MTN Group invests in microinsurance

As part of its expansion in South Africa, the telecoms group MTN has partnered with the insurer Sanlam.

Through this collaboration, the South African operator will offer microinsurance products with the aim of reaching a turnover of 90 billion ZAR (6.5 billion USD) within three years.

MTN targets young people who are new technologies enthusiasts and are familiar with managing their own finances.

MTN has been developing a microinsurance activity since 2016 with the South African holding company MMI in Ghana and Uganda. It currently has 4 million policyholders. The telecom operator is relying on its subscribers' potential to make its business profitable, says Andrew Culbert, head of insurance at MTN.

In this context, the group plans to expand its activities to Côte d'Ivoire, Zambia and Nigeria.

Read also | Non-life insurance companies In South Africa