aYo Holdings and Metropolitan Life Insurance Ghana in partnership with MTN Ghana, have launched a new micro-insurance product dubbed “Send with Care” for Mobile Money customers of MTN.
The product is designed to provide hospital and life insurance cover for moneys MTN Mobile Money customers send to their family and friends.
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 insurance cover of up to GHC30,000 covering 10 family members or friends.
He said the intent is to create a future where everyone in Ghana has access to and uses insurance products.
“With aYo Send with Care, subscribes can send cash to family and friends and pay a premium of 5% of the amount sent, which becomes the premium for the hospital and life insurance,” 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 times the money the subscriber had sent to the family over the recent past four months.
“For instance if you send GHC200 home every month for four months, your family will receive GHC2400 paid out in installments of GHC200 per month for 12 months,” he said.
Gota said MTN Mobile Money customers can access the Send with Care service by dialing *170# and selecting option 1 (Transfer Money), option 1 (Mobile Money User) and following the menu to selecting option 3 (Send with Care) any time they send money.
He said persons covered under Send with Care will get insurance cover of up to 120 days when they get hospitalized for one night or more due to an accident (not sickness), adding that should the subscriber unfortunately pass away, his or her family can access the life 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 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.
aYo also rewards you for using Send with Care. Every time you Send your money with Care, you earn bonus value equal to 10% of the premium you are charged. Once you reach GHC2.5, your bonus is cashed out to your MTN Mobile Money account.