Wafa Vie Cameroon gets approval

Wafa Assurance has crossed the final level to carry out activities in Cameroon after obtaining the go-ahead from the Regional Commission for supervision of insurance of the inter-African Conference of the insurance markets (CIMA).

The Minister of finance, Alamine Ousmane Mey, issued the approval to begin its activities in the active branch pending the outcome of the inactive branch on July 8.

Network

Wafa Assurance Vie Cameroun (WAVC), whose headquarters would be in Douala, becomes the eighth business company in this branch with sales amounting to CFAF 41 billion in 2013.

It will be able to use the SCB Cameroon network, subsidiary of Attijariwafa banking group, to develop in the ‘bancassurance’, a device which is already operational in Morocco and Tunisia and active in Senegal since the second quarter of the year.

The Moroccan group, which remains interested in Côte d'Ivoire, plans on a settlement in Gabon before the end of the year.

Results

In 2014, Wafa Assurance achieved a turnover of 6,078 billion dirhams, an increase of 5.9% from the previous fiscal year and obtained a net profit of 839 million dirhams (+ 7.6%).