MTN MoMo ventures into life insurance with Sanlam

MTN Mobile Money Uganda Limited has unveiled Cover by MoMo, a mobile-based insurance platform designed to make insurance simple, accessible, and affordable for Ugandans at the grassroots. The product, dubbed Family Cover by MoMo, is in partnership with Sanlam Life Insurance Uganda Limited and provides both life and hospitalization insurance from as low as UGX 500 per month for up to six family members. Speaking at the launch at the fintech’s head offices in Kampala, officials said the product aims to address Uganda’s persistently low insurance penetration of less than 1%. Built on MTN MoMo’s expansive mobile money platform, Cover by MoMo eliminates traditional barriers such as paperwork, long queues, and intermediaries by allowing customers to enroll, manage policies, and submit claims via mobile phone using the 1657# USSD code. The product offers two core benefits: MyLife, which provides a lump-sum full cover payout in the event of death, and MyHospital, which pays a cash benefit for hospitalization (minimum one night for accident, two nights for illness). Premiums range from UGX 500 to UGX 4,000 per month and offer coverage of up to UGX 2 million for life and UGX 200,000 for hospital expenses. Richard Yego, CEO of MTN Mobile Money Uganda Ltd, observed that “trust” has been essential to the success of the fintech. He noted that whereas in the past, people would travel a long distance to access banking services at a bank branch, which is not the case any more. “MoMo is the future, and that future is being shaped right now, in Uganda.” This foundation of trust and innovation forms the backbone supporting new offerings like Cover by MoMo. Jemima Kariuki, Chief Product Officer at MTN Mobile Money Uganda Ltd, emphasized the importance of inclusivity. “At MTN MoMo, we believe that every Ugandan deserves access to tools that protect their financial future. Cover by MoMo was developed to make insurance simple, mobile, and inclusive. With Family Cover, we are giving our customers peace of mind because they know they can protect their loved ones affordably and conveniently, straight from their phones.” Nicholas Wavamuno, the Business Intelligence and Growth Manager at Sanlam Life Insurance Uganda Ltd, noted that they are well-placed to execute the program. “At the core of who we are is a mission to empower generations to be financially confident, secure, and prosperous. In partnership with MTN MoMo, Family Cover by MoMo delivers on this promise—offering exceptional value, seamless enrollment, flexible payment options, and digital claims processing. This product empowers Ugandans to safeguard their loved ones and pursue their aspirations with complete peace of mind.” The service is tailored for working adults, SMEs, informal-sector workers, and peri-urban families many of whom already rely on MTN MoMo but lack access to traditional insurance due to cost, paperwork, or geography. Female-led households and young caregivers are also targeted to benefit. Enrollment is fast and fully mobile: MTN customers simply dial 1657#, select ‘Insure with MoMo’, choose ‘Cover by MoMo’ to pick a plan, and can then add dependents, monitor their policy, and file claims via USSD or online at https://ug.coverbymomo.com.