This archive report was first published on 27 December 2019.
On December 27, 2019, Octagon Africa, a Nairobi-headquartered pension manager, made a significant investment in the African market by acquiring a 49% stake in Alexander Forbes financial services in Zambia for an undisclosed amount.
As part of its strategic review announced in March 2019, Alexander Forbes Group had decided to centralize its advice-led solutions across Africa. This move has led to the exit of some in-country operations, including Zambia, where Octagon Africa will take over former clients and services.
With this acquisition, Octagon Africa aims to expand its scope beyond Kenya and Uganda, where it offers pension, actuarial services, and insurance brokerage. The company is optimistic about offering innovative solutions to the Zambian market, leveraging its 12-year reputation built on technology with over 200 corporate clients.
According to Fred Waswa, Octagon Africa Group CEO, the firm will provide cutting-edge solutions to the Zambian market, building on its expertise in leveraging technology to deliver services.
