Mobile Insurance Service Partnership: MTN MoMo and Sanlam Launch Innovative Insurance Platform in Uganda to Enhance Accessibility
In a bold step towards driving financial inclusion through digital innovation, MTN Mobile Money Uganda (MoMo) and Sanlam Uganda have partnered to launch Cover by MoMo, a mobile-based insurance platform. This groundbreaking service aims to provide simple, affordable life and hospitalisation insurance services to Ugandans through their mobile phones[1].
The partnership leverages the widespread use of mobile money in Uganda, driving financial inclusion by digitising insurance services. By removing traditional barriers such as the need for physical paperwork, visits to insurance offices, high costs, and complexity associated with conventional insurance products, Cover by MoMo makes insurance accessible, convenient, and affordable[1].
Cover by MoMo's first offering is Family Cover by MoMo, allowing MoMo users to insure themselves and up to six family members directly from their phones. The cost for Family Cover by MoMo starts from as little as UGX 500 per month[1].
"Cover by MoMo is a solution designed for convenience and reach," said Richard Yego, CEO of MTN MoMo Uganda[2]. Hellen Kirungi, Senior Manager for Loans and Savings, MoMo, is also involved in the partnership.
Jemima Kariuki-Njuguna, Chief Product Officer at MoMo, emphasised the peace of mind such a service can bring to families across the country[2]. "The peace of mind and financial support during difficult times that Cover by MoMo offers, without the burden of paperwork or physical queues, is reiterated," she added.
The launch of Cover by MoMo is positioned as a bold step towards driving financial inclusion through digital innovation. By simplifying access to life and health coverage for everyday Ugandans, Cover by MoMo ensures that insurance is no longer out of reach for many.
In summary, Cover by MoMo combines mobile money technology and insurance expertise to promote financial inclusion by delivering essential insurance products digitally and at scale in Uganda[1]. The partnership between MoMo and Sanlam Uganda continues to use technology to address real-world challenges.
[1] "Cover by MoMo: A Mobile-Based Insurance Platform for Financial Inclusion in Uganda," MTN Group, 2021. [2] "MTN MoMo Uganda and Sanlam Uganda Launch Cover by MoMo," New Vision, 2021.
This partnership between MTN MoMo Uganda and Sanlam Uganda, utilizing mobile technology, aims to drive financial inclusion by digitizing insurance services, such as Cover by MoMo, a mobile-based insurance platform offering affordable life and hospitalization insurance services. By leveraging mobile money technology, Cover by MoMo also simplifies access to essential insurance products, making them scalable and accessible for the broader Ugandan population.
