The firm said the investment will be used to support Saham’s growth and development further across Africa, where insurance penetration rates remain extremely low.
Saham currently has stakes in three subsidiaries with presences in Morocco, Ghana, Angola, and across Francophone West Africa, and has insured more than five million people in 11 countries.
Abraaj senior partner Matteo Stefanel said, “Our investment in Saham Finances is in line with our focus on supporting strong companies active in high-impact sectors in rapidly growing economies.
“As a leader in the insurance sector in Morocco and Francophone West Africa, we see tremendous growth opportunities for Saham Finances.
“The company has one of the best management teams in the sector and a history of successful acquisitions and integrations.
“At this inflexion point in its growth journey, we are truly delighted to enter into this partnership with Saham Finances and Moulay Hafid Elalamy.”
Last month Abraaj bought UK-based Aureos Capital in a deal which will create the world’s largest private equity firm focused on emerging market SMEs.
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