aYo, a mobile micro-insurance joint venture between MTN and SA’s third-biggest insurer Momentum Metropolitan, is firing on all cylinders.
MTN Group announced on Wednesday that aYo insurance joint venture had 11 million registered policyholders and 6 million active policies as of December 2020.
The company said in total, aYo generated $6,4 million (R106 million) in service revenue and $10,5 million (R172 million) premium income.
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.
The company has increased its shareholding in aYo to 75% and will consolidate it in future once regulatory approvals are obtained.
In 2017, Momentum Metropolitan and MTN launched the micro-insurance joint venture.
It began its roll-out in Uganda in January 2017 and has also been deployed in Ghana and Zambia.
For more read: MTN sees more value in a mobile micro-insurance firm Ayo, raises stake to 75%
