aYo, MTN partner on insurance initiative for Ivory Coast
African micro-insurance Fintech aYo Holdings, together with MTN and Sanlam Life, has launched two insurance products into the Ivory Coast market.
Two basic products will be available at launch once consumers sign up to aYo:
aYo Recharge+ offers MTN MoMo users free accidental hospitalisation cover and life cover each time customers purchase airtime via MoMo.
Customers can also take advantage of the AutoBoost, paid-for, functionality to increase their cover with every MTN airtime recharge.
"With the free component of aYo Recharge+, each time a customer uses their MoMo wallet to recharge airtime, they get 8 times that amount as accident cover and 12 times that amount as life cover. When they take advantage of AutoBoost to buy additional cover (from 25 CFA to 300 CFA), this amount is multiplied by 200 for additional accident hospitalisation cover and by 300 for additional life cover,” the companies explain.
“aYo Kash+ offers cover for illness and accidental hospitalisations as well as life cover each time a consumer sends money, pays utility bills or school fees via MTN MoMo. Each time a customer makes a person-to-person money transfer or pays a bill using MTN MoMo, they get illness cover equal to the amount they spend in that transaction, accident and life covers for three times the amount transacted by paying a 5% premium. When they pay school fees using MTN MoMo, they get life cover for twice the amount transacted by paying a 2% premium,” they add.
aYo launched in January 2017 in Uganda and claims to have reached more than 14 million customers across Uganda, Ghana and Zambia. The company says it has paid in excess of over US$1-million in claims.
CEO of aYo Intermediaries Cote d'Ivoire Limited, Jean-Charles N’Gotta said:“It is estimated that less than 2% of the Ivorian population currently has insurance. This is because most people think insurance is only for white collar workers with high incomes. We want to show that with aYo services, people with all levels of income can get peace of mind at an affordable cost to help take care of their financial health even after hospital bills due to an accident or illness, or their funeral expenses if the unforeseen happens and they pass away.”