Kenyan firm buys Alexander Forbes stake in Zambia unit

Nairobi-based financial services provider Octagon Africa has completed the purchase of a 49 per cent shareholding in Alexander Forbes Financial Services Zambia.

This follows an announcement on the Johannesburg Securities Exchange News Service (SENS) by Alexander Forbes Group Holdings to review its strategic business and operating model in March this year.

The refocused strategy has seen the South African-based retirement services provider exit countries such as Uganda and Zambia.

It has also disposed of some of its businesses such as property and casualty unit in South Africa.

Alexander Forbes Emerging Markets Chief Executive Officer Bonga Mokoena described Octagon Africa as “the best fit for our business” and projected a seamless transition.

“As a result of our new strategy of offering a centralised advice-led solution platform in Africa, we have decided to exit some in-country operations, including Zambia,” said Mr Mokoena. “We are glad that Octagon Africa is the best fit for our business, and we are confident of a seamless transition and our clients can be assured of excellent service as always.”

Octagon Africa Group Chief Executive Fred Waswa welcomed the buyout, terming it historic.

“Octagon Africa is delighted to mark such a historic moment in our business by buying out Alexander Forbes business in Zambia and also being the official service provider for their clients in this market. We take pride in excellent service delivery and offering innovative solutions that meet our clients’ needs,” said Waswa.

Besides providing financial services, Octagon also runs training programmes for retirement benefits schemes.