Johannesburg, – NMG Benefits, a leading 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, which ultimately all work together to enhance affordability and financial security. SalarySaver has already transformed the financial wellbeing of many working South Africans, and is notably offered at no cost to both 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 this transaction further enhances its black ownership and aligns two businesses that share a strong belief in empowering employees through financial wellbeing.
About NMG Benefits
Founded in 1994, NMG Benefits is part of the NMG Group, which was established by four South Africans in Singapore 32 years ago. With a footprint across 1,500 corporate clients, 300,000 retirement fund members, and 100,000 healthcare clients, NMG Benefits plays an important role in southern Africa’s financial services landscape. Internationally, NMG Consulting provides services to financial institutions – including insurers, reinsurers, asset managers, and wealth managers – in major markets such as Sydney, Singapore, Kuala Lumpur, London, New York, Boston, and Toronto.
About Empower-fin
Empower-fin is a leading financial wellness company that specialises in providing holistic financial solutions through strategic employer partnerships. Through its tailored and impactful solutions, Empower-fin is redefining financial wellness in the workplace, ensuring a more secure and financially resilient workforce.
Empower-fin’s flagship programme, Salary Saver, enables employees to achieve substantial monthly savings, helping their salaries to go further, and fostering greater financial stability and wellbeing. Salary Saver is neither a debt consolidation nor a debt counselling service; instead, it is an innovative approach to addressing employees’ financial challenges. The programme supports comprehensive financial diagnostics, provides solutions for over-indebtedness, and optimises insurance and investment portfolios, ultimately empowering employees to take control of their financial future.
