Rwanda’s leading telecommunications company, MTN-Rwanda has added life insurance onto its mobile money platform products in a bid to facilitate increased penetration of insurance services in Rwanda which are said to have a low uptake in the market.
The new product, MTN life care is designed to help most Rwandans with low income earnings to be in position to afford health services easily. The service is a venture between Prime Life Assurance, a life insurance services provider, and MTN Rwanda.
The product has three various categories of life insurance; silver, gold, and premium, provides for customers the opportunity to choose from paying premiums as low as Rwf4,525 annually for a benefit Rwf0.25m in the event of death of the insured.
All it takes is dialing *188# and following prompts for registered MTN mobile money customers or subscribing to Rwanda’s largest mobile money service provider immediately to enjoy the service.
The new service is expected to be an additional effort to Rwanda’s health insurance sector, which is mostly covered by the mutual insurance policy – commonly known as mutuele de santé.
Speaking at the event to launch the new insurance service, MTN’s Acting CEO Mr. Patrick Uwizeye said that the company is commitment to giving added value to customers using the mobile money platform.
Use of the Mobile money platform is becoming an increasing demanded service in Rwanda. Mobile penetration in Rwanda has hit 63.7% and over 1.7 million subscribers were registered on the mobile money platform by March this year according to Rwanda Regulatory Authority statistics.
The figure was at 639,000 subscribers at the end of last year, with MTN Rwanda having pushed over Rwf90bn through the platform.