MTN Uganda and Sanlam Life Insurance Uganda have unveiled a groundbreaking partnership that introduced Cover by MoMo, a mobile-based insurance platform designed to make insurance accessible and affordable for Ugandans. This innovative service, leveraging MTN’s robust mobile money infrastructure and Sanlam’s insurance expertise, aims to transform how Ugandans protect themselves and their families.
Here’s everything you need to know about this game-changing initiative.
What is Cover by MoMo?
Cover by MoMo is a digital insurance platform that allows Ugandans to purchase insurance directly through their mobile phones using MTN Mobile Money (MoMo).
The first product under this platform, Family Cover, provides life and hospitalization insurance for up to six family members at a starting cost of just UGX 500 per month. With coverage of up to UGX 2 million, this product offers a financial safety net for unexpected crises, such as medical emergencies or loss of life.
How does it work?
Accessing Cover by MoMo is simple and user-friendly. Customers can sign up by dialing the USSD code 1657# on their MTN-enabled phones. The platform integrates seamlessly with MTN’s Mobile Money service, allowing users to pay premiums directly from their MoMo wallets. This eliminates the need for complex paperwork or visits to physical insurance offices, making the process quick and convenient.
Key features of Family Cover
- Affordable Pricing: Starting at UGX 500 per month, Family Cover is designed to be accessible to a wide range of Ugandans, including those in underserved communities.
- Comprehensive Coverage: The plan covers life and hospitalization expenses, providing up to UGX 2 million in benefits for up to six family members.
- Cashback Incentive: Customers who maintain consistent payments for 12 months receive a 10% cashback, adding extra value.
- Digital Convenience: The entire process, from enrollment to premium payments, is managed through a mobile phone, enhancing accessibility.
The Cover by MoMo initiative is a significant step toward financial inclusion in Uganda. By combining MTN’s extensive mobile network with Sanlam’s insurance expertise, the partnership targets individuals who have traditionally been excluded from conventional insurance due to high costs or limited access.
This aligns with MTN’s goal to expand its insurtech business to 30 million policyholders and Sanlam’s target of reaching 50 million new customers across Africa by 2025.
