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Citizen Posts
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Insurance is an essential tool for protecting families from financial hardship during difficult times. In Uganda, however, very few people are covered. A recent report by the Insurance Regulatory Authority of Uganda shows that insurance penetration remains low, at just 0.867 percent.
This is despite the sector recording impressive growth in 2024, with gross written premiums rising by 12.04 percent to about UGX 1.79 trillion. Life insurance, in particular, has played a big role in that growth, averaging an annual increase of over 27 percent over the last decade. Even so, the majority of Ugandans still go without any kind of cover.
To address this gap, MTN MoMo has introduced a new mobile-based insurance product called FamilyCover by MoMo. It is the first product under their new platform known as Cover by MoMo, which was developed in partnership with Sanlam Life Insurance Uganda who are regulated by the Insurance Regulatory Authority and bring a wealth of expertise. FamilyCover is designed to make insurance accessible, simple and affordable, especially for people who already rely on MTN MoMo for everyday financial services.
FamilyCover is a simple and mobile-based insurance product that offers life and hospitalization cover for the policyholder and up to six family members. It is available on any MTN phone and requires no paperwork or physical visits. Customers can register, manage their policy, add beneficiaries, make claims and check their status directly through a short code menu.
The insurance cover has two main components. MyLife is the life insurance benefit, which provides a cash payout to the next of kin if a covered person passes away. My Hospital is the hospital cover, which pays a lump sum when a covered person is admitted to hospital for at least one night in case of an accident or at least two nights in case of illness. The level of cover depends on the monthly premium selected.
The lowest option, priced at five hundred shillings, provides life cover of two hundred fifty thousand shillings and hospital cover of twenty-five thousand shillings. Other premium options are available, with the highest package providing life cover of two million shillings and hospital benefits of two hundred thousand shillings.
Customers who stay covered for twelve consecutive months are rewarded with a ten percent cashback on the total premiums paid. This feature encourages consistency and adds value for users who commit to keeping their families protected over time.
To qualify, the main policyholder must be between the ages of eighteen and sixty-five. Spouses must also fall within the same age range. Children and other dependents can be added to the cover as long as they are at least one-year-old and not older than sixty-five. Children can be biological, adopted, stepchildren or dependents under legal guardianship.
To register, MTN customers can dial *165*7# and select the insurance option. After choosing Cover by MoMo, they will be guided through a short series of prompts to activate their policy. Claims can also be submitted from the same menu, or through the Cover by MoMo website. Required documents include national identification and medical or death-related proof, depending on the type of claim. MTN MoMo also offers a WhatsApp line for easier document submission, and responses are provided within five working days.
The launch of FamilyCover is part of a wider strategy by MTN MoMo to give Ugandans the financial tools they need to take control of their futures. As part of the recently launched “Power to Be More” campaign, MTN MoMo is positioning itself not only as a service for money transfers but as a full digital financial platform that supports everyday life. Alongside FamilyCover, services like Pay with MoMo, MoMo Advance, Yinvesta and Market by MoMo provide a complete ecosystem for payments, borrowing, saving, investing and now, insurance.
This direction supports both the National Development Plan and Vision 2040 by helping Ugandans participate more fully in the digital economy. With continued investment in secure infrastructure and user-friendly services, MTN MoMo is creating pathways for people to protect their families, grow their businesses and build financial stability from the ground up.
FamilyCover by MoMo gives people the ability to prepare for life’s uncertainties without making the process complex or expensive. It meets Ugandans where they are, through a familiar mobile interface, with pricing that is within reach and support that is available when needed. Insurance is no longer distant or difficult. It is now a simple choice on a phone.
To learn more or begin the journey, customers can dial *165*7# or visit the Cover by MoMo website. Reliable protection is now within reach for every Ugandan with a mobile phone and a desire to secure their future.
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