Alpha Direct successfully launches in Zambia
Alpha Direct has successfully commenced operations in Zambia, its first overseas expansion. Sales have been promising to date. Alpha Direct has become the fifth-largest short-term insurance underwriter in their home market, Botswana, in under five years. Over the next five years, Alpha Direct plans to expand its product offering to include long-term insurance products and expand its footprint to include South Africa, Kenya, Egypt and Nigeria. In addition, Alpha Direct plans to license its products and technology in 10 African countries outside those where it has a physical presence.
Alpha Direct recently won The African Insurance Award for Innovation of the Year for their insurance in a box product sold through retail outlets (with a cloud-based activation and policy management platform), in which they have acquired thousands of customers and are scaling up rapidly. The company has a strong stable of intellectual property, including software, trademarks and patents.
Alpha Direct has secured attractive additional retail distribution channels through Sefalana, which is Botswana’s second-largest food retailer and operates more than 100 stores across Africa. The company has also secured a distribution deal with Engen, one of the leading fuel retailers in Southern Africa with a distribution footprint of over 1,200 fuel stations. The Sefalana and Engen additions complement several other retail distribution partnerships for Alpha Direct, including Choppies and Reddys Group, with a number of other partnerships in the pipeline at an advanced stage, including with some of the largest retailers on the continent. Sefalana and Engen as additional channels, will contribute to the robust growth of Alpha Direct.
Verdant Capital is advising Alpha Direct on its equity capital raise.