Telecommunications giant MTN Group announced today that it has partnered with MMI Holdings to launch a micro-insurance joint venture, the brand Ayo. The joint venture will benefit from the scale, combined with market access to the experience of companies, to provide a solid base to compete in a changing industry mobile financial services.
Insurance penetration is low in many African countries, and the use of resources and capabilities that each of MMI Holdings and MTN license, ayo be able to improve it to provide relevant, accessible and easy to use solutions for insurance consumers.
About the company, Herman Singh, Director of the Digital Group MTN said that "as MTN, we are delighted with this partnership as it gives us the opportunity to expand our offering mobile financial services across our footprint . working with MMI, and benefit from the rapid growth of mobile telephony on the continent, we will be able to use our expertise, strong brands, and scale to offer insurance solutions our customers need to that time. "
Danie Botes, COO of MMI Holdings group noted that "the partnership with MTN will create new sources of revenue for the MMI, help achieve a significant scale, to explore the possibilities of new markets and segments, and capitalize on the growth of microinsurance the continent. Partnership will allow us to further expand our vision of customer-centric economic prosperity throughout the African continent. "
Ayo The offer will be launched in several African countries since the end of 2016