MTN MoMo and Sanlam Revolutionize Ugandan Insurance with ‘Cover by MoMo’

In a landmark move for financial inclusion, MTN MoMo officially launched “Cover by MoMo” on Tuesday, July 1, 2025, a groundbreaking mobile-based insurance platform developed in partnership with Sanlam Uganda. This innovative initiative aims to democratize access to vital insurance services, making protection simpler, more affordable, and truly inclusive for millions of Ugandans.

The platform’s debut product, “Family Cover by MoMo,” brings essential life and hospitalisation insurance directly to the fingertips of MTN MoMo customers. Historically, insurance in Uganda has often been perceived as a complex, costly, and inaccessible luxury, particularly for those in rural and underserved communities. However, this new offering is set to dismantle these traditional barriers.

“For too long, insurance has felt out of reach for many. But now, that changes. With Cover by MoMo, all you need is your phone,” stated Hellen Kirungi, Senior Manager for Loans and Savings at MoMo, during the launch event in Kampala.

Ms. Kirungi highlighted the accessibility and affordability of “Family Cover by MoMo.” Starting from as little as Shs500 per month, MTN MoMo customers can now insure themselves and up to six additional family members, all conveniently managed through their mobile phones. This eliminates the need for long queues, extensive paperwork, and intimidating procedures traditionally associated with insurance.

“My Cover Benefits” under “Family Cover by MoMo” provides two key benefits:

• MyLife: Offers a lump sum payout in the unfortunate event of the insured member’s death. This provides crucial financial support to families during a difficult time, helping them manage immediate expenses and maintain a degree of financial stability.
• MyHospital: Provides a cash benefit when an insured member is admitted to the hospital.¹¹ This benefit applies for admissions lasting at least one night due to accidents or two nights for illness, offering financial relief to cover medical bills, lost income, or other associated costs during hospitalisation.

Richard Yego, CEO of MoMo, underscored the strategic vision behind “Cover by MoMo.” “Cover by MoMo is rooted in our mission to drive financial inclusion through digital innovation. No more long queues or complex paperwork. Just simple protection, wherever you are,” he affirmed.

This partnership leverages MoMo’s extensive mobile money network and digital prowess with Sanlam Uganda’s reputable insurance expertise, creating a powerful synergy designed for widespread impact.¹³ Sanlam’s role ensures that while the delivery mechanism is innovative and mobile-first, the underlying insurance products are robust, reliable, and backed by expert underwriting.

Jemima Kariuki-Njuguna, Chief Product Officer (CPO) at MoMo, emphasised the profound significance of this innovation for Ugandan families.¹⁴ “This means peace of mind. Families can now protect their loved ones affordably and conveniently,” she said.

In a country where unexpected life events can quickly plunge households into poverty, access to such basic protection can be a transformative lifeline. “Cover by MoMo” represents more than just a new product; it heralds a significant leap forward in Uganda’s financial services landscape, offering a tangible pathway to greater resilience, security, and well-being for millions of families across the nation.