Mo Assurance is MeTL Group’s first venture into the country’s financial services sector. It was launched in 2007 and is unique amongst Tanzania’s insurance business fraternity as the first fully Tanzanian private sector insurer in both its shareholding and board structure.
The company has benefited from its affiliation to MeTL Group’s strong brand equity and its wide reach into over 30 regions of the country. Mo Assurance is proud to have gained a significant market share and is making profits in just its third year of operation. Mo Assurance has a growing client base of more than 100,000 people, and provides ground breaking micro insurance. According to the Regulator’s Report 2008, Mo Assurance also boasts the lowest expense to gross premium ratio in the Tanzanian market.
Mo Assurance deals in over 20 types of general insurance products. Mo Assurance provides grassroots micro insurance developed and introduced in Tanzania with the support of partners, including Micro Ensure. Micro Ensure is the distribution wing of the ILO’s previous Micro Insurance Agency. Mo Assurance offers micro life and micro health insurance schemes, as well as agriculture insurance through weather index insurance schemes for farmers.
Mo Assurance offers a wide range of insurance products including:
To protect the poor from the financial distress that can result from accidents and unforeseen negative incidents. To provide various micro-insurance covers for the poor and self employed and small and medium-scale enterprises.
Sifa Advisory is a joint venture with MeTL Group. The company is building up the local investment banking market by providing domestic and international clients with integrated professional, financial and investment solutions. Sifa Advisory’s team of finance experts provides customized investment solutions in origination, structuring and placement of debt capital, as well as in private equity and shareholder equity, including mezzanine financing locally, regionally and internationally. As part of a network of experienced and successful financial organisations across the African region, Sifa Advisory offers private and institutional clients with joined-up solutions across borders. In line with MeTL Group’s core values, Sifa Advisory believes that strong risk management applied to a well-defined business model and solid corporate governance delivers sustained long-term results.
MeTL Capital Finance was established to source finance for the group’s activities and to support the group’s business portfolio. It is developing a focus on sourcing capital for MeTL Group’s trading activities.
MeTL Group is constantly seeking new ventures and in the financial sector we are considering entry into the banking industry. The group wants to focus primarily on rural areas where only 9% - 10% of the population has access to formal banking and only 6% to insurance. Challenges include a general lack of knowledge within the rural community about banking services. However, MeTL Group believes that information dissemination is key to making formal banking accessible to the rural population of Tanzania.