Cameroonian government daily paper on September 9, 2014.
This Moroccan insurance company is now the 22nd insurance company in Cameroon, 2nd of the 14 markets of the CIMA (the Inter-African Conference on Insurance Markets) behind Cote d’Ivoire, after withdrawing the approvals previously granted to Samiris and Alpha insurances.
In March 2014, the Moroccan group had announced its plans to enter the Sub-Saharan African market (Cote d’Ivoire, Cameroon, Gabon, Congo), creating Greenfield, without buying or participating in the existing companies.
Wafa is planning to duplicate what it has done in Tunisia in West Africa and Centre, where, using Attijariwafa Bank’s network in Tunisia, it successfully made 89.6 million Moroccan dirhams and was able to claim 7% of the market.
In Cameroon, Attijariwafa Bank took over the SCB Crédit agricole banking network for three years and has been making a name for itself by opening a lot of new agencies to ensure more national coverage. As in Tunisia, this network should be an excellent springboard for Wafa assurance Vie Cameroun.
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