MTN South Africa has announced its expansion into the financial services sector with the introduction of budget-friendly funeral coverage for South African consumers. Operating under the newly launched Khava brand, MTN's prepaid funeral insurance is the initial offering in a series of insurance products tailored for the local market. The coverage, called MyMTN Prepaid Funeral Khava, starts at just R75 per year.
The prepaid funeral insurance is underpinned by a partnership with Sanlam and facilitated by aYo Intermediaries South Africa. The onboarding process is streamlined through WhatsApp, while collections and claim payments utilize MTN's Mobile Money (MoMo) platform.
MTN's Chief of Financial Services, Bradwin Roper, highlighted the strategic collaboration between MTN and aYo South Africa as a significant move towards enhancing the inclusivity and responsiveness of essential financial services to the general public. Customers using MTN's MoMo platform can secure coverage for six or twelve months with a single premium payment starting at R75, with benefits reaching up to R20,000 for the individual MyLife Khava plan and a combined sum of R33,750 for the MyFamily Khava plan, which extends coverage to family members.
In recent years, South African telecom operators, including MTN, Vodacom and Telkom, have been actively diversifying their revenue streams beyond traditional voice and data services due to margin pressures. This strategic expansion into financial services reflects MTN's commitment to meeting the evolving needs of its customers.
