MTN sees value in its joint venture with SA’s third-biggest insurer Momentum Metropolitan.
In 2017, Momentum Metropolitan and MTN launched aYo, a micro-insurance joint venture.
It began its roll-out in Uganda in January 2017 and has also been deployed in Ghana and Zambia.
At the end of June, our aYo insurance joint venture had 8,6 million registered policyholders, MTN informed investors on Thursday.
“We have agreed to increase our shareholding in aYo to 75% and will consolidate it in the future,” MTN said.
“aYo generated R48 million in service revenue in the first six months to end June, and continues to grow in excess of 100%, having now also launched in the Ivory Coast in November 2019.”
aYo provides you with a fast, convenient, and easy to use insurance right on your cell phone. You enjoy hospital and life insurance cover through airtime deduction (Recharge with Care) or when you send MoMo (mobile money) to your family or loved ones (Send with Care).
It brings you an easy way to get hospital cover for accidents (not illness) and life cover.
