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SVREICO Hosts Faisal Islamic Bank of Egypt new office in Smart Village

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Cairo, Egypt, 17 March 2019 – Smart Village Real Estate Investment Company “SVREICO” announced that Faisal Islamic Bank of Egypt has bought a new office in Smart Village for EGP 16 million with an area of 300sqm, which is expected to be delivered to them this month.

The new office of Faisal Islamic Bank is set to be in Building B143, which is one of SVREICO’s integrated business complexes in Smart Village that includes eight buildings so far. Located in the heart of Cairo’s Smart Village, at walking distance from Multinational Headquarters and Egypt’s top companies, SVREICO targets small and medium enterprises, multinational and local corporations by offering offices that start from 70 square meters up to 1000 square meters.

Hisham El Far, CEO of SVREICO, expressed his happiness with the confidence of companies, banks and all customers who chose SVREICO as a privileged place to embrace their business. He added “We have sold more than 100 offices, which reflects the confidence of Egypt’s biggest companies in the services we offer within our projects”. It’s worth mentioning that Faisal Bank’s CIO, Dr. Ismail El Mallawany, came to SVREICo’s premises and signed the contract with Mr Hisham El Far SVREICO’s CEO. The office is due to start operating by the end of this year.

The Smart Village combines industry players and business entities into one place, creating a conducive environment for any growing company. So SVREICO was keen to build up its integrated complexes in Smart Village, providing them with the latest technological and security means.

Smart Village Real Estate Investment Company “SVREICO”, is a joint stock company established in 2007 with shareholders RECAP, Egyptian Export Development Bank, Ahly United Bank and Misr Bank. SVREICO is a subsidiary of Naeem Holding Company, a real estate private equity firm which primarily focus on investing in high-end real estate facilities. The company core business is to develop institutional facilities in Smart Village that can cater corporate and prominent operators. SVREICO has also built and developed 6 complete integrated office buildings and are now rented to various reputable organizations in Smart Village.

– EGYPT TODAY

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Banking / Insurance

aYo diversifies insurance payment options with Revio

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aYo Chief Operations Officer, Miles Bloemstein and Revio’s co-founder and Chief Operating Officer, Nicole Dunn

African insurtech aYo Holdings, jointly owned by telecommunications giant MTN and insurer Sanlam Allianz, is pioneering omnichannel insurance premium collections and claims payouts, through a partnership with payment orchestrator, Revio. This development will make it easier for aYo’s millions of customers to pay for life and hospital cash insurance by choosing their preferred method from a range of locally relevant payment options, in addition to MTN mobile money and airtime currently offered by aYo in its seven markets across the continent.

The additional payments capabilities, facilitated via Revio in its respective markets, will allow aYo to offer greater choice to existing and new clients, boosting both sales and retention.

Miles Bloemstein, aYo’s Chief Operations Officer, who is championing the omnichannel payment strategy was inspired by the growth in alternative payment methods and adoption across the continent.  While Africa’s digital payment transactions are growing 16% year-on-year – and are projected to reach $146 billion in 2023 – the continent’s payment landscape is notoriously complex and fragmented, with few universal and interoperable payment methods available.

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“Localisation of payments and collections is key to business success in Africa. Our team has spent significant time in our different markets to understand local payment preferences and cultures, and the feedback is clear – payment methods matter. If customers do not see the payment methods they trust and prefer, they will not buy the product.,” said Bloemstein. Whilst MTN payment options remain the core of its strategy, aYo believes omni-payments, in addition to omni-channel delivery, is key to success in its digital insurance ecosystem.

Revio’s co-founder and Chief Operating Officer, Nicole Dunn, shared, “It’s fantastic to see market leaders like aYo adopting such a customer-centric approach to collections and payments. Today, the customer payment experience is almost as important as the customer experience of the product. aYo’s team deeply understands its customer base and has invested in the capabilities to reach new customers and retain them for longer. We’re excited to support them on this journey.”

Revio, which recently raised $5.2 million in funding from leading investors QED Investors and Partech, aims to reduce the complexity, cost, and risk of payment operations in Africa. Its single API is pre-integrated with more than 50 payment methods, with the ability to selectively expose methods and route transactions based on success rates and local adoption.

“Africa’s collection challenges are complex and unique. By helping aYo collect revenue from its customers using their preferred payment methods, we not only increase payment success rates, but reduce lapse rates and churn,” said Dunn.

The partnership will reduce aYo’s integration effort to launch new markets, and ongoing operational cost associated with managing multiple payment methods and providers. It is estimated that it will save at least 10 months’ development effort per market. In the process, aYo will reduce integration and setup costs considerably through a single integration project for all of the company’s existing markets.

The partnership is live in Nigeria and will soon be launching in aYo’s other markets. Not only will aYo customers have access to more localised and accessible payment methods for premium collections, but also payouts. Together with Revio, aYo has solutioned a new payouts process that offers multiple payout options to customers for the payment of claims, giving customers and beneficiaries options in respect of how they receive their claim payout, shared Bloemstein.

Since starting operations in 2017, aYo has evolved into a major player in the African microinsurance market, using a ‘pay as you go’ insurance model that gives policyholders the flexibility to have the cover they need at any given time. Its vision is to grow into the largest insurance technology platform in Africa by providing a range of affordable and accessible financial services products

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aYo Zambia launches Illness Cover as it looks to drive insurance uptake

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Microinsurer aYo Zambia has launched a new General Illness Cover product, which will provide cover for customers who spend up to three days in hospital because of sickness or disease, as it looks to drive greater insurance penetration in the country.

The new illness cover is an extension of the company’s existing ‘Recharge with Care’ product, which provides hospital cover for customers if they are involved in an accident.

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“To date, more than 3.5 million Zambian consumers have purchased cover to protect themselves against hospitalisation in the event of injury, or loss of life,” said aYo Zambia CEO Andrew Nkolola. “But many of our customers have been asking us: ‘How will we deal with the financial blow of falling ill? We don’t want benefits only when we’re in an accident.’ We realised it was a huge gap in the market and have responded accordingly.”

Nkolola says aYo Zambia is committed to contributing to the growth of insurance in the country. Earlier this year, Finance Minister Situmbeko Musokotwane expressed his concern over Zambia’s low insurance penetration levels, which leaves millions of Zambians without cover if a disaster strikes.

When it first launched in Zambia, aYo offered hospital and life cover to individuals through two insurance products, ‘Send with Care’ and ‘Recharge with Care’. A growing market demand for insurance for the whole family prompted the company to create the new Family Cover product last year, which allows policy holders to add up to seven people, including themselves.

Now, the new General Illness Cover adds a further layer of protection that helps ordinary Zambians stay afloat when the unexpected happens. It pays up to K3,250 if a policyholder is hospitalised through illness.

As with aYo’s existing products, General Illness Cover customers must maintain active Mobile Money (MoMo) accounts to pay premiums and claim. Customers can sign up and claim by dialling the USSD code *296# on their mobile phones and following the prompts. They can also claim using ayo4u.com/zm. All Family Cover claims are paid directly to the claimant’s mobile money wallet without any hassles.

aYo Zambia has been voted best microinsurance product of the year for both 2021 and 2022.

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Banking / Insurance

AllLife Announces R50 000 Accidental Death Cover for All South Africans

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AllLife CEO, Steph Bester (Image: Supplied)

AllLife, providing life insurance to South Africans living with dread and chronic diseases, today announced that it is making R50 000 accidental death cover available to South Africans. The announcement is a critical step in the organisation’s core business proposition that everyone deserves the right to life insurance. Fewer than four out of ten South Africans have any form of life cover in place. This places enormous pressure on families and loved ones in an economic climate that requires multiple breadwinners per household.

“Business is about so much more than profits. At AllLife, we have made it our mission to bring access to life cover to marginalised communities over the years. Today’s announcement highlights that we are ready to take the next step on that mission,” says Steph Bester, CEO at AllLife. “By offering accidental death cover to the majority of South Africans, we want to show everyone that they not only deserve life cover but that there are ways for them to get that cover. Our entire team is exceptionally proud of this offering and to be involved with a business that believes in making a difference that’s bigger than ourselves.”

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The R50 000 accidental cover is available to all South Africans between the ages of 18 and 75 with a valid ID number and email address, with no exceptions. As per the working model, AllLife will carry the premium for the policy in their quest to ensure a better tomorrow for those left behind when the unthinkable happens.

The policy is available to all South African earning over R5000 a month, the application process takes ten seconds and is as simple as entering an individual’s name, surname, ID number and email address on an easy-to-navigate webpage. Afterwards, policy documents will immediately be emailed to the new policyholder.

“We are not stopping here. We recently launched an extension to our portfolio with a product that ensures all people in South Africa are covered, regardless of whether they live with dread or chronic conditions such as cancer or heart conditions. In fact, one of the biggest reasons people are being denied access to life cover is for being deemed overweight, a demographic we now also offer cover to. We continue to make it our mission to uncover and offer life cover products that are inclusive to all South Africans, regardless of someone’s health,” adds Bester.

In 2005, AllLife was the first company to offer life cover to people living with HIV, a population segment entirely ignored and even feared by the many big life insurance companies at the time. Next, in 2013, it included life cover for people living with diabetes, yet another segment largely avoided by the mainstream life insurers.

“In a world where real-life challenges mar our every day, it is refreshing to find some hope and good news, knowing someone has your back. Many South Africans have monthly budgets that don’t balance, leaving tough decisions around what to keep and cancel. Knowing that someone in a family unit has cover in place without worrying about the monthly debit order goes a long way,” ends Bester.

 

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