Leading financial services and technology platform, Tangerine has officially launched its financial service product offerings in Nigeria.
In September 2019, Tangerine was established 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, notably: The acquisition of ARM Life through Metropolitan Life to establish the 4th largest life insurer in Nigeria – Tangerine Life Insurance Limited; Verod’s acquisition of Law Union and Rock, one of the leading general insurance companies in the space, which has since been rebranded as Tangerine General Insurance Limited; 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 Tangerine Pensions and the process to merge the two PFAs has commenced. The merger will produce a formidable competitor with wide geographic coverage.
Today, Tangerine comprises of the following entities: Tangerine Life, Tangerine General, Tangerine Pensions and Tangerine Money. Tangerine is positioned to be Africa’s preferred one-stop financial solutions provider, leveraging a tech-driven, flexible, high-access platform to drive business across all the financial services segments in Africa to deepen financial inclusion, facilitate wealth creation and protection.
Speaking at the press conference on the progress Tangerine has made since 2019, Dapo Akisanya, Head Pensions, Tangerine Nigeria said, “In under 2 years, we have been able to successfully acquire and rebrand several businesses, firmly establishing Tangerine.