By John Chola

While mobile money adoption continues its rapid ascent in Zambia, the insurance sector has remained stubbornly inaccessible for a vast portion of the population.

A combination of complex paperwork, low financial literacy, and a deeply entrenched reliance on physical, face-to-face transactions has kept vital protection products out of reach for many.

Today, MTN Mobile Money Zambia has launched a direct challenge to that status quo with the introduction of its MTN MoMo Insurance Marketplace, a platform designed to place health and motor insurance directly into the hands of millions of Zambians through the simple USSD code *115#.

“Insurance should not feel complicated or intimidating,” said Komba Malukutila, Chief Executive Officer of MTN Mobile Money. “The launch of the MTN MoMo Insurance Marketplace marks a major step in our journey to build a truly digital financial ecosystem.”

The service, which went live today, represents a strategic shift for MoMo from a transactional platform to a competitive digital marketplace.

By aggregating multiple insurers on a single, trusted platform, MTN aims to spur competition, increase transparency, and ultimately drive down costs and complexity for the end-user.

“By operating as a marketplace, MoMo opens the door for multiple insurance solutions to be delivered digitally,” the company stated in its launch release. “This competition is expected to play a key role in lowering barriers to entry and making insurance more inclusive for everyday Zambians.”

The marketplace debuts with two inaugural partners, each bringing distinct digital-first products.

Mzanu Financial Services will offer its Banja Life Assurance and Health Insurance, while Master Business Associates Risk Advisory Services will provide IMETT (Insurance Made Easy Through Technology), a mobile-first solution offering motor insurance from a panel of established insurers including Professional Insurance, NICO, and ZSIC.

Both partners are licensed insurance intermediaries, ensuring customers access products underwritten by registered insurers.

Industry leaders hailed the move as a critical step for financial inclusion. Cindy Chibambo, CEO of Master Business Associates, noted, “IMETT is about meeting people where they are. By using technologies people already trust, we are making insurance simple, accessible, and inclusive.”

Echoing this sentiment, Munya Javangwe, CEO of Mzanu Financial Services, stated, “This collaboration reflects our shared commitment to innovation, financial inclusion, and delivering insurance that genuinely meets customers where they are.”

The service is strategically targeted at a broad demographic, from young adults and urban professionals to small business owners and, crucially, rural populations.

These communities often have limited access to traditional brick-and-mortar insurance brokers but are increasingly dependent on mobile money services for daily financial needs.

This launch is a cornerstone of MTN’s broader ambition to evolve its MoMo platform beyond payments and transfers into a “complete financial companion.”

By integrating insurance into its expansive ecosystem, MTN is betting that convenience, choice, and simplicity will finally bridge the protection gap that has long persisted in Zambia’s otherwise dynamic digital finance landscape.

How to Access:

Customers can browse and purchase insurance by dialling *115#, selecting Option 7 (Financial Services), then Option 3 (Insurance), and choosing their preferred cover.