Francis Gota, the CEO of aYo Ghana, says the market perception of insurance is changing rapidly among consumers, with microinsurance doing much to dispel the myth that insurance is only available for the higher income earners, educated, and formal-sector employees.

“We saw a significant increase in awareness of financial service products like microinsurance during 2021, with growing numbers of Ghanaian consumers purchasing cover to protect themselves and their families in the event of hospitalisation or loss of life,” said Gota.

Microinsurance is a powerful enabler of financial inclusion in African markets, providing a much-needed social safety net that helps vulnerable people and particularly people with low and irregular incomes to stay afloat when the unexpected happens.

aYo Ghana offers Hospital and Life Insurance cover through its two insurance products, ‘Send with Care’ and ‘Recharge with Care’, and has paid out more than GH¢ 7.7 million claims in the past five years.

“With aYo you can now purchase insurance on the go for GH¢6, right from your mobile phone. Phone penetration and technological advancements in Ghana have made it much easier to reach clients and provide better and more cost-effective service,” said Gota.

But while business is booming, there’s no time to rely solely on past achievements, says Gota. “Our goal is to enhance the levels of customer experience we offer, add value and positively impact the lives of our customers by providing relevant, accessible and easy to use insurance to all Ghanaians,” he said.

How to sign up with aYo

For Recharge with Care, subscribers sign up via our app, app.ayo4u.com or by dialling *296#, selecting option 1 and following the prompts. They can sign up for MyLife, MyHospital, or both. A maximum premium of GH¢6.00 provides cover that is valid for 30 days.

Subscribers use the same process for filing claims (*296#, option 1, option 7, and follow the prompts), or via the PWA site. Valid claims are paid directly to the claimant’s mobile money wallet.

MTN MoMo subscribers can send MoMo through aYo Send with Care by dialling *170#, select option 1 (transfer money) and then option 3 (Send with Care) on the mobile money menu. This will give them up to GH¢30,000.00 hospital and life insurance cover for themselves, and up to GH¢3,000.00 life cover for their family members (the receivers of the MoMo).