South Africa: New microinsurance JV launched

Source: Middle East Insurance Review | Oct 2016

MTN Group, a leading emerging markets mobile operator, and MMI Holdings, an insurance-based financial services player, have teamed up to establish a microinsurance JV which will benefit from the scale, combined expertise and market access of both companies.

Known as aYo, the JV offering will be rolled out in a number of African countries from the end of 2016.

Commenting on the partnership, Mr Herman Singh, Group Chief Digital Officer of MTN said: “We are excited about this partnership as it gives us an opportunity to further expand our bouquet of mobile financial services offerings across our footprint.”

Mr Danie Botes, Group Chief Operating Officer of MMI remarked that “the partnership with MTN will create new revenue streams for MMI, help achieve significant scale, explore opportunities in new markets and segments, and capitalise on the growth of microinsurance on the continent”.

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