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The global life insurance industry was hit with reported claims due to Covid-19 of $5.5bn (R84bn) in the first nine months of 2021. Picture: 123RF/CONVISUM
The global life insurance industry was hit with reported claims due to Covid-19 of $5.5bn (R84bn) in the first nine months of 2021. Picture: 123RF/CONVISUM

SA’s microinsurance market is the focus in this edition of Business Day Spotlight, as MTN gears up to launch its aYo platform in the country.

Host Mudiwa Gavaza is joined by Marius Botha, CEO of aYo Holdings, MTN’s insurance technology unit.

AYo is a microinsurance fintech operator with operations in Ghana, Uganda and Zambia.

Join the discussion: 

Having signed up more than 15-million customers so far, the business is now expanding to SA, Nigeria and Cameroon. The business has grown, in part by piggybacking on MTN’s mobile and distribution networks in its operating countries.

Mudiwa Gavaza. Picture: DOROTHY KGOSI
Mudiwa Gavaza. Picture: DOROTHY KGOSI

Botha discusses aYo’s plans for conquering these new markets, particularly SA, trends in the sector and the advantages of telecom operators when it comes to offering insurance products.

AYo started out as a 50-50 partnership between MTN and Momentum Metropolitan Holdings (MMH). Over the last two years, MMH took its stake down to 25% before completely exiting the venture, leaving MTN as the 100% owner.

Topics of discussion include aYo’s business model; trends in the sector; dynamics of operating an insurance company in Africa; aYo’s rationale for expanding in SA and Nigeria; aYo’s place in MTN’s fintech strategy and the advantages that telecom operators having over traditional insurance companies in the market.

Engage on Twitter at #BDSpotlight

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 Business Day Spotlight is a MultimediaLIVE production.

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