Octagon Africa Financial Services has completed the purchase of 49 percent shareholding in Alexander Forbes Financial Services Zambia.
This comes after the announcement on the Johannesburg Securities Exchange News Service (SENS) by Alexander Forbes Group Holdings Limited (Alexander Forbes Group) to review its strategic business and operating model in March 2019.
“As a result of our new strategy of offering a centralized advice-led solution platform in Africa, we have decided to exit some in-country operations including Zambia. 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,” said Alexander Forbes Emerging Markets Chief Executive Officer Bonga Mokoena.
Octagon Africa, located in Kenya, Uganda and Zambia, is a leading provider of pension, actuarial services, insurance brokerage and training for both the private and public sector organisations.
“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 Octagon Africa Group Chief Executive Officer Fred Waswa.