Onasanya: Africa needs to set its own agenda

The Chief Executive Officer of Coronation Group, Wole Onasanya, recently sat down for an interview with CNBC Africa to discuss the importance of Africa setting its own agenda in the wake of divestments by foreign companies on the continent. Onasanya emphasized that the exodus of Western companies from Africa presents a prime opportunity for home-grown businesses to fill the void and shape the narrative for Africa in a uniquely African manner. He highlighted the significance of various key players, from non-profits to large corporations and startups, coming together to drive this agenda. In the realm of the insurance landscape, Onasanya noted a rise in premiums to address escalating inflation. Coronation Group, a financial services conglomerate comprising 11 companies, is at the forefront of this dynamic landscape, operating in Nigeria and Ghana. The group offers a wide array of services, including capital market services, insurance, transaction advisory, trade finance, trusteeship, and alternative capital, catering to over two million customers across its various entities. Onasanya shed light on the group's strategic focus on technology, having integrated it into all aspects of their operations. With a strong foothold in their home markets of Nigeria and Ghana, Coronation Group is now eyeing expansion beyond West Africa, aiming to penetrate other parts of the continent. The CEO elaborated on a significant partnership with M-Pesa, a major player in East Africa, and Access Holdings, highlighting the potential this collaboration holds for financial inclusion and economic empowerment across Africa. Onasanya emphasized a long-term, pan-African outlook, underlining the importance of having a profound impact on the lives of everyday Africans through innovative financial services. One of the key initiatives under this partnership involves facilitating seamless cross-border transactions for Africans, enabling businesses, particularly SMEs, to access new markets beyond their immediate jurisdictions. This move not only fosters economic growth but also enhances access to capital for individuals and businesses, empowering them to manage and grow their wealth effectively. Discussing the outlook for the Nigeria insurance market, Onasanya addressed the challenges posed by factors like the cost of living crisis and inflationary pressures. He stressed the role of insurance in safeguarding individuals and businesses against unforeseen adversities, emphasizing the importance of insurance as a vital financial tool for ensuring continuity and stability. In light of the evolving landscape and increased awareness about insurance products, Onasanya projected a positive growth trajectory for the sector. He cited factors such as heightened insurance awareness, government initiatives mandating insurance coverage, and adjustments in insurance premiums to counter inflation as key drivers likely to fuel market expansion. Onasanya's insights underscore the resilience and adaptability of African businesses in navigating challenging economic conditions, while also leveraging strategic partnerships and technological advancements to drive sustainable growth and financial inclusion across the continent.