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Fintech firm 2Engage outlines ambitious growth plans

Samuel Mungadze
By Samuel Mungadze, Africa editor
Johannesburg, 10 Dec 2019
Andrew Weinberg, CEO of 2Engage.
Andrew Weinberg, CEO of 2Engage.

Fintech firm 2Engage has laid out ambitious growth plans as it sets its sights on connecting peri-urban and informal customers to big brands and making financial products easily accessible.

Headquartered in Johannesburg, 2Engage already has clients across Africa, from Nigeria down to Namibia. It says it to wants make its platform, Bonsella, “a champion of the mass market”. The company has over 200 agents permanently dotted across the country.

Andrew Weinberg, CEO of 2Engage says Bonsella is “really more than a fintech platform”. It will enable consumers to open bank accounts, buy insurance and other financial products digitally in their local shops where 2Engage agents operate from.

By adopting innovative approaches to distribution, payments, administration and product design, 2Engage is able to achieve the scale required to service the low-income mass market, he says.

Following in the footsteps of other fintech companies, 2Engage plans to shake up the insurance market with new products set to be launched early next year.

To date, Weinberg says the programme has grown to 1.2 million members, growing at an average of 2 500 new members daily. He adds that the intention is to rapidly expand into further retail stores, including spazas, liquor stores and taverns.

Weinberg says the 2Engage solutions are comprised of a unique set of cloud-based technology, IP and methodology that can be tailored and rapidly deployed into any market.

With a free Bonsella card, customers will earn instant shopper rewards, allowing brands and retailers to shape consumer shopping patterns and brand preferences through targeted campaigns and measurable sales promotions. For example, consumers benefit from in-store promotions and get instant airtime on their mobile phones.

Expansion plans

2Engage recently sold a 26% stake to Cape Town-based Mergence Group, best known for its main subsidiary, the R34-billion Mergence Investment Managers.

“The Mergence transaction is very strategic and valuable from both sides,” Weinberg explains.

While 2Engage was looking for capital investment for growth and expansion to their African countries, Mergence was looking for a footprint to own the last mile to the consumer. “So it became a good match, we are strategically aligned.”

2Engage has already expanded its pan-African footprint to Nigeria, Ghana, Kenya, Uganda, Zambia, Angola and Tanzania, with Mozambique, Botswana and Namibia launching in 2020.

Weinberg says through Mergence’s international fintech partners, the footprint will be extended into other emerging markets such as South America and Asia.

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