Tuesday, July 1, 2025, marked a pivotal moment for financial inclusion in Uganda as MTN MoMo announced a partnership with Sanlam Uganda known as Cover by MoMo.
This innovative mobile-based insurance platform is set to revolutionise access to protection, making insurance simpler, more affordable, and truly inclusive for millions of Ugandans.
The initiative kicked off with the launch of Family Cover by MoMo, a product designed to bring essential life and hospitalisation insurance directly to the fingertips of MTN MoMo customers.
Historically, insurance in Uganda has often been perceived as complex, costly, and out of reach for the common Ugandan, particularly those in rural and underserved communities.
However, as Hellen Kirungi, the Senior Manager for Loans and Savings at MoMo, perfectly put it: “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.”
Unpacking Family Cover by MoMo
The beauty of Family Cover by MoMo, according to Kirungi, lies in its accessibility and affordability.
She said that starting from as little as Shs500 per month, MTN MoMo customers can now insure themselves and up to six additional family members, all managed conveniently through their mobile phones.
This, according to Kirungi, eliminates the traditional barriers of long queues, extensive paperwork, and intimidating procedures, thereby democratising access to crucial financial protection.
My Cover Benefits
Kirungi revealed that the solution offers two key, essential benefits, which include;
MyLife
This provides a lump sum payout in the unfortunate event of the insured member’s death. The benefit offers vital financial support to families during a difficult time, helping them manage immediate expenses and maintain a degree of financial stability.
MyHospital
This offers a cash benefit when an insured member is admitted to the hospital. This benefit kicks in for admissions lasting at least one night due to accidents or two nights for illness, providing financial relief to cover medical bills, lost income, or other associated costs during hospitalisation.
Driving Financial Inclusion Through Digital Innovation
At the launch event, Richard Yego, the Chief Executive Officer (CEO) of MoMo, underscored the strategic imperative 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,” Yego said.
This statement encompasses MoMo’s commitment to leveraging technology to create solutions that meet real, everyday needs for Ugandans.
Take it or leave it, this collaboration with Sanlam Uganda, a reputable and established insurance provider, will ensure that while the delivery mechanism is innovative and mobile-first, the underlying insurance products are robust, reliable, and backed by expert underwriting.
This partnership leverages MoMo’s expansive mobile money network and digital prowess with Sanlam’s insurance expertise, creating a powerful synergy for widespread impact.
Jemima Kariuki-Njuguna, the Chief Product Officer (CPO) at MoMo, highlighted the profound meaning of this innovation for Ugandan families, saying, “This means peace of mind. Families can now protect their loved ones affordably and conveniently.”
In a country where unexpected life events can quickly plunge households into poverty, access to such basic protection can be a transformative lifeline.
MoMo’s continued commitment to using technology to create solutions that meet real needs daily is evident in this groundbreaking offering.
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.