Over 15 Million Zambians Can Now Access Insurance via MTN’s MoMo Marketplace
MTN Mobile Money Zambia has launched the MoMo Insurance Marketplace, a new digital platform accessible via *115#, enabling customers to purchase and pay for health and motor insurance directly through USSD.
The marketplace debuts with two inaugural partners: Mzanu Financial Services, which is offering Banja Life Assurance and Health Insurance, and Master Business Associates Risk Advisory Services, delivering products through its IMETT technology platform. All policies available on the marketplace are underwritten by registered insurers.
Speaking to the Media, MTN Mobile Money Chief Executive Officer Komba Malukutila said the service is designed to benefit the unbanked and marginalised, particularly people living in remote areas with limited access to traditional banking and insurance services.
“Our first priority is to ensure that people in far-flung areas can access this service as easily as those in urban centres,” Malukutila said. “This is being delivered via the mobile phone, and our network reaches places where traditional banks or insurance companies cannot go. That is where our investments and our communication efforts begin.”
He explained that MTN is complementing the digital platform with extensive sensitisation through SMS notifications and partnerships with community radio stations to ensure nationwide awareness. Among these partners is Radio Phoenix, which MTN described as a strategic channel for reaching rural communities.
According to Malukutila, the MoMo Insurance Marketplace is helping to demystify insurance, which has historically been perceived as elitist and inaccessible. “Insurance is a necessity for all Zambians, not just a few. What we have done is bring it to the doorstep of every citizen in a simplified, affordable and accessible way,” he said.
He noted that mobile financial services continue to grow rapidly in Zambia, with more than 15 million people now accessing such services. While transaction volumes run into the trillions of kwacha annually, MTN said its focus has shifted from sheer volumes to the human impact of financial inclusion.
On service reliability, Malukutila acknowledged recent network challenges linked to power supply disruptions following the 2024 drought. However, he said the situation has improved due to better electricity availability and MTN’s investments in alternative power solutions, including generators and solar energy, in collaboration with infrastructure partners.
Regarding consumer protection and dispute resolution, MTN said customers will be supported through multiple channels, including call centres, physical service centres, social media platforms and AI-enabled chatbots. These systems are designed to ensure quicker resolution of queries and claims compared to traditional insurance models.
MTN emphasised that it is a platform provider, working collaboratively with insurance companies and brokers, and that the marketplace will be expanded to include more partners and products over time.
“The intention is clear,” Malukutila said. “All Zambians must have access to simplified, affordable and reliable insurance. This marketplace is a major step towards insurance access for all.”
