Sanlam to enter South African banking market with TymeBank partnership
Sanlam, Africa’s largest insurer, plans to enter South Africa’s banking market in 2026, aiming to boost revenue and strengthen its position in the thriving credit market.
To create the new bank, Sanlam has partnered with fintech firm TymeBank, backed by billionaire Patrice Motsepe. TymeBank intends to acquire half of Sanlam’s retail lending portfolio, and together the companies will establish a new operating entity offering unsecured personal loans bundled with life insurance.
“With millions of clients, regular claims payments, and insurance premium collections, we believe this is a great opportunity to migrate our customers to a new banking platform,” Sanlam CEO Paul Hanratty said.
He added that the new company will begin service testing later this year, with a market launch planned for mid-2026.
Sanlam bets on South Africa’s economic growth
Hanratty’s remarks followed the insurer’s report of record first-half profits, driven by recovering operations in Africa and rapid growth in India.
Sanlam’s net income rose 7% to 11.6 billion rand ($650 million) in the six months ending in June, according to the company’s Thursday statement. Net operating income from financial services climbed 14% to 8.1 billion rand ($454 million).
Operating in 31 countries, Sanlam has long pursued a strategy to strengthen its South African base while securing strategic expansion deals across Africa and Asia.
Its Asian business, including operations in India and Malaysia, increased earnings by 13%, accounting for 22% of group equity value by the end of June, compared with 20% in December.
Sanlam expects profitability to remain stable, supported by asset growth in Asia, Africa, and its domestic market, which generates 69% of the company’s business.
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