Partnership between MTN and MMI in microinsurance

The South African financial group MMI Holdings has recently partnered with MTN telecommunication company for the creation of an insurance joint venture called "aYo".

This insurer is 49% owned by MMI and 51% by MTN. It provides micro-insurance services through both products. The first is for customers of the operator with prepaid cards.

A 30-day medical or life insurance is granted to them upon each phone recharge.

An indemnity amount is paid on the Mobile Money insured account in case of death or hospitalization during the period.

The second product is for users of the Mobile Money platform who are entitled to the same coverage for a period of 120 days for each transaction carried out on the platform.

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