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MobileMoney and Future of Insurance in Nigeria

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With growing incidences of natural disasters, crop failures, investment uncertainty, growing population and dwindling natural resources, Africans are more than ever before exposed to the effects of global recessions, environmental degradations with negative effects on incomes during active duty and beyond.

Africans that are covered by any form of protection in form of insurance are minimal across the entire population of Africa.

Around Africa, mobile networks, governments, independent organizations, micro finance providers are joining forces to provide low cost insurance to millions of people through the ubiquitous mobile phone.

 In Most African countries, insurance penetration is low while mobile phone is available to more than half of the adult population across different segments of the economy.

Why mobile money is powered life insurance gaining momentum and appeal across Africa Mobilemoney powered life insurance is a quite easy to use with minimal form filling, cost effective, convenient, with flexibility and the trust in brand of the Mobile network and insurance partner.

Regulations
As mobile network and nontraditional micro insurance providers  and  innovators begin to see benefits of providing low value insurance services to currently underserved and uninsured low segments  of the society, how will the regulators deal with these innovations and players?

How is the insurance regulator positioned to understand the impact of mobile financial services on the industry? What is the wiliness of the insurance regulator to allow innovations influence new radical thoughts while balancing risk and ensuring certainty in the industry.

What level of cross regulation knowledge sharing is available for the insurance regulators across Africa from the primary mobile financial services regulator of Banking services and telecommunications?

Providing low value transaction systems and applications is a technology play for Mobile network operators but the major drawback for them is that they are not primarily providers of insurance services, with limited understanding of the processes of managing premium and investments.

While the traditional insurance providers are hampered with limited understanding and management of technologies and applications necessary for mass market products like micro insurance.

Developing the right partnerships and credibility are the foundation for building a successful mobilemoney based micro insurance product.

Mobile money micro insurance services adequately addresses the shortcomings of traditional channel of deploying insurance services since potential customers can be directly engaged and educated via the mobile phone, instant provisioning of services, payment systems that is efficient and available anywhere and anytime, cost effective methods of premium collections and  reduced policy enrollment  cost per cover.

South Africa
Over the counter availability like the Old Mutual’s offer though the shoprite stores is one of such initiatives that is bridging the gap between the mass market and the insurance cover.

KENYA – MICRO ENSURE, YuMobile
There is an on- going effort in Kenya where a “private-private-NGO” partnership between Safaricom (the parent company of Kenya’s mobile money transfer service M-Pesa), an insurance company, fertilizer and seed companies and an agricultural foundation has produced an innovative micro-insurance scheme in Kenya.

The crop insurance scheme, called “Kilimo Salama” (safe farming in Kiswahili), collects insurance premiums using M-Pesa when farmers purchase seeds and fertilizers, and in the event of adverse weather, makes payouts directly into the M-Pesa mobile phone accounts of the farmers which then visits any local agent to cash out the amount without visiting a Bank branch.

Last week in Kenya, a micro insurance product  called  Yucover,  launched  by  yuMobile and underwritten by Jubilee Insurance and powered by MicroEnsure in a country with current insurance penetration  rate that stands at 3.02 per cent and projected to double the cover likely within one year of deployment of this innovative product.

Ghana 
International insurance group Hollard Insurance, independent mobile financial services enabler MFS Africa and microinsurance intermediary MicroEnsure had also launched the West Africa’s first mobile money insurance service, mi-Life  in Ghana.

Mi-Life insurance provides money in the event of death of the subscriber or the next of kin. The Premium payment for insurance is deducted from the Mobile Money wallet once per month.

The subscriber will receive an SMS to inform when the monthly premium is deducted and insurance cover is renewed.

Once the premium is deducted, the insurance cover lasts for one month until the next monthly premium is deducted.

If there are insufficient funds in the wallet, Subscriber will receive an SMS reminder so that he / she can top up  wallet and keep  life insurance cover active.

Users will also be able to initiate claims, queries and make premium payments using their handsets.

Register and join us on Oct 4th and 5th for Mobile Money Agency risk management and a study tour of Tigo cash and Micro Ensure in Accra – Ghana.

Emmanuel   Okoegwale
Principal Asscociate – MobileMoneyAfrica
[email protected]


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Ina Alogwu Joins 9mobile as Chief Digital and Innovation Officer

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9mobile has appointed Ina Alogwu as its new Chief Digital and Innovation Officer (CDIO), marking another significant step in the company’s business transformation agenda.

In his new role, Alogwu will be responsible for guiding the development and execution of 9mobile’s long-term strategy across the entire digital and technology ecosystem, including new technologies, digital platforms, and business models while nurturing a culture of innovation within the organization.

His appointment demonstrates 9mobile’s firm commitment to driving digital transformation and enhancing its innovative capabilities to better serve customers and stay ahead of market trends.

Alogwu is a visionary leader and seasoned strategist with nearly two decades of transformative experience in digital commerce, mobile payments, and technology ecosystems, making him an invaluable addition to 9mobile’s leadership team.

He has a proven ability to identify emerging trends and harness them to develop and execute groundbreaking digital products and strategies. His expertise spans product innovation, data strategy implementation, and agile business transformations, all of which have delivered significant and sustainable results across diverse industries and regions.

He joins 9mobile from ARM Holding Company, Nigeria, where he was the Group Director, Digital Transformation and spearheaded innovation initiatives, implemented a robust data strategy, and managed venture-building programmes that supported numerous African tech startups.

His very distinguished and diverse professional journey also includes an impactful tenure at Interswitch Limited, where he held roles such as Group Head, Verve Digital, and Group Head, Payment Processing. In these roles, he led the creation of groundbreaking payment platforms and digital solutions across West and East Africa.

Earlier in his career, Alogwu held roles at the Economic and Financial Crimes Commission (EFCC) as a Training Specialist and worked at Integrated Business Strategies as a Business Analyst.

Speaking about the appointment, 9mobile CEO Obafemi Banigbe expressed confidence in Alogwu’s ability to lead the company’s innovation efforts, saying, “Alogwu’s broad professional background makes him the perfect fit for our innovative and business transformation journey as he joins a team of recently appointed senior business leaders to drive this process and the next phase of our growth.

“His role is crucial for navigating today’s fast-paced digital environment. And he has been entrusted to lead the charge in harnessing new technologies, driving digital transformation, and ensuring the company remains adaptable to change, which is integral to fostering innovation and positioning 9mobile as a forward-thinking leader in its industry.”

The New CDIO said, “I’m delighted to join 9mobile and collaborate with the CEO and the leadership team on the innovative initiatives already in progress.

As we navigate the rapidly evolving digital landscape, I’m eager to leverage my expertise in digital strategy, technology, and innovation to drive 9mobile’s mission to deliver exceptional customer experiences and achieve our strategic objectives.”

Alogwu’s academic credentials further underline his readiness for this role. He holds an Executive Master’s in Digital Transformation and Innovation Leadership from IE Business School, Madrid, and a Postgraduate Diploma in Digital Business from Emeritus Institute, in collaboration with MIT and Columbia Business School.

He also completed the Senior Management Program at Lagos Business School, Pan-Atlantic University, and earned a BSc. in Geology & Mining from the University of Jos, Nigeria.

His education is further enriched by certifications in Product Management, Lean Six Sigma, and Strategic Innovation, equipping him with a robust foundation to drive innovation, lead digital transformation, and achieve business excellence in competitive landscapes.

His ability to combine academic knowledge with practical expertise has positioned him as a trailblazer in the digital commerce and technology sectors.

Beyond his technical expertise, Alogwu is adept at cultivating and managing strategic relationships with global multilateral organizations and financial institutions, leveraging these partnerships to unlock profitable opportunities. He has consistently demonstrated excellence in leading multicultural teams and navigating complex, multi-stakeholder environments to deliver transformative outcomes.


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NAICOM Signs Agreement with NDPC on Data Protection in Insurance Sector

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The National Insurance Commission (NAICOM), has signed agreement with the Nigerian Data Protection Commission (NDPC) with the aim of enhancing data protection within the insurance sector.

According to NAICOM, the Memorandum of Understanding (MoU) has as its objectives training and capacity building in the area of providing training to enhance awareness and skills in data protection, establishing privacy clinics by setting up specialised clinics to address data protection concerns and provide guidance.

NAICOM said other objectives of the agreement include conducting compliance activities, regularly monitoring and enforcing compliance with data protection regulations, promoting awareness in the area of educating insurance companies on the importance of data protection and the benefits of adhering to best practices.

Developing data protection guidelines through creation of specialized guidelines for insurance institutions to ensure they are equipped to handle data protection responsibilities effectively.

NAICOM said the collaboration marked a significant milestone in safeguarding the personal data of insurance policyholders and promoting trust in the insurance sector.

The commission said to ensure the effective implementation of the agreement, an implementation committee would be established. The committee, the commission said, would comprise of representatives from the two agencies, as well as other key industry associations, including the Nigerian Insurers Association (NIA) and the Nigerian Council of Registered Insurance Brokers (NCRIB).

 


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5 Benefits of MTN Mobile Ads for your Business

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Businesses worldwide are increasingly embracing mobile advertising services, allowing them to connect with potential customers directly on their smartphones and engage with them more effectively.

This trend is rapidly gaining momentum, and companies in Nigeria are also taking part in this shift.

Every day, more Nigerian businesses are seeking the most efficient strategies to reach their target audiences and convert them into loyal customers.

MTN Nigeria is redefining digital advertisement with MTN Mobile Ads. With a rich customer base of 79.5 million subscribers in Nigeria, MTN Mobile Ads continues to help businesses reach millions of customers nationwide.

Here are five reasons you should use MTN Mobile Ads for your business advertisements:
Targeted marketing

MTN Mobile Ads uses first party data to enable specific targeting of audience based on behaviour, interests and demographic. This ensures that your marketing efforts are directed toward the most relevant audiences, thereby increasing engagement and conversion.

Data-Driven Insights:

Businesses can gain valuable insights from their advertising campaigns, allowing them to fine-tune their strategies for maximum impact. This data-driven approach helps in optimizing campaigns based on real user behaviour and preferences

Diverse advertising formats

This service supports several advertising formats including targeted SMS, marketplace listing on the MyMTN app, display banners, and Rich messaging services (RCS) across both mobile and web platforms. This versatility allows your business to customize your marketing strategy to suit different audience preferences and increase engagement opportunities.

Data-free solutions

MTN Mobile Advertising provides data-free solutions. That means users can view your Ads with or without data. This feature significantly increases engagement rate as it allows your business connect with customers who may have been avoiding ads to save their data.

Cost-effective

With MTN Mobile Ads, you can choose an advertising plan that suits your budget. This flexibility allows businesses to enjoy the benefits of advertising without overspending.

As competition in businesses increase, the need to make advertising a crucial part of your marketing strategy cannot be over-emphasized.

MTN’s Mobile advertising services are the most result-oriented strategy your business should engage in so you can have the same opportunities your competitors may have.


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