AXA Africa and Mobility 54 Investment SAS sign a tech-mobility partnership memorandum of understanding (MOU)
10/18/22
AXA Africa and Mobility 54 Investment SAS (Mobility54) announce today the signing of a partnership MOU that will help to create, develop, and leverage opportunities on innovative projects about mobility solutions and services across Africa.
1. Background
AXA is a French holding group of the leading international insurance and financial services companies. AXA Africa is its arm to the African continent, and currently operate in Morocco, Egypt, Nigeria, Lebanon, Senegal, Cameroon, Côte d'Ivoire, Algeria and Gabon.
Mobility54 is a corporate venture capital of Toyota Tsusho Corporation and CFAO group. Mobility54 is trying to innovate and digitalize the mobility industry through investments in startups. Its main investment scope: Logistics, Transport, Finance/Fintech (including insurance) and Transformation.
This partnership announces that both AXA Africa and Mobility54 will explore the opportunities to tackle the various challenges in mobility industry and answer to new local needs from investment and insurance aspects. With a population of around 1,3 billion, Africa is the second most populous continent after Asia and will have 14 mega-cities with more than 5 million inhabitants by 2025. It is estimated that the population in Africa will increase to 2.5 billion by 2050, which means a quarter of the world’s population will be African.
However, the infrastructure still remains at a low level in most of the countries and the African people face at many kinds of problems in mobility sector, for example, in logistics and transport. Moreover, in recent years, the carbon neutrality concept like e-mobility has been very active in Africa. To address these challenges with different approaches, the African tech ecosystem is rapidly expanding and developing new mobility solutions. In such a movement, the insurance has been increasingly important. Any new companies or businesses need insurance for themselves and/or for their partners and customers in some cases, to further grow with social responsibility.
In parallel, Mobility54’s investment scope includes “insurtech (insurance + technology)”, and many insurtech companies have been arising day by day, challenging to the problems of the traditional insurance industry. AXA is one of the biggest international insurance groups and try to help such tech & digital mindset changes from the most experienced point of view.
2.Purpose of MOU
Through this MOU, AXA Africa and Mobility54 accelerate the collaborations in Africa. The Parties have already started to work with some startups in which Mobility54 invested – AXA is one of the most recommended insurance companies for Mobility54. This is the strong commitment of AXA Africa and Mobility54 to the African mobility tech industry as insurance and automotive/multi-distribution leading companies.
3.About AXA Asia & Africa
AXA Asia and Africa is part of AXA, a leading global insurer offering a range of innovative solutions covering health, life, and general insurance. AXA Asia serve customers in Asia in mainland China, Hong Kong SAR, India, Indonesia, Japan, Philippines, South Korea, Thailand, and Vietnam. In Africa, AXA Africa serve Algeria, Cameroon, Egypt, Gabon, Côte d'Ivoire, Lebanon, Morocco, Nigeria, and Senegal. AXA Asia and Africa are also the largest foreign owned P&C insurance company in mainland China. Drawing on its global expertise coupled with the strong regional foundation, AXA Asia and Africa are committed to acting as partner to customers in Asia and Africa, ensuring they have access to the protection they need to empower them in their daily lives.
AXA is proud to be the Official Principal Partner of Liverpool Football Club, supporting the shared goal of promoting healthy well-being and lifestyles, as well as making contributions to the local communities in which we operate.