Sanlam Maroc, a unit of South Africa’s Sanlam insurance and financial services group, said on Tuesday it had taken an equity stake in Woliz, a Moroccan retail technology startup, marking its first venture capital investment.
The insurer invested $2.2 million in the transaction, which it described as a long-term, institutional private equity move aimed at supporting the modernization of neighborhood retail businesses and expanding financial inclusion in Morocco.
Woliz said the funding would help accelerate the development of its technology and fintech platform, designed to digitize small retail shops and place shop owners at the center of a unified ecosystem linking commerce, finance, telecommunications, institutions and consumers.
Sanlam Maroc said the investment would allow it to deepen its understanding of a segment that plays a central role in daily life and the local economy but can be difficult to reach, potentially enabling the development of insurance and financial products tailored to small retailers.
The transaction aligns with Morocco’s “Digital Morocco 2030” strategy, which seeks to modernize the economy and promote financial inclusion as part of efforts to position the country as a leading digital economy player in Africa.
The investment comes as funding for Africa’s digital sector remains resilient despite global uncertainty. Foreign direct investment flows to the continent rose to $97 billion in 2024 from $55 billion in 2023, according to the United Nations Conference on Trade and Development’s 2025 World Investment Report.