In a significant move to enhance customer convenience, Old Mutual Life Assurance has partnered with Airtel Uganda to introduce a new digital payment solution through Old Mutual customers can make instant and secure premium payments via Airtel Money. Apart from paying using the Airtel Money platform, customers will also be able to set up automated standing orders directly from their Airtel Money wallets, thus streamlining the payment process and eliminating the complexities associated with traditional bank standing orders. Speaking at the launch, Joshua Akena, Head of Operations at Old Mutual, emphasized the customer-centric approach of this innovation, stating that it places “convenience in the hands of our customers.” He highlighted the ease of making payments from anywhere and the “peace of mind and full control” offered by the automatic payment setup. This partnership aligns with Airtel Money’s broader strategy to digitize the Ugandan economy and promote financial inclusion. As of 2023, Uganda’s financial inclusion rate stood at around 52%, with a significant portion of the adult population utilizing informal financial services. By integrating insurance premium payments into a widely used mobile money platform, Old Mutual and Airtel Money are making essential financial services more accessible to a larger segment of the population. Japhet Aritho, Managing Director of Airtel Mobile Commerce Uganda Limited (AMCUL), echoed this sentiment, emphasizing Airtel Money’s commitment to “simplify everyday financial services while deepening financial inclusion across the nation.” He added, “The flexibility and control we’re giving customers means they can choose when their policy is debited each month. Even if they’ve travelled abroad, our borderless policy ensures continuous coverage. The introduction of this digital payment solution is a significant step towards modernizing the insurance industry in Uganda. In the first half of 2024, the Ugandan insurance sector saw a gross written premium of UGX 933.8 billion, with life insurance contributing UGX 357.8 billion, marking a substantial growth of 22.97% compared to the same period in the previous year. This growth underscores the increasing importance of life insurance in the country, and the new digital payment option is poised to further drive accessibility and uptake by simplifying the payment process for policyholders. By leveraging the extensive reach of Airtel Money and the technological capabilities of NxtPe, Old Mutual is taking a decisive step towards a more connected and financially empowered Uganda, ensuring that more individuals can secure their financial future with greater ease and convenience.
