Zenith, Prudential, MTN partnership to change landscape of mobile insurance in Nigeria

In a groundbreaking move set to transform the landscape of mobile insurance in Nigeria, Zenith Insurance has partnered with Prudential and MTN Nigeria to introduce a mobile insurance service using USSD codes. The initiative aims to enhance financial inclusion in Nigeria, where penetration levels remain significantly low. CNBC Africa's Christy Cole recently sat down with Mazen Mroue, MTN Nigeria's Chief Operating Officer, to delve into the details of this innovative collaboration. Mroue emphasized MTN's commitment as a market leader to not only offer cutting-edge voice and data products but also to facilitate technological advancements for its partners. He highlighted the importance of driving financial inclusion in Nigeria and underscored the success of the collaboration with banks to achieve this goal. The integration of USSD codes with insurance services represents a significant milestone in boosting insurance penetration and financial inclusion in the country. The collaboration between Zenith, Prudential, and MTN heralds a new era of accessibility to mobile insurance for every Nigerian. Through the simplicity of using USSD codes, individuals can now easily access insurance services, making the process more convenient and efficient. Mroue underscored the significance of this partnership in providing quick and direct access to mobile insurance, ultimately benefitting customers across the country. During the event, Zenith Bank's chairman mentioned a target of increasing insurance registrations on mobile platforms within a few years. When asked about the feasibility of this target, Mroue expressed optimism, citing the rapid growth of mobile telephony in Nigeria. With over 100,000 new individuals joining the mobile phone network daily, he believes that capturing just 50% of this demographic for mobile insurance subscriptions would make the target easily achievable. The collaboration between Zenith, Prudential, and MTN signifies a strategic alliance aimed at revolutionizing the mobile insurance sector in Nigeria. By leveraging USSD technology, the partnership seeks to democratize access to insurance services, particularly targeting the underbanked population. This initiative not only streamlines the insurance application process but also fosters greater financial inclusivity and security for Nigerians. As the mobile insurance landscape in Nigeria undergoes a significant transformation, customers can look forward to a more efficient and user-friendly experience when securing insurance coverage. The innovative use of USSD codes underscores the power of technology in driving financial inclusion and expanding access to essential services. With this collaboration, Zenith, Prudential, and MTN are poised to lead the charge in enhancing insurance penetration and reshaping the financial services sector in Nigeria.