South Africa's Momentum Expands in Africa

By Reuters Posted 02 August 2006 @ 03:26 pm EET     Print     Reprint     E-Mail     Comments

JOHANNESBURG (Reuters) - South African health insurer and investment firm Momentum has opened shop in Zambia and plans further expansion into Tanzania and Mauritius, the firm said on Wednesday.

Momentum, owned by banking group FirstRand, said South African healthcare firms have largely ignored the rest of Africa for expansion.

"The launch of our Zambian operation is yet another initiative undertaken as part of our plan to actively pursue pan-African business opportunities," says Momentum Africa managing director Pieter Botha.

Momentum bought African Life Health last year for around 176 million rand. African Life Health, now known as the ALH Group, has been active in Botswana and Lesotho and after the merger with Momentum began operating in Mozambique.

Momentum Africa currently has over 500 000 customers, it said.