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AfroCentric Group has acquired the majority stake in health insurance provider Essential Group. The acquisition will enhance its ability to craft low-cost product offerings in line with its group diversification strategy.

"This transaction with Essential Group is a boost to our value chain optimisation strategy, and the group will leverage EssentialMed's capabilities in order to offer improved products in the market. Ultimately, this acquisition and other recent transactions by the group will enable us to provide products and services that drive down healthcare costs," says AfroCentric Group CEO, Antoine van Buuren.

Michael Jordaan, former First National Bank CEO, tech innovator and shareholder of EssentialMed, says: "EssentialMed places choice, power and control in the consumers' hands using apps and back-end technology." EssentialMed has a range of innovative new products to meet the current socio-economic challenges facing the South African public.