aYo Uganda micro insurance hits 500,000 customers

kampala, Uganda | JULIUS BUSINGE | Over 500,000 customers have signed up for MyHospital and MyLife micro-insurance covers offered by aYo Uganda Limited since opening shop in Uganda in Sept. 2016.

This was confirmed by the firm’s Chief Executive Officer, Edwin Kwesiga. aYo Uganda is a subsidiary of aYo Holdings Limited, a joint venture between MTN Group and MMI Holdings.

Speaking to The Independent on the sidelines of the new aYo two months promotion dabbed “Fuuka Don ne aYo”, Kwesiga said they have paid out over Shs 100 million in form of claims to over 150 customers.

“We are on course to becoming the biggest insurance service provider,” he boasted, adding that in the next three months, they target to have increased the number of customers on these products by 100% to one million.

Micro insurance is a very important tool in getting low income earners out of poverty as it protects them against losses that threaten their progress.

Thomas Sekanwagi, aYo’s marketing manager said their entry into insurance aims to increase insurance penetration that has muted at 1%for many years compared to an average of over 2% for the East African region.

Kwesiga said one of the challenges they are dealing with, is the negative perception by people that insurance companies do not pay the insured (client) when the loss occurs.

In defense, he said that aYo does not require a lot of paperwork like it is for other big policies that insurance companies offer.

“We process and pay our claims in 72 hours,” he said. Meanwhile, the new promotion will see those signed up for it stand a chance to win instant MTN airtime worth Shs10, 000 daily and entered in a draw to win Shs 1 million every week for eight weeks.