The collaboration is expected to build and develop digital insurance and investment offerings that provide people across Africa with easier access to Sanlam’s products, with a particular focus on the market that has previously been unable to access traditional distribution channels. 

Not to be confused with AYO Technology Solutions, which is typically associated with Iqbal Survé, aYo is a micro-insurance fintech platform with a presence in Uganda, Ghana and Zambia. 

Earlier this year, the company piggybacked on the MTN networks to expand its presence to South Africa, Nigeria and Cameroon. By February, it had already crossed the 15 million customer mark and aims to grow this number to 30 million by 2025. 

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MTN Group president Ralph Mupita says the alliance is aligned to MTN’s strategic intent to lead digital solutions for Africa’s progress. 

“We are confident that this alliance will build and leverage the strengths and assets of both companies to establish a digital insurance and investment capability across Africa.”

Sanlam Group CEO Paul Hanratty says the financial services giant is “delighted to reach such a critical stage in our drive to deepen penetration of insurance and investment products across Africa through strategic partnerships”.  

By leveraging off the MTN brand, Sanlam’s licensing, broad product capabilities, financial services expertise and both group’s geographical footprint across the continent, the alliance has the potential to pre-empt and adapt to digital disruption in markets where both companies operate. BM/DM