Micro-insurance solutions provider, aYo has made it possible for MTN subscribers to now enjoy insurance services in their Mobile Money transfers.
With its first product to be launched in Ghana christened “Send with Care”, aYo, a joint venture between MTN Group and MMI Holdings, provides insurance cover for funds sent via MTN Mobile Money. This is through a partnership with MTN Ghana and Metropolitan Life Insurance.
Commenting on the partnership, Chief Executive Officer at aYo Holdings, Imran Mahomed said, “We are very excited and privileged to be able to partner with MTN on our initial offering in Ghana, a first of its kind in the country, toward making insurance more accessible and easy to use.”
The Chief Executive of MTN Ghana, Ebenezer Asante also 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 and we are hopeful that this will help customers provide better support to their loved ones”.
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.
The Country Lead for aYo Ghana, Francis Gota described the product as one that offers MTN Mobile Money clients a sense of comfort. “aYo and MTN have made it possible for you to add insurance cover to the money you send home, using MTN Mobile Money, helping you look after your loved ones”. When using your mobile phone to transfer money via MTN Mobile Money, you simply select the option to Send with Care when prompted. The Send with Care menu can be accessed by dialing *170#” he said. .
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 roel in increasing acess 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.
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