Morocco's Wafa Assurance creates its Cameroon subsidiary

Moroccan company Wafa Assurance, a branch of the banking group Attijariwafa officially created its Cameroonian subsidiary called “Wafa Assurance Vie Cameroun”, with a capital of 1 billion CFA francs, we learn in a legal notice published by the government daily from September 9, 2014.

This Moroccan insurer becomes the 22nd insurance company operating in Cameroon, the second of the 14 markets in the CIMA region (Inter Conference on Insurance Markets) behind Cote d'Ivoire after the withdrawal of Samiris and alpha insurance.

It was in March 2014 that the Moroccan group announced its ambition to enter the sub-Saharan Africa market (Côte d'Ivoire, Cameroon, Gabon, Congo), by creating Greenfield subsidiaries, without redemption or acquisition of stakes in existing companies.

Wafa seeks to duplicate in these West and Central Africa countries its experience in Tunisia, where through the Attijariwafa Bank network in the Maghreb country , have managed in just 7 months of activity, to achieve a turnover of 89.6 million Moroccan Dirhams and was able to capture a market share of around 7%.

In Cameroon, Attijariwafa Bank took over SCB Credit Agricole banking network for 3 years, and since then created new branches to ensure better coverage of the national territory.

Like in Tunisia, this banking network is expected to be an excellent launching pad for Wafa Assurance Vie Cameroun.