MTN said although the date would be communicated closer to the time of the launch and kept mum on the name of the product, it said customers could expect it between September and December.
The group said insurtech would be a standalone product offered by MTN’s insurance division, which forms part of MTN’s mobile financial services. It said the sign-up process would be by a digitally customer-centric process via any device attached to the network, adding that the product would be pitched at LSM 6 (Living Standards Measure) and above, as well as youth and young adults.
MTN chief financial officer Ralph Mupita said fintech contributed 6percent service revenue to group revenue last year, but the group wanted to push it above 15percent in years to come. He said the strategy was to be in more markets and to launch more services.
MTN said the new product would be complementary to its mobile money app, MoMo, which was relaunched last year. MTN’s 233 million telecoms subscriber base spans Africa and the Middle East.