MTN Group and MMI Holdings have announced the launch of a micro insurance joint venture, branded aYo.
The joint venture will benefit from the scale, combined expertise, and market access of both companies to provide a strong basis to compete in a changing mobile financial services industry.
Insurance penetration is low in many countries across Africa, and utilising the resources and capabilities that MMI Holdings and MTN provide, aYo will be able to improve this to offer relevant, accessible, and easy-to-use insurance solutions to consumers, MTN said in a statement.
Commenting on the partnership, Herman Singh, Group Chief Digital Officer of MTN, said: “As MTN, we are excited about this partnership as it gives us an opportunity to further expand our bouquet of mobile financial service offerings across our footprint. Working with MMI, and harnessing the rapid growth of mobile on the continent, we will be able to leverage our core competencies, strong brands and scale to deliver much-needed insurance solutions to our customers.”
Danie Botes, Group Chief Operating Officer of MMI Holdings, remarked: “The partnership with MTN will create new revenue streams for MMI, help achieve significant scale, explore opportunities in new markets and segments, and capitalise on the growth of micro insurance on the continent. The partnership will also allow us to further extend our client-centric vision of financial wellness across the Africa continent.”
The aYo offering will be rolled out in a number of African countries from the end of 2016.
About the MTN Group
Launched in 1994, the MTN Group is a leading emerging market operator, connecting subscribers in 22 countries in Africa, Asia and the Middle East. The MTN Group is listed on the JSE Securities Exchange in South Africa under the share code: “MTN.” As of 30 June 2016, MTN recorded 232.6 million subscribers across its operations in Afghanistan, Benin, Botswana, Cameroon, Cote d’Ivoire, Cyprus, Ghana, Guinea Bissau, Guinea Republic, Iran, Liberia, Nigeria, Republic of Congo (Congo-Brazzaville), Rwanda, South Africa, Sudan, South Sudan, Swaziland, Syria, Uganda, Yemen and Zambia.
About MMI Holdings
MMI Holdings Limited (MMI) is a South African financial services group listed on the South African stock exchange, the JSE. The group operates in the market through multiple client-facing brands including insurance and investment brands Metropolitan and Momentum, South Africa’s number one cell captive insurer Guardrisk and wellness & rewards programme Multiply. MMI operates in 17 countries across the globe: 13 on the African continent and the others in Hong Kong, Singapore, United Kingdom, and India through a direct presence, strategic partnerships, and joint ventures.
