Founder of Côte d’Ivoire’s first banking-insurance group

Key Points

• Jean Kacou Diagou built NSIA into West Africa’s first bank-insurance conglomerate, expanding into 12 countries and reshaping financial services in the region.
• NSIA’s 2006 acquisition of BIAO Côte d’Ivoire transformed it into a full-service financial powerhouse, integrating banking, insurance, and digital finance.
• Diagou co-authored the CIMA Code, unifying insurance regulations across 14 African nations and advancing financial transparency and inclusion.

Jean Kacou Diagou is more than a businessman—he’s a visionary who redefined Africa’s financial sector. From his early days as an insurance professional to founding NSIA Group, the first Ivorian banking-insurance conglomerate, his journey reflects strategic foresight and relentless ambition. Today, with operations in 12 countries, his name is synonymous with financial inclusion and regulatory transformation in West Africa.

Born in 1948 in Abidjan, Côte d’Ivoire, Diagou’s early years were shaped by a strong academic foundation. He earned a degree in economics from the University of Abidjan before furthering his expertise at the École Nationale d’Assurances (ENASS) in Paris. This dual background—economics and insurance—became the foundation for his groundbreaking contributions to Africa’s financial industry.

From insurance executive to industry disruptor

Diagou’s career began at Union des Assurances de Paris (UAP), one of the world’s largest insurers at the time. Rising through the ranks, he took on leadership roles at UAP’s African subsidiary, eventually becoming Director General of its Ivory Coast operations. But rather than settling into corporate stability, he had a bigger vision—to create a financial institution that would reshape Francophone Africa’s financial landscape.

In 1995, at a time when Côte d’Ivoire’s financial sector was fragmented, Diagou founded Nouvelle Société Interafricaine d’Assurances (NSIA) with an initial capital of CFA300 million ($500,000). But his ambitions went beyond traditional insurance. 

NSIA introduced a game-changing concept to West Africa: the bank-insurance model, integrating banking and insurance under one roof. The goal was to simplify access to financial services, allowing individuals and businesses to manage their finances more efficiently.

Building a Pan-African financial powerhouse

What began as a single venture in Côte d’Ivoire quickly grew into a multinational operation. In 1996, NSIA expanded its insurance business by acquiring AGCI Vie and AGCI IARD. Over the next decade, it pushed into new markets, establishing a presence in Benin in 1998, Gabon in 2000, Senegal in 2002, Congo in 2004, and Togo in 2005.

The company’s biggest leap came in 2006 with the acquisition of BIAO Côte d’Ivoire, one of the country’s oldest banks. This move took NSIA beyond insurance and into banking, transforming it into a full-service financial group under NSIA Participations SA Holding. A year later, it entered Cameroon and Guinea-Bissau, further strengthening its regional footprint.

As demand for financial services grew, NSIA caught the attention of international investors. In 2008, Emerging Capital Partners invested €35 million ($50 million) for a 20 percent stake, fueling its next phase of expansion. By 2011, the company had extended its reach to Ghana with the acquisition of an 80 percent stake in CDH Insurance, followed by new operations in Niger, Mali, and Guinea.

Diversification and the digital shift

Diagou saw early on that the future of finance was moving beyond traditional banking and insurance. In 2012, NSIA took a step in that direction by launching NSIA Technologies, focusing on financial technology and digital solutions. Two years later, he established the NSIA Foundation to invest in healthcare, education, and entrepreneurship across Africa.

The group’s expansion gained momentum in 2017 with the €61 million ($66 million) acquisition of Diamond Bank SA, strengthening its banking operations. That same year marked a leadership transition, as Diagou’s daughter, Bénédicte Janine Kacou Diagou, took over as board chair, carrying forward the family’s vision.

In 2018, NSIA deepened its push into fintech by co-founding Orange Bank Africa, securing a 25 percent stake in the digital banking venture. By 2020, the company expanded its financial reach even further, launching a CFA40 billion ($67 million) securitization fund and listing it on the Bourse Régionale des Valeurs Mobilières.

However, by 2023, NSIA faced profitability challenges, leading to the appointment of Magloire Dochamou as General Manager to steer the company’s strategic turnaround. Despite these hurdles, NSIA remains a key player in Africa’s financial sector, integrating banking, insurance, and digital finance into a seamless ecosystem.

A market leader in Francophone Africa

Under Diagou’s leadership, NSIA has seen remarkable growth. By the end of 2019, it reported consolidated revenue of CFA219 billion ($358.54 million), marking a 17 percent year-on-year increase. Today, millions of customers across Francophone, Anglophone, and Lusophone Africa rely on NSIA’s services, making it a leader in integrated financial solutions.

Beyond corporate success, Diagou has played a pivotal role in shaping financial regulations across Africa. As a co-author of the CIMA Code, he helped create a unified regulatory framework governing insurance markets in 14 African countries. His advocacy for transparency, financial stability, and inclusive growth has helped streamline compliance standards in the region.

His influence extends beyond NSIA. As President of the Ivorian Confederation of Enterprises (CGECI) and the West African Employers’ Organization Federation (FOPAO), he has shaped economic policies that foster entrepreneurship and private sector growth.

A legacy of leadership and innovation

Jean Kacou Diagou’s impact on Africa’s economic development goes beyond his success in finance. His contributions have earned him numerous honors, including the title of Commander of the National Order of Côte d’Ivoire and Officer of Gabon’s Equatorial Order. But his true legacy lies in the institutions he built—ones that continue to expand financial inclusion, create jobs, and drive innovation across the continent.

As a pioneer of Afro-capitalism, Diagou redefined what’s possible in Africa’s financial sector. His rise from an ambitious insurance executive to the architect of Côte d’Ivoire’s first banking-insurance conglomerate serves as an inspiration for the next generation of African entrepreneurs. At a time when economic self-sufficiency is more crucial than ever, his life’s work is a testament to how vision and perseverance can shape the future of an entire region.