NMG Benefits, a provider of employee benefits solutions in southern Africa, has announced that Empowerfin Partnerships, a subsidiary of Empower-fin, has acquired a strategic minority stake in the business, effective immediately.
Founded in 2012 by Hambisani Mahlangu, Empower-fin has established itself as an innovative leader in employee financial wellness. The company is renowned for its innovative financial wellness solutions, and has made a tangible market impact through its flagship offering, SalarySaver. This programme provides employees with holistic financial wellness support, including financial distress intervention, credit repair, debt management, and insurance optimisation. These ultimately all work together to enhance affordability and financial security. SalarySaver has transformed the financial wellbeing of many working South Africans, and is offered at no cost to employers and employees.
Mahlangu will be joining the Board of NMG Benefits, reinforcing the commitment of both businesses to scalable, cost-effective solutions. Commenting on the transaction, he said: “This partnership is uniquely positioned to enhance employee benefits in South Africa by offering a holistic, employee-first approach. By integrating SalarySaver’s comprehensive financial wellness solutions with NMG Benefits’ established expertise, more employees will gain access to personalised financial support that addresses their specific needs.”
Geoff Baars, Chairman and CEO of NMG Benefits, shared his enthusiasm: “We’ve worked closely with Hambisani and his team for over a year now, and we have the utmost admiration for the quality and impact of their solutions. We have no hesitation in recommending Empower-fin to our clients, and we see many opportunities for growth through this partnership.”
NMG Benefits is already a Level 1 BBBEE contributor, but with Empower-fin getting a stake in NMG Benefits, it further enhances its black ownership and aligns two businesses that share a strong belief in empowering employees through financial wellbeing.
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