AYo Holdings and Metropolitan Life Insurance Ghana in partnership with MTN Ghana, have launched a new micro-insurance product dubbed “Send With Care” (SwC) for Mobile Money customers of MTN.
The product is designed to provide cover for moneys MTN Mobile Money customers send to their family and friends and also provide health cover for the customer and up to ten (10) family members.
Country Head of aYo Ghana, Francis Gota told Adom News that aYo is giving MTN Mobile Money subscribers the opportunity to be the first to get an insurance cover of up to GHC30,000, not only for themselves, but for their families as well.
He said the intent is to create a future where everyone in Ghana has access to and uses insurance products.
“With aYo SwC, subscribes can send cash to family and friends and pay a premium of 5% of the amount sent, which becomes the premium for the health and life insurance for the subscribers and family members,” he said.
The aYo boss explained that in the event the subscriber suffers a tragedy and is unable to send money to family, aYo will take over and send three time the money to the subscriber’s had sent to the family over the recent past four monts.
“For instance if you send GHC200 home every month for four months, your family will receive GHC2400 paid out in installment of GHC200 per month for 12 months,” he said.
Gota said MTN Mobile Money customers can access for the SwC service by dialing *170# and selecting option 1 (Transfer Money) and following the menu to selecting option 3 (Send with Care) any time they send money.
He said persons covered under SwC will get insurance cover of up to 120 days when they get hospitalized for at least a day due to either accident or sickness, adding that when the subscriber is deceased, his or her family can access the death cover.
“aYo and MTN have made it possible for you to add insurance cover to the money you send home, using MTN Mobile Money, helping you look after your loved ones,” he said.
General Manager of MTN Mobile Financial Services, Eli Hini also said if a subscriber does not make any claims for one full year, he or she is entitled to 10% refund of all the premium paid over the period, and the money will automatically be paid into his or her mobile wallet.
He said the partnership confirms MTN’s commitment to roll out innovative products and services in line with their vision, which is to lead the delivery of a bold new digital world to MTN customers.
“MTN Mobile Money has played a pivotal role in increasing access to financial services. From simply being a mobile phone service that facilitated financial remittances, MTN Mobile Money has evolved into an accepted mainstream method for transactions including deposits, investments and bulk payments” he said.