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South African-based venture, aYo Holdings has announced a successful launch of insurtech services in Cote D’Ivoire following a partnership with MTN and Sanlam. The fintech claims this as another step it has taken towards achieving its vision of becoming the largest financial services technology platform in Africa. The new Insurtech alliance with Sanlam also aims to change the face of insurance in Africa. MTN InsurTech businesses currently have approximately 6 million active policyholders, with a target of over 30 million policyholders by 2025 with the new Alliance. The collaboration offers MTN the opportunity to provide more value-added services to its customers, enhancing its existing offering.
The two basic products that would be offered once consumers sign up are aYo Recharge+ and aYo Kash+. aYo Recharge+ rewards MTN Mobile Money users by offering free accidental hospitalization cover and life cover each time customers purchase airtime via Mobile Money. There is also the AutoBoss feature, which is a paid-for functionality that would give customers more cover with every MTN airtime recharge. If they buy an additional cover (from 25 CFA to 300 CFA), the amount is multiplied by 200 for additional accident hos[italisation cover and by 300 for additional life cover.
aYo Kash+ offers cover for illness and accidental hospitalizations as well as life cover each time a consumer sends money, pays utility bills or school fees via MTN Mobile Money. Each time a customer makes a person-to-person money transfer or pays a bill using MTN Mobile Money, he/she gets 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. For school fees payment using MTN Mobile Money, the customer gets life cover for twice the amount transacted by paying a 2% premium.

According to the CEO of aYo Intermediaries Cote d’Ivoire Limited, Jean-Charles N’Gotta, “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 aYo and our innovative products will be most helpful.”
aYo uses technology, analytics, mobile, and digital channels to make life and hospital insurance accessible and easy to use across the African continent. A joint venture between Africa’s telecommunications giant MTN and traditional insurer MMH, aYo aims to improve the lives of its clients through financial inclusion and upliftment, and ultimately create a future where everyone uses insurance.
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