With this product, MTN Mobile Money customers can add insurance cover to all funds sent through Mobile Money.
Commenting on the partnership, Chief Executive Officer at MTN Ghana Ebenezer Asante said “MTN Ghana is very pleased to add this service to our bouquet of services. Mobile Money is providing endless opportunities to both individuals and businesses”
aYo, which is a joint venture between MTN Group and MMI Holdings announced in September last year their strong focus to deliver micro insurance solutions across the African continent.
Chief Executive Officer at the aYo Holdings in his speech during the launch said “We are very excited and privileged to be able to partner with MTN on our initial offering in Ghana, a first in the kind in the country, toward making insurance more accessible and easy to use”.
The aYo-MTN insurance package involves a tripled amount of funds sent to the sender’s beneficiaries over the last 4 months which could be paid out as a lump sum or in 12 equal monthly installments, depending on the subscriber’s cover level.
MTN subscribers who send monies to beneficiaries via Mobile Money can benefit from this when hospitalized for a night or more due to an accident or in the unfortunate event of their death. These commitments are to be honored for up to a year if they are not able to.
Speaking at the launch, the General Manager of MTN Mobile Financial Services, Eli Hini also said the partnership confirms MTN’s commitment to roll out innovative products and services in line with their promise to lead the delivery of a bold new digital world to MTN customers.
“MTN Mobile Money has played a pivotal role in increasing access to financial services. From simply being a mobile phone service that facilitated financial remittances, MTN Mobile Money has evolved into an accepted mainstream method for transactions including deposits, investments and bulk payments” he said.