TLDR
- Two of West Africa’s biggest bancassurance groups — Sunu and NSIA — are redrawing the competitive map with diverging strategies.
- Sunu, with 16 insurance subsidiaries and 228.4 billion CFA in premiums, dominates the CIMA zone and focuses on mass-market retail
- NSIA, with 13 insurance subsidiaries and five banks, leans corporate. It pioneered securitization products, secured €35 million in green lending via ResponsAbility
Two of West Africa’s biggest bancassurance groups — Sunu and NSIA — are redrawing the competitive map with diverging strategies.
Founded in the late 1990s by Pathé Dione (Sunu) and Jean Kacou Diagou (NSIA), both groups posted near-identical revenues in 2023: 330.6 billion CFA francs ($504 million) for Sunu and 329.6 billion for NSIA. Yet their models differ sharply.
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Sunu, with 16 insurance subsidiaries and 228.4 billion CFA in premiums, dominates the CIMA zone and focuses on mass-market retail. It has expanded into micro-health, education, and funeral insurance, alongside a new reinsurance arm and microfinance investments.
NSIA, with 13 insurance subsidiaries and five banks, leans corporate. It pioneered securitization products, secured €35 million in green lending via ResponsAbility, and controls 5.8% of UEMOA’s banking assets. Its Ivorian bank is the market’s No. 2 after Société Générale CI.
Both groups face pressure from larger pan-African players, including Ecobank and SanlamAllianz, and must accelerate digital integration to defend market share.
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Key Takeaways
Sunu and NSIA’s rivalry encapsulates the evolution of West Africa’s under-penetrated financial services industry, where bancassurance has emerged as a growth engine. With only 40% banking penetration and 3% insurance penetration across sub-Saharan Africa (ex-South Africa), both groups are pursuing scale — but from different angles. Sunu bets on retail inclusion, using microfinance networks and digital platforms like MySUNU Bank to embed insurance in everyday financial life. NSIA prioritises corporate and institutional clients, leveraging structured products, climate finance, and decentralised governance to win higher-value accounts. Yet both face structural challenges. They lag pan-regional giants such as Ecobank (33 countries) and SanlamAllianz (26), and must upskill bank staff to cross-sell insurance effectively. Regulators, meanwhile, are pushing for more innovation, digitalisation, and consumer protection. Catch-up strategies are clear: Sunu plans entry into Côte d’Ivoire and new real-estate banking services; NSIA aims to open up to two new branches a year until 2027, with bancassurance synergies focused on loan insurance. The duel is less about winner-takes-all than about shaping complementary models. For consumers and corporates alike, the contest could expand access, efficiency, and choice in a market long dominated by incumbents.
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