EGYPTWafa Life Insurance’s Egypt division has announced that it is set to formally start business in Egypt by the end of 2021, saying the decision is the culmination of a series of negotiations with Egyptian authorities.

The company, which is a subsidiary of Morocco’s Wafa Assurance and part of the Attijariwafa bank group, announced in July that it had received official permission from the Egyptian government to begin business operations in the country. You can have a read Here.

Chief executive of Wafa Life Egypt Abeer Saleh said the company expected to “seek the central bank and regulatory approvals on the agreement within the final quarter of the current year.”

According to Saleh, after finalizing negotiation terms, the company plans on expanding its services to fifteen branches of a local major Egyptian bank.  Wafa plans on providing life insurance services for customers, as well as insurance for the banking institutions and its employees.

Wafa Life Insurance Egypt currently has a valuation of US$9.5 million, but that number is expected to quickly grow.

This announcement solidifies Wafa’s operations across the African continent. In addition to its Egyptian subsidiary, Wafa also operates businesses in Senegal, the Ivory Coast, Cameroon, and Tunisia.

After its initial formation, Wafa Life Insurance Egypt was valued at approximately US$9.5 million , but that figure could easily grow depending on the company’s success. Experts predict the African insurance market will see immense growth in the near future. Currently, North Africa represents the second most lucrative market on the continent, after South Africa

In Egypt, Wafa Assurance plans on forming a mutually beneficial relationship with its subsidiary Wafa Life Insurance Egypt. In exchange for access to Wafa Assurance’s state-of-the-art digital systems, the central company will use Egypt as a springboard to expand into other countries in the region with a significant amount of English-speaking clientele. 

Wafa Life Insurance Egypt currently has a valuation of US$9.5 million, but that number is expected to quickly grow. Through new business operations, the company plans to extend its reach internationally.