MTN, Africa’s largest mobile phone group, has increased its shareholding in mobile-micro-insurance firm aYo through acquisition of additional shares.
In 2017, South Africa’s third-biggest insurer Momentum Metropolitan and MTN launched aYo, a micro-insurance joint venture.
“The share of start-up losses has declined following the strategic decision to reduce our shareholding from 50% to 25%, with MTN’s shareholding increasing to 75%,” Momentum informed investors on Tuesday.
“The change in shareholding is still subject to certain conditions precedent.”
The insurer also disclosed that aYo has 10 million registered policyholders in October 2020 with over 50% active.
The company also operates in Ghana and Zambia.
aYo provides you with a fast, convenient, and easy to use insurance right on your cell phone. You enjoy hospital and life insurance cover through airtime deduction (Recharge with Care) or when you send MoMo (mobile money) to your family or loved ones (Send with Care).
It brings you an easy way to get hospital cover for accidents (not illness) and life cover.