aYo leverages innovative digital tools to drive financial literacy and inclusive insurance in Ghana

aYo Intermediaries Ghana, a subsidiary of MTN Group that provides micro-insurance to all MTN subscribers, said it's leveraging technology and innovative digital tools to drive financial literacy and inclusive insurance in the country.

This according to the Chief Executive Officer of aYo Ghana, Francis Gota, not only enables aYo Ghana to connect with a wider audience, foster meaningful interactions, and empower individuals with vital insurance knowledge but also helps provide convenient access to insurance products and services, particularly for individuals who may face barriers in traditional insurance channels.

“The nature of our product and the segment that we are serving, it’s important that if we want to drive financial literacy and inclusive insurance, you educate people,” he emphasized.

Speaking to Techreview Africa on the sidelines of a media engagement theme: Enhancing Family Protection Through Affordable and Accessible Insurance Solution’ with some selected editors in Accra, Mr. Gota explained that informative posts, engaging videos, customers testimonials, and updates on insurance offerings are posted regularly on aYo’s  Whatsapp, Instagram, Facebook, Linkedin, and YouTube platforms to make insurance easily understandable and accessible to subscribers.

“So we use those social media channels to educate the people on, how to make claims, the product benefits, how the system works, etc. And we do this in various languages and we blast it on all our social media channels so that people can actually know how to use our products,” he stated.

With a current subscriber base of 8 million and still counting, aYo since its inception in Ghana has paid out more than Ghs14 million to over 40,000 policyholders and beneficiaries.

The CEO acknowledged the low penetration rate of insurance in the country which currently stands at 2 percent, and called for an innovative approach to dealing with the situation in the inclusive insurance space  

He then disclosed a soon-to-be-launched aYo Family Cover policy, which aims at providing relief for families who cannot afford insurance policies that require big premiums.

The latest policy, when officially launched will offer up to Ghs 15,000 life cover and Ghs 300 hospital cover for up to six family members with a premium of only Ghs 15 per person a month, deductible from the customer's MTN MoMo wallet.

By: Nana Appiah Acquaye