Oasis Capital Ghana, which invests in small and medium enterprises across Ghana and Cote d’Ivoire via Oasis Africa VC Fund, has struck its third deal in as many months.
The transaction involves the purchase of a minority stake in two related companies—Côte d’Ivoire’s Sonam Générale Assurances Côte d’Ivoire and Sonam Assurances Vie Côte d’Ivoire.
The investment firm didn’t disclose the financial details of the deal.
Sonam Générale Assurances CI is a non-life insurance company located in Abidjan, Côte d’Ivoire and a subsidiary of the pan-African Sonam Group. The company focuses on the underwriting, distribution and servicing of non-life insurance products to individuals and SMEs. It offers insurance for automobile, health and accident, transportation, fire and property, public liability coverage and other diverse risks.
Sonam Assurances Vie Côte d’Ivoire, formerly known as Axa Vie Côte d’Ivoire, provides life insurance.
Matthew Boadu Adjei, CEO of Oasis, said, “Financial services, and insurance in particular, is still in a very nascent stage in Africa and within the sub-region. By partnering with the Sonam Group, we are working with a skilled insurance operator to expand insurance coverage and promote better financial literacy and access.”
Oasis Africa VC Fund is a $50 million vehicle that deploys capital through equity and quasi-equity investments. The fund is backed by International Finance Corporation, the Dutch Good Growth Fund, the European Investment Bank, France’s Proparco, Norway’s Norfund as well as Ghanaian investors including local pension funds.
In June, the fund had announced two deals including an investment in Joyce Ababio College of Creative Design (JACCD), a design college established by Ghanaian fashion designer Joyce Ababio. The college was earlier known as Vogue Style School of fashion and design.
The funding amount was not disclosed but is likely to be in the $1-5 million range.
The fund also invested $1 million in fintech company appsNmobile Solutions Ltd. The company started as a software development venture six years ago but pivoted into a financial technology company and started processing payments in 2018.