Sanlam to launch bank in 2026. Image: Bloomberg via Moneywebb.
(The Post News) – Africa’s largest insurer, Sanlam, plans to partner with TymeBank to roll out banking services for its South African clients next year, marking a pivotal new chapter for the century-old finance giant.
In an interview, Sanlam Chief Executive Officer Paul Hanratty said the group—operating in 31 countries—intends to leverage its millions of existing policyholders to create a modern banking platform. Unlike many traditional banks, Sanlam plans to use its agreement with the billionaire Patrice Motsepe-backed TymeBank to focus on unsecured personal loans bundled with credit-life cover.
Under the agreement, TymeBank is set to acquire 50% of the company’s retail-credit loan book and establish a joint operating company with Sanlam to provide credit services. Hanratty added that the initiative will allow the company to “engage more closely with clients” and eventually serve as “the mechanism for our rewards program for all customer payments.” He expressed optimism and noted that a limited test phase with family and friends will begin later this year, with a full market launch targeted for mid-2026.
The new service will enter a growingly competitive space, going head-to-head with rival Old Mutual, which launched its own retail bank earlier this year.
Sanlam in Asian markets
Sanlam’s broader growth strategy remains buoyed by robust momentum in Asia and Africa, where 69% of its businesses are based. India and other Asian markets delivered 13% earnings growth in the first half of the year. Asia now accounts for 22% of the group’s equity value, helping the finance group report a 7% rise in net income to R11.6 billion for the six months to June.
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