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aYo launches affordable microinsurance for all Cameroonians
aYo Holdings Group CEO Marius Botha, Laetissia Enonga: CEO of aYo Cameroon, Alain Nono: CEO Mobile Money Corporation, Cameroon and Vincent Ongono: Sanlam Life CEO, Cameroon (Photo: Supplied)
African insurtech aYo Holdings, created by telecommunications giant MTN, has launched its operations in Cameroon with innovative insurance products that offer local consumers affordable accident and death cover. aYo launched in January 2017 in Uganda and has since reached 20 million customers across Uganda, Ghana, Zambia and Côte d’Ivoire, whilst other markets being readied for launch later this year. The company has paid in excess of $2,2 million in claims.
Laetissia Enonga CEO of aYo Cameroon, estimates that less than 2% of Cameroon’s population currently has insurance. “Most people think insurance is a luxury product, but we want to show that people with all levels of income can get peace of mind at an affordable cost, to help take care of their financial health in the face of unexpected events,” she said.
One key product will be available at launch once consumers sign up to aYo.
aYo Recharge+ underwritten by Sanlam Life Cameroon, rewards the first 100,000 MTN MoMo (Mobile Money) users with free accidental hospitalisation cover and life cover each time they purchase MTN bundles via MoMo. Customers can also take advantage of the AutoBoost, paid-for, functionality to get even more cover with every MTN bundles purchase or airtime recharge, in case of hospitalisation due to accident or illness. With the free component of aYo Recharge+, each time a customer uses their MoMo wallet to purchase MTN bundles, they get 8 times that amount as accident cover and 12 times that amount as life cover.
In addition, aYo Cameroon will introduce a pre-paid version of the Recharge+ product, allowing customers to pre-fund their insurance premium for a 12-month period. When customers take advantage of AutoBoost to buy additional cover, this amount is multiplied by 100 for additional accident or illness hospitalisation cover up to 200 000 FCFA and multiplied by 200 for additional life cover up to 300 000 FCFA. For example, if a user spends the minimal premium of 25 FCFA (bundles or airtime) they will get 30 days cover of 2500 FCFA (x 100) for hospitalisation (accidental or illness), and 5000 FCFA (x 200) for death, and at each recharge, their cover will also grow accordingly. Customers can sign up by using the USSD code *126*296# or the mobile web app.
“Insurance, and the peace of mind it provides, has become more important than ever in today’s fast-paced world, where risks are a part of our daily lives. You never know when you will have to pay to get back on your feet after an accident or an illness. Often, the cost is so large that it goes beyond your immediate financial capacity, and that is where insurance will be most helpful,” said Laetissia.
mediaReach OMD Nigeria Board of Directors has confirmed the appointment of Stephen Onaivi effective January 1st, 2024. Onaivi will become the managing director of the nation’s foremost media investment and management agency, known for its thought leadership and innovativeness. The Regional Chief Executive Officer of Omnicom Media Group West & Central Africa (OMG WeCA), Alaba Fadero, announced Onaivi’s appointment in Lagos.
According to Fadero, “Stephen’s appointment is the result of a careful succession planning and talent development program. He is expected to maintain OMD’s industry leadership and drive our regional growth strategy across the three critical global pillars of Client, People, and Capability.”
Onaivi is a homegrown, globally evolved professional who has been responsible for driving innovation across major brands, including Diageo, Airtel, Olam, Vodafone, Virgin Atlantic, Google, Uber, and GSK, to mention a few across the West and Central African region.
In addition to being the Managing Director of OMD Nigeria, he has a mandate to drive the OMD brand across West and Central Africa to enhance client value and ensure the seamless integration of OMD values, technology, and strategic processes.
Before his new appointment, Onaivi was the Managing Director of OMD Ghana, where he contributed to developing a multi-disciplinary, forward-looking media and advertising industry and serviced an array of national, multinational, and regional clients.
Reacting to his new appointment, Onaivi expressed confidence that the industry leadership and innovative strides of OMD Nigeria would be maintained under his leadership, stating, “We are proud of our thought leadership and pragmatic approach to providing value-driven services to our clients, and they should expect more with our team’s renewed commitment.”
According to Onaivi, key focus areas of OMD Nigeria will include innovation driven by technology and marketing science, the development of local talents, and enhanced strategic thinking to improve the agency’s value proposition to its clients.
Onaivi is a communication expert who has attended several management training courses and conferences from renowned business schools across the globe, including the Lagos Business School and London Business School. He is a keen golfer and a firm believer in the importance of community service. He is also the founder of the “Play with Stephen” golf tournament held annually in Accra, Ghana. The tournament leverages golf as a ‘passion point’ for key decision-makers to create awareness and support for Autism across Africa.
Endeavor Nigeria Chairman, Bolaji Balogun (Photo: Eleanor Goodey).
Endeavor Nigeria’s board of directors has appointed Bolaji Balogun, Chief Executive Officer at Chapel Hill Denham, as its new Chairman. Bolaji was previously Endeavor Nigeria’s Vice Chairman and succeeds Atedo Peterside, Endeavor Nigeria’s founding board chairman.
“I am honored to be asked to lead Endeavor Nigeria’s Board at this time, building on the strong platform provided by Endeavor Nigeria’s founding Chairman, driving our commitment to providing high-impact entrepreneurs with the access to capital, networks and mentorship that are so important to building a strong entrepreneurial ecosystem. I believe private capital and entrepreneurship are mission critical to delivering sustainable development.”
Outgoing Chairman Atedo Peterside stated, “It has been a pleasure serving as the Chairman of Endeavor Nigeria in its first five years in Nigeria, during which we have seen the organization help to accelerate high-impact entrepreneurship in Nigeria. Once Endeavor, always Endeavor and I look forward to offering my support to Endeavor Nigeria under the capable leadership of Bolaji and all his colleagues on the Board.”
We are also pleased to announce that Endeavor Entrepreneurs Olugbenga ‘GB’ Agboola (Founder and CEO, Flutterwave) and Christian Wessels (President and co-founder, Daystar Power) have been appointed to the Endeavor Nigeria Board, becoming the first Endeavor Nigeria Entrepreneurs to join the local office’s board.
GB, founder and CEO of Flutterwave Inc., a FinTech company facilitating cross-border payment transactions of small to large African businesses via one API, was selected as an Endeavor Entrepreneur in April 2019. Christian Wessels, President & co-founder of Daystar Power, a leading provider of hybrid solar power solutions for commercial and industrial businesses in Africa, was selected as an Endeavor Entrepreneur in February 2020.
“As an Endeavor Entrepreneur, I have experienced firsthand the invaluable impact that this organization can have on scaling a company,” said Wessels. “I look forward to supporting both Endeavor Nigeria and its entrepreneurs.”
“Joining the Endeavor Nigeria Board of Directors is a full-circle moment for me. Endeavor has been instrumental in Flutterwave’s trajectory, and I’m excited to pay it forward by supporting the next generation of Endeavor Entrepreneurs. I look forward to helping drive transformative change in our local tech ecosystem“, said Agboola.
“We are thrilled to have GB and Christian join us as the first Endeavor Entrepreneurs on the board and offer their unique perspective representing Endeavor Entrepreneurs and paying it forward,” said Endeavor Nigeria Board Chairman Bolaji Balogun.
Endeavor is a non-profit organization that supports high-impact entrepreneurs worldwide to transform economies locally and globally. Having launched its operation in September 2019, Endeavor Nigeria possesses an active local board of business leaders who believe high-impact entrepreneurship can transform Nigeria. A complete list of board members may be found here.
Endeavor Nigeria’s objective is to accelerate the growth of high-impact entrepreneurs through access to mentorship, talent, capital and markets. Endeavor Nigeria currently supports 16 companies and 35 entrepreneurs from diverse industries that will impact the Nigerian economy through job creation and economic opportunities as they scale.
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ANKA and Prosper Africa Launch Accelerator Program to Boost U.S. Exports from African Creative Industries
ANKA and Prosper Africa has announced the launch of the ANKA Growth Club, a transformative nine-month virtual accelerator program designed to boost African exports from the creative industries, including fashion, beauty, textiles, art, and home goods, to the United States.
Through this partnership, Prosper Africa will connect African brands with U.S. buyers to increase two-way trade and investment in these creative industries. The ANKA Growth Club is an activity under the Prosper Africa Buyer-Supplier Network.
High-growth companies in the African creative industries often face challenges in exporting products to international markets, such as lack of market access, technical knowledge gaps, and limited working capital. The ANKA Growth Club will provide more than 40 African brands with market access, industry networking, and mentorship opportunities, empowering them to boost their exports and establish a stronger presence in the U.S. market.
Prosper Africa’s market insights report, Investment and Partnership Opportunities in Africa’s Creative Industries, drew attention to the global recognition, growing demand, and investment and partnership opportunities in Africa’s creative industries.
“We recognize the tremendous potential in Africa’s creative industries from fashion to home goods to drive growth, foster prosperity, and create lucrative economic opportunities on both sides of the Atlantic,” said Lisa Walker, Prosper Africa Deputy Coordinator. “This buyer-supplier accelerator program will provide dynamic African entrepreneurs with the skills, tools, and market access to achieve scale.”
African entrepreneurs are invited to apply for the ANKA Growth Club. Once accepted into the accelerator program, participants will go through a robust curriculum that addresses key aspects of exporting, branding, financial management, and more from industry leaders.
“The ANKA Growth Club represents a significant step forward in our mission to facilitate access of SMEs to global markets,” says ANKA CEO and Co-Founder Moulaye Tabouré. “The U.S. market represents a huge opportunity for African entrepreneurs to reach new customers and continue growing their business. Through the ANKA Growth Club, we’re not just providing support, we’re fostering opportunities, knowledge, and connections that will drive economic growth and innovation.”
Interested African creative sector brands can apply to join the ANKA Growth Club by November 22, 2023. For more information and to apply, please access the application form on the ANKA site here
