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Mr Eli Hini (first right), General Manager for MTN Mobile Financial Services, Mr Imran Mahomed, CEO aYo Holdings and Mr Francis Gota, aYo Ghana Rep at the launch of the aYo ‘Send with care’ in Accra.
Mr Eli Hini (first right), General Manager for MTN Mobile Financial Services, Mr Imran Mahomed, CEO aYo Holdings and Mr Francis Gota, aYo Ghana Rep at the launch of the aYo ‘Send with care’ in Accra.

aYO introduces insurance services on MTN Mobile Money platform

Micro-insurance solutions provider, aYo, has made it possible for MTN subscribers to now enjoy insurance services on funds sent using their mobile money platforms. 

The product, known as ‘aYo Send With Care,’ allows MTN mobile money (MoMo) customers to add an insurance cover to all funds sent through MoMo. 

Spearheaded by mobile telecommunications company MTN Ghana in partnership with aYo Holdings and Metropolitan Life Insurance Ghana, the product is aimed at making insurance relevant, accessible, easy to use and to help increase financial inclusion.  

The Chief Executive Officer of aYo Holdings, Mr Imran Mahomed, said in an interview that insurance was normally bought as a concept but for ‘Send with Care’ in particular, payments that customers make through MoMo are protected. 

“So if you only want to pay or have cover on this regular transaction then you have the chance to do so in a digital way and very easy on the back of what you are already doing on MoMo, he said 

He said that claims were facilitated through MoMo and the amount of documentation required was small to non-existent. 

“If you Send With Care you protect those payments so that MTN together with aYo can continue to fulfill your commitment for up to a year when you are not able to,” he said. 

The General Manager for MTN Mobile Financial Services, Mr Eli Hini, at the launch in Accra said the partnership was indicative of MTN’s commitment to the roll out innovative products and services in line with its vision to lead the delivery of a bold new digital world to its customers. 

He said MTN MoMo had helped immensely to increase access to financial services by evolving from a simple mobile phone service that facilitated financial remittances into an accepted mainstream method for transactions, including payment for goods, services and utilities. 

Mr Hini said the types of transactions enabled by MoMo had expanded to include deposits, investments, and bulk payments, and that the partnership with aYo further consolidated MTN’s financial inclusion. 

“Insurance provides help, security, safety and protection in times of need and send with care will provide the needed comfort you need in times of distress. I urge all customers to consider it,” he said. 

How it works

The aYo Send With Care is aimed at demystifying insurance to make it affordable by providing instant cover and rapid pay-outs on a mobile phone digital platform. 

Money ‘Sent with Care’ attracts a five per cent fixed cost on the amount sent to a beneficiary. 

The aYo Ghana Representative, Mr Francis Gota, said money sent to families by individuals through MTN MoMo account, aYo will triple the amounts sent over the last four months and use that as cover to pay out to recipients should anything happen to the sender. 

“If you send GH¢200 home every month for four months, your family will receive GH¢2, 400 paid out in installments of GH¢200 per month for 12 months,” he said. 

The life cover, he said, would be paid out in the unfortunate event that the holder passes away and the hospital cover would also be paid out if one had to spend a night or more in hospital due to an accident. 

“All you have to do is dial *170♯ select transfer money and choose to send you money with care. But then you need to have sufficient funds in your MTN MoMo account to cover the cost of ‘Send with Care,’ he said. 

 

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