Sanlam Morocco has invested US$2.2 million in Moroccan start-up Woliz, signalling growing interest from established financial groups in the digital transformation of neighbourhood retail across North Africa.
The deal, completed at the start of the year, marks Sanlam Morocco’s first direct investment in a technology start-up and reflects a broader shift towards supporting digital solutions for small, informal businesses that dominate much of Morocco’s retail landscape.
Woliz specialises in helping small, local shops often family-run convenience stores digitise their operations. Its platform offers tools for inventory management, digital payments, supply optimisation and access to financing, areas where neighbourhood retailers have traditionally lagged behind larger chains.
Modernising informal retail
Small shops remain the backbone of retail in Morocco, accounting for the bulk of everyday consumer purchases. However, many operate largely in cash, rely on manual stock management and have limited access to formal financial services.
By digitising these businesses, Woliz aims to improve efficiency, reduce losses and integrate shop owners into the formal economy. The company says this can also help build credit histories, opening the door to insurance products, loans and other financial services.
Sanlam Morocco said the investment aligns with its strategy to expand beyond traditional insurance and financial products and position itself within Morocco’s fast-growing digital economy.
“As Africa’s digital economy accelerates, supporting innovative platforms that improve financial inclusion and productivity has become a strategic priority,” the company said in a statement announcing the deal.
Strategic diversification
Sanlam is one of Africa’s largest financial services groups, with operations spanning insurance, asset management and banking. Its Moroccan unit has traditionally focused on insurance but has been seeking new growth areas as competition intensifies and customer behaviour shifts.
Analysts say the investment in Woliz allows Sanlam Morocco to gain exposure to data-driven retail ecosystems that could eventually support the distribution of micro-insurance, savings and credit products tailored to small traders.
“This is less about short-term returns and more about long-term positioning,” said a Casablanca-based financial analyst. “Whoever controls the digital rails of neighbourhood commerce gains insight into cash flows, risks and consumer behaviour.”
Part of a wider trend
The move comes as African start-ups increasingly target informal retail, seen as one of the continent’s largest untapped economic segments. Similar models have emerged in countries such as Kenya, Nigeria and Egypt, where digital platforms link small shops to suppliers, lenders and insurers.
Morocco’s push to modernise payments and expand digital financial services has provided fertile ground for such ventures. Authorities have promoted cashless transactions and fintech innovation as part of broader efforts to boost financial inclusion and transparency.
Woliz is expected to use the new funding to scale its operations, expand its merchant network and invest in technology development. The company has not disclosed how many retailers are currently on its platform but says demand is rising, particularly in urban and peri-urban areas.
Digital economy momentum
Morocco’s digital economy has gained momentum in recent years, supported by improved connectivity, a growing start-up ecosystem and increased interest from international and regional investors.
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For Sanlam Morocco, the investment represents a calculated bet that the future of financial services lies in embedding products within everyday economic activity rather than relying solely on traditional distribution channels.
As competition for Africa’s digital consumer intensifies, partnerships between established financial institutions and agile start-ups like Woliz are expected to become more common blurring the lines between finance, technology and retail.
