Insurtech aYo debuts micro insurance solutions in Cameroon
African micro-insurance fintech aYo Holdings, a joint venture between telecoms giant MTN and financial services group Sanlam, has initiated operations in Cameroon.
Originally launched in Uganda in January 2017, aYo has operations in Uganda, Ghana, Zambia and Côte d'Ivoire, while it is readying to launch in other markets later this year.
The company, which provides hospital and life cover directly to a user’s mobile phone has 20 million customers and has already paid out over $2.2 million in claims.
Laetissia Enonga, CEO, aYo Cameroon, sees growth prospects in the Central African country, estimating that less than 2% of the population currently has insurance.
“Most people think insurance is a luxury product, but we want to show that people with all levels of income can get peace of mind at an affordable cost, to help take care of their financial health in the face of unexpected events,” she said.
Enonga added: “Insurance, and the peace of mind it provides, has become more important than ever in today’s fast-paced world, where risks are a part of our daily lives. You never know when you will have to pay to get back on your feet after an accident or an illness. Often, the cost is so large that it goes beyond your immediate financial capacity, and that is where insurance will be most helpful.”
One notable product available at launch is the aYo Recharge+, underwritten by Sanlam Life Cameroon, which rewards the first 100 000 MTN MoMo (Mobile Money) users with free accidental hospitalisation cover and life cover each time they purchase MTN bundles via MoMo.
The company said customers can also take advantage of the AutoBoost paid-for functionality to get even more cover with every MTN bundles purchase or airtime recharge, in case of hospitalisation due to accident or illness.
A company statement says: “With the free component of aYo Recharge+, each time a customer uses their MoMo wallet to purchase MTN bundles, they get eight times that amount as accident cover and 12 times that amount as life cover.
“In addition, aYo Cameroon will introduce a pre-paid version of the Recharge+ product, allowing customers to pre-fund their insurance premium for a 12-month period.”