Sanlam, a global insurer, has formed a partnership with microinsurance fintech company, aYo Holdings, to revolutionize the insurance sector in Nigeria. The collaboration aims to provide affordable life and hospitalization cover to local consumers and challenge traditional insurance offerings in the market.
Under the partnership, aYo will serve as a technology service provider to Sanlam in Nigeria, facilitating technical integration for microinsurance products and offering platform services for mobile money and third-party payments. This collaboration will enable Sanlam to offer convenient, easy-to-understand, and affordable insurance products.
The CEO of aYo Nigeria, Kayode Odetola, highlighted the goal of driving financial inclusion in Nigeria by leveraging technology to make financial services more accessible across the country. Odetola emphasized that insurance should not be considered a luxury product, but rather a means for individuals at all income levels to achieve peace of mind and protect their financial health in the face of unexpected events.
The initial offering, called “Sanlam Recharge with Care,” will provide life cover of up to N300,000 and hospitalization cover of up to N6,500 per day. These products can be purchased using mobile money wallets and other payment options. Odetola noted that telco-driven financial services are well-suited for Nigeria’s underserved population, which is expected to benefit greatly from Sanlam’s affordable insurance options.
Tunde Mimiko, the CEO of Sanlam Life Insurance Nigeria Limited, expressed that the partnership with aYo reflects Sanlam’s commitment to expanding insurance penetration in Nigeria and making life insurance products accessible to a larger portion of the population.
