Hard on the heels of yesterday’s announcement that Sanlam and telecoms giant MTN Group are to distribute Sanlam Group insurance and investment products across Africa comes news that microinsurance fintech aYo has partnered with MTN to launch insurance for all Ivorians – and Sanlam will be involved.
aYo Holdings, together with MTN and Sanlam Life, has launched two innovative insurance products in Côte d'Ivoire.
aYo Recharge+ rewards MTN Cote d’Ivoire MoMo (Mobile Money) users by offering free accidental hospitalisation cover and life cover each time customers purchase airtime via MoMo. AutoBoost – paid-for functionality – allows customers to get more cover with every MTN airtime recharge.
aYo Kash+ offers cover for illness and accidental hospitalisation as well as life cover each time a consumer sends money or pays utility bills or school fees via MTN MoMo.
Signing up, interacting, and claiming all happen through the aYo progressive web app without the need for any physical paperwork. When claiming, the required documents can be attached and sent via WhatsApp.
aYo launched in January 2017 in Uganda and has reached more than 14 million customers across Uganda, Ghana and Zambia. The company has paid in excess of over $1 million in claims.
Very few Ivorians have insurance – the CEO of aYo intermediary Cote d'Ivoire Limited, Jean-Charles N’Gotta, suggests that the figure is less than two percent. If so, this could be a very promising market if addressed effectively.