In an effort aimed at providing the much-needed insurance solutions to customers, MTN Nigeria partnered MMI Holdings to announce the launch of a micro-insurance joint venture called aYo, a partnership that will expand mobile financial services in the country.
With the low level of insurance penetration in Nigeria, the two parties believe MMI Holdings and MTN have the capabilities and potentials needed to improve mobile financial services industry and insurance solutions to consumers.
Remarking on the partnership with MMI Holdings, Herman Singh, Group Chief Digital Officer, MTN, said MTN Group is thrilled about this partnership as it gives the company the room to deepen mobile financial services offerings across footprints further.
Singh added that harnessing the rapid growth of mobile in Africa and working with MMI would play a very crucial role. “We will be able to leverage our core competencies, strong brands, and scale to deliver much-needed insurance solutions to our customers,” he said.
‘The partnership with MTN will create new revenue streams for MMI, help achieve significant scale, explore opportunities in new markets and segments, and capitalize on the growth of micro-insurance on the continent. The partnership will also allow us to extend further our client-centric vision of financial wellness across the Africa continent’, Danie Botes, Group Chief Operating Officer, MMI Holdings remarked.
