Mediamec Former Telkom chief executive Sipho Maseko is making a significant return to the business spotlight, driving a multimillion-rand deal aimed at building a stronger presence in South Africa’s financial services sector. Through his investment vehicle, Afrifund Investments, Maseko is backing the acquisition of Bidvest Life, marking a strategic entry into the insurance market.
The move signals a broader ambition to establish a diversified financial services group, with plans extending beyond insurance into areas such as asset management and potentially banking. It reflects a calculated effort to tap into new growth opportunities in a sector undergoing rapid transformation.
Bidvest Life, known for offering products like life cover, disability insurance, and income protection, is being sold as part of Bidvest’s ongoing restructuring. The group has been streamlining its operations, gradually exiting financial services to sharpen its focus on core business areas.
While the deal has gained momentum, it remains subject to regulatory approvals and final conditions before it can be concluded. Even so, it represents a major step in Afrifund’s expansion strategy and highlights Maseko’s continued influence in shaping South Africa’s corporate landscape.
Since stepping down from Telkom, Maseko has been steadily building Afrifund into a multi-sector investment platform. His latest move underscores a broader trend of seasoned business leaders leveraging private capital to reposition themselves in evolving industries, particularly within financial services where competition and innovation are intensifying.
