In this exclusive interview with Profile, Raimundo Zandamela, CEO of Grupo Máximo, shares the trajectory and core values that underpin the vision of one of the most innovative and dynamic companies in the Mozambican market. With a 100% digital approach, Grupo Máximo aims to transform the insurance and banking services sector, offering simplified and accessible solutions, especially aimed at the retail segment and small and medium-sized enterprises (SMEs).
Founded more than 15 years ago, the group has evolved from a specialized consultancy into a diversified conglomerate, consolidated under the Máximo brand.
Profile Mozambique: Can you tell us a little about the origin and evolution of Máximo Grupo?
Raimundo Zandamela: The group comes from a 15-year journey, however it has undergone several transformations over time. We began our journey in 2010 as a consultancy called Tree Consulting, focused on accounting, financial, business and investment advisory services. From this base, we identified new opportunities and began to expand into other market areas, always with the aim of adding value to the needs of our target audience. From this base, we identified new opportunities and began to expand into other market areas, always with the aim of adding value to the needs of our target audience.
Over time, we began to diversify our operations. We emerged into the field of education, where we created the Polytechnic Institute, and then entered the insurance and banking sectors. These last two areas are especially relevant to us, as they have become part of our identity through the Máximo brand, which combines insurance and banking services. Our purpose is clear: to serve our clients in a simplified and totally digital way. We focus on two main segments: the retail segment and the SME segment.
PM: Máximo is known for operating in several segments. Could you describe your main segments and the services you offer?
RZ: Our focus is on two main segments: small and medium-sized enterprises (SMEs) and the retail sector, which mainly serves families. These two segments are fundamental to our business model.
Firstly, with regard to the SME segment, we know that this sector is important for the country’s economy, and there is a great opportunity to offer customized solutions tailored to their specific needs. As far as retail is concerned, we’re talking about middle and lower class families, who represent a significant portion of the population.
We believe that around 70% of the economy in our country is informal, and a large part of this population is made up of middle- and low-income families. We realize that, in this context, there is a mismatch between the needs of this population base and the products on the market. Many of the solutions available are generic and do not effectively meet the specific needs of this public. That’s why Grupo Máximo (www.maximo.co.mz) decided to focus on these two segments in a more specialized way.
MP: What sets Maximo apart from other groups in the sector? What are the elements or values that underpin the group’s vision and operation?
RZ: Grupo Máximo’s main differentiator lies in our ability to meet our clients’ needs in a personalized way, especially in a market like ours, which presents a number of challenges. For example, we still face challenges related to regulatory issues and the high cost of subscribing to financial services, which in turn limits the population’s access to these services. This creates a scenario in which many players offer similar products and services, but are not always able to adequately serve this audience, which needs more accessible and efficient solutions.
Secondly, one of our biggest differentiators is that we are a 100% digital company. This allows us to offer a more agile and personalized experience, with services segmented according to our clients’ real needs. In addition, this digital approach allows us to reduce operating costs, which translates into more competitive prices. As a result, we are able to offer insurance and financial services solutions that fit into the budget of families and SMEs, making these services more accessible to a wider audience.
Another important point is that, although the country has around 27 insurance companies and 20 banks, only 2% of the population has access to insurance, and less than 30% has access to banking services. This reality opens up a great deal of space for us, and our focus on this niche market, especially the middle and low-income classes, gives us a clear competitive advantage. Our offer and the business model we are implementing are a response to the urgent need for financial inclusion and insurance in our country.
Therefore, our added value lies in the combination of a more efficient, more accessible and highly segmented service, which aims to fill an important gap in the market, with solutions that really make a difference to those who need it most.
PM: How does Grupo Máximo deal with the issue of financial and insurance literacy, especially in low-income communities and in the micro segment, which are most challenged by the lack of knowledge about these products?
RZ: At Grupo Máximo, we recognize that in order to really meet the needs of the population, especially in the low-income strata and the informal market, it is essential to work on financial education. We are particularly focused on the micro insurance segment, which is undoubtedly the one that requires the most education and training. This segment faces challenges in terms of understanding and accessing financial products, including insurance, which makes financial literacy an essential component of our strategy.
We have developed a series of activities aimed at financial education, integrated into our business model. Our portfolio covers different segments, such as corporate, retail and micro, and we work with various partners. Our aim is to ensure that, when we offer our insurance products and banking services, we also offer an educational process that helps people understand the importance of securing their financial future.
When we approach communities, we’re not just offering a specific product or service. We always start with education, showing the importance of risk management and financial planning. We talk about the need for life insurance, health insurance, personal insurance, among others, and how these products can be a fundamental tool for protecting the future of people and their families.
PM: Based on the work carried out by Grupo Máximo on financial education and insurance literacy, is it possible to assess the population’s level of understanding of these services? Are we in a process where people are beginning to better understand the importance of insurance?
RZ: We still have a long way to go. When we look at the history of other sectors, such as the mobile wallet, for example, we see that in Mozambique this market has already been in operation for around 10 to 15 years, and it was a gradual process to reach the level of awareness we see today, where people already understand that they can move their valuables through a simple phone number. In the insurance sector, we are at a similar stage, but we need more time and effort for the population to understand the importance of taking out an insurance policy.
We are seeing growing acceptance, albeit still timid, on the part of the population. When we run our financial education campaigns, we notice that people are beginning to understand the need to manage risks. However, when the time comes to buy insurance, especially life insurance, there is resistance. Often, other priorities end up coming first, such as paying for immediate expenses or more urgent needs, to the detriment of taking out an insurance policy.
This is a challenge for us. Since the beginning of our operations, we have had to adapt various business models to keep up with the cultural dynamics and the level of financial education of the population. The market is very diverse, and we need to shape our approaches to align with our clients’ realities. Therefore, I can say that we are at a stage of evolution, and we still have a lot to do. However, we can already see progress.
The Role of Insurers in Financing SMEs
PM: In your view, what are the main challenges faced by SMEs in accessing finance?
RZ: Our focus is entirely on small and medium-sized enterprises (SMEs), especially when it comes to access to financial services. This is one of the pillars of our work, and we have been dedicated to supporting this segment for 15 years. Over time, we have carried out a detailed survey of the challenges faced by SMEs, and some of the main obstacles we have identified are as follows:
- Lack of historical credit guarantees: Around 70% of our market is informal, which means that many entrepreneurs do not have sufficient credit history or formal guarantees to access financing. This severely limits the ability of these SMEs to obtain credit from banks, which generally require financial proof to grant loans.
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Bureaucracy and documentary requirements: banks’ excessive bureaucracy and documentary requirements. SMEs often operate on an informal basis and don’t have the necessary financial documentation to meet the banks’ requirements. The lack of structure to generate these documents, which are essential in the credit application process, prevents many SMEs from being able to take this first step.
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High interest rates: Interest rates on the credit market are extremely high, which makes financing unaffordable for many SMEs. In many cases, the cost of the loan installment exceeds the company’s ability to generate revenue, making it difficult for these companies to maintain viable operations.
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Limited information on financing options: Many entrepreneurs believe that the only financing option available is to turn to a bank or microfinance. However, there are other alternatives, such as venture capital or investments through the stock exchange. However, these alternatives are still limited and only accessible to a small group of SMEs.
PM: How can Maximo’s insurance solutions support SMEs in obtaining financing? Are there specific products or services aimed at this segment?
RZ: Yes, at Grupo Máximo we work to create an ecosystem that integrates both banking and insurance services. What we mean by this is that by addressing risk and offering solutions to mitigate these risks, we are able to help SMEs become better able to obtain financing. We currently have a number of insurance solutions that can support SMEs in accessing credit:
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Credit insurance: In partnership with microbanks and microfinance, we offer credit insurance, which helps to make SMEs more credible and offers an additional layer of security for financial institutions. This insurance ensures that the risk of default is covered, which makes it easier to grant credit.
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Personal accident insurance: We know that many SMEs are one-man businesses, run by a single entrepreneur. If this entrepreneur suffers an accident and becomes incapacitated, personal accident insurance can guarantee the continued payment of debts and the operation of the business, providing financial compensation during the recovery period.
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Health insurance: SMEs often face situations where a family member or employee falls ill, which can affect the business’s cash flow. Health insurance for entrepreneurs and their teams helps protect business continuity, allowing health costs not to detract from business resources.
PM: What are Grupo Máximo’s plans for the coming years, especially with regard to growth and innovation in services for SMEs?
RZ: For the next few years, Grupo Máximo has well-defined focuses for expansion and evolution. The main one is the customization of our products, especially aimed at the SME segment. Although we are currently facing some limitations, we are working to overcome them. Once these barriers are resolved, we will be able to further expand our insurance and banking products, tailoring them in a more personalized way to meet the specific needs of each client.
Another key point is our 100% digital approach. We are constantly investing in technology to improve our service offering and user experience. The aim is to make our processes more efficient, simple and accessible, so that the customer has a more satisfying experience when using our products, whether in insurance or banking.
Financial education remains a priority. We know that our customer base needs more training, especially in the SME segment, so that they can make informed financial decisions. This financial education program will be expanded in the coming years, with a focus on greater reach and effectiveness.
In addition, we have plans for regional expansion. We are currently focusing on two new markets: Tanzania and Zambia, which are on our roadmap. We hope to activate one of these markets by the end of this year, with the aim of expanding our presence in Africa.
PM: Finally, is there anything you’d like to mention or highlight?
RZ: I would like to invite everyone to approach Grupo Máximo to find out about the services we have to offer. We have a wide variety of solutions, both in the insurance and banking sectors, with novelties and customized products to better meet the needs of SMEs and families. We are investing heavily in technology, financial education and regional expansion, and I believe our customers will soon notice the positive changes. So I invite you all to keep an eye on our new offerings and benefit from the innovative solutions we are bringing to the market.
Follow Raimundo Zandamela’s career path via his official LinkedIN page: Raimundo Zandamela
