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Sanlam Maroc, a subsidiary of Sanlam Limited, Africa’s leading insurer partly owned by billionaire Patrice Motsepe, said it has taken an equity stake in Woliz, a Moroccan startup that helps neighborhood shops move their operations online.
The insurer invested $2.2 million, marking its first venture-style deal under a long-term private equity approach. The move brings Sanlam into a fast-growing corner of Morocco’s economy, where small retailers remain central to daily commerce but often lack access to formal financial services.
Sanlam backs Woliz retail fintech
Sanlam said the investment is aimed at supporting the modernization of local retail while widening financial inclusion. Small shops account for a large share of employment and consumption in Morocco, yet many still operate largely in cash and outside formal systems.
Woliz said the funding will speed up the rollout of its technology and fintech platform, which connects shop owners to a single network spanning payments, telecommunications, suppliers, institutions and consumers. The company positions retailers not as intermediaries, but as the core of the system.
Sanlam Maroc taps small retailers digitally
For Sanlam Maroc, the deal also serves as a learning opportunity. The insurer said it expects the partnership to improve its understanding of small retailers and help it design insurance and financial products better suited to their needs, a segment that is often hard to reach through traditional channels.
The investment aligns with Morocco’s “Digital Morocco 2030” plan, which seeks to modernize the economy and expand access to digital and financial services, with the aim of strengthening the country’s role in Africa’s digital economy.
Across Africa, digital businesses have continued to draw investor interest despite global uncertainty, foreign direct investment flows to the continent rose to $97 billion in 2024 from $55 billion a year earlier, according to UNCTAD’s 2025 World Investment Report, driven in part by digital economy projects.
Motsepe-backed Sanlam deepens investment strategy
Sanlam Maroc, formerly SAHAM Assurance, provides life and non-life insurance and is headquartered in Casablanca. Founded in 1949, it became part of Sanlam Limited after rebranding in 2022.
Sanlam is partly owned by billionaire Patrice Motsepe, who holds an indirect 7.8 percent stake through Ubuntu-Botho Investments and serves as vice chairman. The group reported a 6.9 percent rise in first-half profit to $654 million, helped by gains across insurance and investment units.
The insurer has been stepping up private market investments, including the launch this month of a $234.8 million Property Impact Fund focused on social infrastructure and affordable housing, as it looks beyond public markets for steady returns.
