Zamara Holdings has a new backer. Private equity firm Amethis has completed an investment in the Nairobi based financial services group, taking a minority stake and a seat on its board.
The deal gives Amethis 39.5 percent of Zamara, according to filings reviewed as part of an East African Community Competition Authority inquiry into the transaction. Neither company has disclosed the price. Zamara’s management team, led by group chief executive Sundeep Raichura, retains a stake and continues to run operations.
Zamara started in 1994 as an actuarial consultancy. It now operates in insurance brokerage, pension administration, reinsurance brokerage and actuarial services. The group counts over 3,700 insurance clients and more than 190 actuarial clients, and administers benefits for over 200,000 members of Kenyan pension schemes. It holds KSh350 billion, about $2.7 billion, in assets under administration. It operates in Kenya, Uganda, Tanzania, Rwanda, Nigeria, Malawi, the Democratic Republic of Congo and the United Arab Emirates.
Deal at a glance
| Detail | Figure |
|---|---|
| Stake acquired by Amethis | 39.5% |
| Zamara founded | 1994, Nairobi |
| Markets served | Kenya, Uganda, Tanzania, Rwanda, Nigeria, Malawi, DRC, UAE |
| Insurance clients | 3,700+ |
| Actuarial clients | 190+ |
| Pension scheme members served | 200,000+ |
| Assets under administration | KSh350 billion (~$2.7bn) |
| Regulatory review | East African Community Competition Authority |
| Amethis Fund III size | €406 million (~$440m), closed January 2026 |
Raichura on the rationale
Raichura said the search went beyond funding. “We were looking for more than capital. We wanted a partner that understands Africa, believes in the potential of our business and our people, and shares our ambition to build a leading pan African financial services group,” he said. He cited years of engagement with the Amethis team before the deal closed.
He named technology as a priority for the capital. The investment, he said, will let Zamara “accelerate investment in technology and innovation, strengthen our capabilities and broaden the solutions we provide to our clients.” Zamara launched the Fahari Retirement Plan in 2021, a pension product that lets users sign up and contribute through WhatsApp, targeting workers in the informal sector who fall outside traditional pension schemes.
Amethis partner Frank Astère Ndiyo Butoyi said the firm’s decision rests on the leadership team. “Our investment in Zamara reflects a deep conviction in the Group’s leadership, its purpose, and its potential as a pan African financial services platform,” he said. He added that Amethis teams in Nairobi and elsewhere on the continent will work with Zamara through its next phase of growth.
Amethis’ record in Kenya
Amethis has backed a Kenyan consumer business before. In 2021, the firm joined the International Finance Corporation and German lender DEG in a KSh6 billion investment for about 30 percent of supermarket chain Naivas, which used the funds to open outlets across the country. Amethis and its co-investors later sold that stake to Mauritius based IBL Group.
The Zamara investment draws on Amethis Fund III, which closed at €406 million, about $440 million, in January in partnership with Edmond de Rothschild Private Equity. The fund writes checks of €25 million to €40 million and expects to make about ten investments across Africa, in sectors including financial services, healthcare and business services. The European Investment Bank has committed €25 million to the fund as part of EIB Global’s program to provide capital to African businesses. Amethis was founded by Luc Rigouzzo and Laurent Demey. It has raised over €1.4 billion since its start and made more than forty investments across the continent.
Regulatory review pending
The transaction has not closed. The East African Community Competition Authority opened an inquiry into the acquisition in March, a step required before deals that could affect competition across the bloc’s member states can proceed. Regulators will assess whether the stake, in a company that operates in pensions, insurance brokerage and actuarial advice across multiple EAC countries, raises competition concerns.
What comes next
Zamara says its approach to clients will stay the same under the new ownership structure. Raichura said: “What defines Zamara does not change. What Zamara can achieve does.” With Amethis on the board and additional capital available, Zamara plans to expand digital pension and insurance products and its presence across its eight markets, pending the regulatory decision.
