Ugandan microinsurer reaches 1 million subscribers

aYo, a 50/50 joint venture launched in September 2016 between MMI Holdings and MTN Group, exceeded the one million clients enrolled milestone in Uganda last month. The microinsurer, which began its roll out in Uganda in January 2017 provides pre-paid MTN customers with free and paid-for life and/or hospital cover each time they load MTN airtime.

Andrew Le Roux, Chief Business Transformation Officer of MMI Holdings said that insurance penetration is low in many countries across Africa. Utilising the resources and capabilities that MMI Holdings and MTN share allows aYo to make insurance relevant, accessible and easy to use.  “In doing so a future is created where more people in Africa use insurance. aYo Uganda has made massive strides in this regard by raising awareness of the benefits of life and hospitalisation insurance.”

“The one million client milestone represents a significant achievement for aYo,” said Imran Mahomed, CEO of aYo Holdings.  “Most clients are first time users of insurance and more than 1 000 claims and 24 000 bonuses (earned as clients interact more with the aYo offering) have already been paid. It is testimony to the growing belief and trust that clients have. The journey that aYo has undertaken in Uganda has been full of learnings and aYo is the first microinsurer to achieve such a level of scale and relevance in the country.”

Herman Singh, Group Executive: Innovation Strategy of MTN says “This milestone is also testament to a great partnership that has achieved so much in a short space of time. It represents a blurring of boundaries between mobile technology and insurance to create value not only for MTN and MMI but also for the African consumer with different insurance needs”.

aYo currently operates in Uganda where MTN has 11 million subscribers and Ghana with 17 million subscribers, a great foundation for further significant growth into the future.

MTN has a presence in 22 countries in Africa and the Middle East with over 217 million subscribers, making it Africa’s largest mobile operator network. aYo’s expansion plan over 2018/9 will see the business moving into several new countries with truly innovative microinsurance products that are relevant, accessible and easy to use.



Latest


28 Sep 2020
An agile workforce is key to navigating the pandemic

By: Donné Nieman, Commercial Manager at Workforce Staffing Applications for the UIF/Temporary Employment Services (TES) grant to alleviate employee layoffs…

An agile workforce is key to navigating the pandemic

By: Donné Nieman, Commercial Manager at Workforce Staffing Applications for the UIF/Temporary Employment Services (TES) grant to alleviate employee layoffs has closed. But this was always going to be a temporary measure. The long-term implications of the COVID-19 pandemic on our economy will continue to resonate and be a permanent…

28 Sep 2020
The real reason you should be investing offshore

By: Chris Potgieter, Managing Director of Old Mutual Wealth Private Client Securities Discounting for a moment the state of the…

The real reason you should be investing offshore

By: Chris Potgieter, Managing Director of Old Mutual Wealth Private Client Securities Discounting for a moment the state of the local economy and one’s particular socio-political view, the key motivation for any investor to invest offshore should be to have appropriately diversified wealth in pursuit of real capital growth at…

21 Sep 2020
Women are lagging in retirement savings and are debilitated by stress

In a recent study of their client base, Momentum Corporate revealed that almost half (41%) of the employees on the…

Women are lagging in retirement savings and are debilitated by stress

In a recent study of their client base, Momentum Corporate revealed that almost half (41%) of the employees on the FundsAtWork Umbrella Funds are women. With an almost 50/50 gender split across the client base, a one-size-fits-all approach to advice on employee benefits simply won’t cut it. This is according…

15 Sep 2020
Despite COVID-19, SA investors expect higher future returns

Even as COVID-19 halted the longest economic expansion on record and plunged the world into deep recession, South African investors…

Despite COVID-19, SA investors expect higher future returns

Even as COVID-19 halted the longest economic expansion on record and plunged the world into deep recession, South African investors expect to make an average annual total return of 12.67% – almost 2% higher than the global average predicted returns of 10.9%. This was revealed in the recently released Schroders’…


Top stories


10 Apr 2020
When the going gets tough, farmers are on familiar territory

South African farmers are old hands at adapting to uncertain and daunting circumstances, and our local agricultural industry has proved…

When the going gets tough, farmers are on familiar territory

South African farmers are old hands at adapting to uncertain and daunting circumstances, and our local agricultural industry has proved to be most enterprising in acclimatising to challenges as they arise.

10 Sep 2020
How too much choice is draining your brain

By: Paul Nixon, head of technical marketing and behavioural finance at Momentum Investments From the words of Francis Scott Key…

How too much choice is draining your brain

By: Paul Nixon, head of technical marketing and behavioural finance at Momentum Investments From the words of Francis Scott Key that dubbed America “The land of the free”, which stuck, to the unforgettable Mel Gibson monologue where an army of painted Scots were willing to trade their lives for the…

13 Apr 2020
Investors should keep a reasonable investment allocation outside of SA

MoneyMarketing asked Roland Gräbe, the head of Tailored Fund Portfolios at Old Mutual Wealth, about offshore investments in the COVID-19…

Investors should keep a reasonable investment allocation outside of SA

MoneyMarketing asked Roland Gräbe, the head of Tailored Fund Portfolios at Old Mutual Wealth, about offshore investments in the COVID-19 environment and what form a global market recovery will take.

13 Apr 2020
SA’s Proposed Covid-19 Disaster Management Tax Relief

The National Treasury recently issued the draft Disaster Management Tax Relief Bill (Bill) for public comment by 15 April. The…

SA’s Proposed Covid-19 Disaster Management Tax Relief

The National Treasury recently issued the draft Disaster Management Tax Relief Bill (Bill) for public comment by 15 April. The draft Bill, together with its explanatory memorandum, provides clarity with regards the tax relief measures President Cyril Ramaphosa announced on 23 March.


Visit the official COVID-19 government website to stay informed: sacoronavirus.co.za