MTN Mobile Money (MoMo) Uganda and financial services company Sanlam have launched Cover by MoMo, a mobile-based insurance platform that they hope will bring simple, accessible, and comprehensive insurance services closer to citizens.
The company began with the debut of Family Cover by MoMo, a solution that provides life and hospitalisation insurance.
MTN MoMo subscribers may now insure themselves and up to six family members using their phones, starting at UGX 500 ($0.14) per month.
This solution offers two key benefits: MyLife– a lump sum payout in the event of the insured member’s death and MyHospital – a cash benefit when an insured member is admitted to hospital (for at least one night due to accidents or two nights for illness).
At the launch, CEO Richard Yego explained that Cover by MoMo is based on the company's objective to achieve financial inclusion through digital innovation.
“We know insurance has not always been easy to access. That’s why we’ve reimagined it with convenience, affordability, and inclusivity at its core,” he said.
Hellen Kirungi, senior manager of loans and savings at MTN MoMo, added: "For too long, insurance has felt out of reach for many, too much paperwork, complicated processes and simply not built for the everyday Ugandan. But now, that changes."
While speaking at the launch, Nicholas Wavamuno, Sanlam Uganda's business intelligence and growth manager, stated: "The product is a testament to the partnership and combination of Sanlam Uganda's underwriting expertise and MTN's robust digital platform, MoMo."
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