emPLE Group, the insurance subsidiary of African conglomerate EverCorp Industries, has acquired 100% of Metropolitan Ghana from South Africa's Momentum Group, which leaves the Ghanaian market following the divestment.
A statement published by Momentum Group said, “The transaction includes all three Metropolitan-branded entities in Ghana: Metropolitan Life Insurance Ghana (MLIG), Metropolitan Health Insurance Ghana (MHIG), and Metropolitan Pensions Trust Ghana (MPTG). Collectively, Metropolitan Ghana is a leader in the Ghanaian insurance sector, offering life insurance, health insurance, pensions, and long-term savings solutions.”
Mr Kudakwashe Mudzengi, CEO of Momentum Africa, said, “Our exit from Ghana forms part of a longer-term review and phased realignment of our Africa portfolio and geographic footprint in the Southern African region”. Momentum Group’s decision to exit the Ghana market also forms part of the group’s strategy to refocus on the Southern African region, India, and Europe.
Metropolitan Ghana
The statement said that Metropolitan Ghana’s strong performance across life and health insurance, together with its robust pensions and savings business, provides a solid foundation for future growth. With insurance penetration in Ghana still below 1%, the market offers significant potential, particularly in the largely untapped informal sector, where increasing digitisation and mobile money adoption are expected to accelerate financial inclusion.
emPLE Group
This transaction also marks a pivotal step in the strategy of Nigeria-based emPLE to become a Pan-African insurance leader, combining its people-first, digital-driven model with Metropolitan Ghana’s strong market presence and local expertise. All employees are expected to be retained, and business will continue as usual under emPLE’s ownership and leadership.
Commenting on the transaction, Mr Tsola Barrow, the chief strategy officer of EverCorp Industries, said, “This acquisition marks a pivotal step in our vision to empower Africans with simple, accessible protection. We are excited to welcome Metropolitan Ghana to the emPLE family, combining our innovation-driven approach with their deep local expertise to deliver insurance that is inclusive, transparent, and built for the future.”
Dr Rafique Daudi, managing director of Metropolitan Ghana, added, “Joining the emPLE family allows us to scale faster while preserving the local expertise and relationships our customers trust. Our operations remain the same, and customers will benefit from an improved experience, including enhanced digital tools and a wider range of insurance cover options.”