E-Financial
Airtel Insurance: When Reliable Service Meets Need of Customers
Despite the huge benefits that come with insurance, it is a fact that many Nigerians particularly the middle and low-income class do not easily subscribe to it.
Excuses abound when people are asked why they have little or no interest in insurance. Their excuses stem from some the negative impression they have about insurance companies.
While some believe that claims do not get paid on time, others blame it on unaffordability of policies.
No wonder that Nigeria presently has a low insurance penetration. In a special report titled, “Africa Market Review: Gearing up for Sustained Growth”, A.M. Best, the world’s oldest and most authoritative insurance rating and information source, comparing Nigeria’s insurance penetration to countries like Kenya and Morocco (with levels of 3.2 per cent and 2.9 per cent respectively) explains that, with a population of 174million people, Nigeria is still underinsured.
While reviewing Nigeria’s insurance economy at the last annual seminar of the Chartered Insurance Institute of Nigeria (CIIN), the president, Mr. Bola Temowo in a press statement issued in Benin, stated that: “86.6 million Nigerians have no form of insurance while 1.3 million adults, representing 1.5 per cent of the entire Nigerian adult population, maintain some category of formal insurance cover.”
However, with the introduction of Airtel Insurance, an innovative package which offers free life and hospital insurance to Airtel subscribers, Nigerians may begin to view insurance from a positive perspective and the apathy could be on a gradual decline to eventually boost insurance culture among Nigerians.
Airtel Insurance was launched last year August by the leading telecoms services provider, Airtel Nigeria in collaboration with Cornerstone Insurance Plc. and MicroEnsure.
It was launched to give a sizeable and strategic segment of the Nigeria population access to life and hospital insurance policies.
The policy offers middle and low-income earners the opportunity and access to life and hospital insurance with increasing benefits based on monthly airtime recharge.
The Airtel Insurance policy is accessible to its subscribers across the country between the ages of 18 – 65 years old. The scheme is endorsed by the National Insurance Commission (NAICOM).
Since its launch, customers of Airtel Nigeria from all walks of life have benefitted from Airtel Insurance especially as the registration process is made convenient through the subscriber’s phone. Beneficiaries commended the Telco for the initiating Airtel Insurance to ease the complications they unexpectedly encountered.
Early this year, Iyabo Sunmola, a fashion designer in Lagos emerged one of the beneficiaries of Airtel Insurance. She received a cheque of N10, 000 to offset her medical bills after she delivered her baby on 7th January this year.
She was presented her cheque at the Airtel showroom at Oba Akran Ikeja, Lagos. Iyabo, excited to have emerged one of the many beneficiaries of the scheme, explained that she first learnt about the policy through a notification message on her phone.
Also recently, Mr. Omotayo Balogun, a transporter with a haulage company, registered through the USSD and forgot about it until he realised he could use the insurance policy.
“Airtel is worthy of commendation,” he said, for caring for its subscribers beyond the services it offers.
Between October and December last year, many Airtel customers also received hospital cash through Airtel Insurance.
Mr. Augustine Peters, a final year Business Administration (DLI) student in University of Lagos; Mr. Adeniji Owolabi, a self-employed Aluminium structural engineer and Mr. Ojo Aderogba, a stockbroker, received their cheques of N50, 000, and N25, 000 and N25, 000 respectively at the headquarters of Airtel Nigeria, Banana Island, Ikoyi, on Thursday 30th October 2014 to receive their claims. A police man also emerged a beneficiary.
Chief Commercial Officer, Airtel Nigeria, Mr. Maurice Newa, explained that the service showed the telecom’s continued commitment towards making lives better for Nigerians. “This further corroborates Airtel’s commitment to creating a robust platform that helps customers accomplish their professional and personal success and goals in life,” he said.
Registration and Payment Made Easy
To subscribe for the free service, customers are expected to register by dialling a code, and then reply the confirmation message with the intended customer’s name, as requested.
Then subscribers are expected to recharge their Airtel line with a minimum of 1000 naira or, 5000 or 10, 000 naira units before the last day of each month to get an insurance cover for the next month.
The amount recharged each month determines the life cover for the next month.
Airtel Insurance makes it easy for prompt payment of claims when the need arises. Customers can lay claim to their policy by dialling Airtel customer service on 121 for the documents needed and where to submit them. Payment for claims is made within 72 hours after the required valid claim documents are received.
Cornerstone Insurance and MicroEnsure noted their delight in partnering with the world-loved telecoms brand. Mr. Ganiyu Musa, group managing director of Cornerstone Insurance Plc, said: “That we are grossly under-insured as a nation is very well documented; we are glad to be able to provide a platform for millions of financially excluded Nigerians to enjoy the benefits and peace of mind of insurance – for free.”
In the same vein, Mr. Peter Gross, regional director for MicroEnsure Africa said, “MicroEnsure is proud to be leading the world as a mobile insurance provider, and this launch in Nigeria marks a milestone in free mobile insurance offerings.”
He expressed that, “This combination of insurance products, all offered for free, is unprecedented in the industry here, and we take pride in introducing a cutting-edge micro-insurance product here in Nigeria.”
MicroEnsure is one of the fastest-growing insurance organisations in Africa, presently with 11million customers, 6 million in Africa and with 85% never insured before.
It presently offers mobile insurance for Life, Accident and Hospital through technical service provider to telecom in countries like Tanzanzia, Ghana, Kenya, Senegal, Malawi, Bangladesh, Malaysia and Pakistan.
—
When people and businesses gain genuine access to financial services, they gain the ability to transact securely, build savings, and access credit. That access creates the conditions for progress: more stable revenues, better business decisions, and the capacity to grow. Progress, sustained over time, is what produces financial happiness. This framework is how Moniepoint measures its impact.
According to Moniepoint 2025 Impact Report, titled creating financial happiness; “Financial happiness is the feeling of confidence and ease that comes with financial freedom and well-being. It is a condition that develops over time and requires a specific set of enablers to take hold.
For millions of people and businesses across Nigeria, those enablers, like tools and solutions to manage their finances, have historically been out of reach. Moniepoint was built to change that, and this change, for us, begins with inclusion”.
Across the world, access to digital tools is a key driver of financial inclusion. The World Bank’s Global Findex 2025 report finds that more than 60% of adults in low- and middle income economies now make or receive digital payments. In Nigeria, this figure is around 54%. Moniepoint has been a key driver in expanding this access with its POS terminals. “Our terminals also drive financial inclusion for individuals.
The report stated that, in 2025, Moniepoint enabled 100 million people to make payments via their POS terminals across the country. For customers in communities where bank branches are scarce or non-existent, a Moniepoint terminal at their local shop, market stall, or fuel station provides reliable access to digital financial services.
They can make purchases, withdraw cash, and manage their money without travelling long distances or depending solely on physical currency. Critically, customers without cards can complete transactions through direct bank transfers to the terminal’s account.
Beyond practical benefits, Moniepoint terminals have also introduced a new layer of trust to everyday commerce. “When network issues make it unclear if a payment went through, the Moniepoint terminal’s loud beep provides instant confirmation for everyone, building trust in digital payments with every transaction”.
Moniepoint POS terminals operate across all 774 local governments in Nigeria, ensuring that small sellers and large stores can accept payments reliably, regardless of location.
In 2025, millions of Nigerians, businesses and individuals alike, accessed Moniepoint services through its mobile app. Top among them are groups like women and low-income earners, who have historically been excluded from formal banking. Inclusion of women is particularly important, as they typically manage household spending and informal savings but are frequently left out of structured financial systems. “Through our app, they are gaining financial independence and greater control over their economic decisions,” the report added.
For millions of Nigerians, debit cards represent a move away from the limits of cash transactions. They enable safer, more reliable everyday payments, particularly as more local businesses begin to accept digital payments.
Moniepoint debit cards are designed to meet this need. In 2025, Moniepoint customers completed over 300 million card transactions at physical locations, largely driven by essential, food-related purchases. Most of this spending took place at neighbourhood provision shops where households buy everyday items such as rice, cooking oil, and soap.
“We’ve made access to our cards intentionally simple. Customers can get a Moniepoint debit card by requesting it within their mobile app or from neighbourhood agents, without lengthy paperwork or waiting periods. By lowering these barriers, more people are able to access financial tools and participate in the formal financial system.
“Our cards also safeguard our customers’ financial information. They don’t carry special markings or any identifiers that could expose our customers or put their financial security at risk. In the event of loss, this reduces the likelihood of targeted fraud or misuse.
“When people can pay with their debit cards at their neighbourhood stores, they can manage their spending, reduce cash handling, and transact more securely. Merchants also benefit, recording higher transaction volumes and more consistent customer activity.
“Moniepoint helps millions of businesses and individuals across Nigeria access seamless payments and banking, every day. The widespread adoption of our tools and services, as highlighted, demonstrates our critical role in expanding financial access, supporting everyday commerce, and enabling more Nigerians to participate safely and consistently in the digital economy,” the report noted.
ChatPay has launched Africa’s conversational banking platform, enabling individuals and businesses to access financial services through WhatsApp.
The Lagos-based fintech startup, is in controlled rollout, connecting WhatsApp to linked-bank management, airtime and supported electricity payments through simple conversations.
The company said the platform is designed to enable users to send money, pay bills, buy airtime and manage business transactions within WhatsApp conversations, subject to the completion of regulatory approvals and integration with licensed banking partners.
According to ChatPay, the platform is operated by CP Technology Limited and is currently undergoing a phased rollout ahead of its planned public launch.
The company said the initiative is intended to simplify access to financial services by leveraging WhatsApp, which it estimates is used by more than 50 million Nigerians monthly.
Speaking on the idea behind the platform, Adeoluwasubomi Odebunmi, product lead and co-founder, said the concept emerged while she was studying Software Engineering at Babcock University.
“I saw the gap while I was still in school—how much friction there was just to move money. I didn’t want to just study the problem. I wanted to help fix it,” she said.
Odebunmi said she had previously worked on software solutions spanning e-commerce, real estate management, school administration and artificial intelligence applications before co-founding ChatPay.
Aseoluwa Siyanbola, growth lead and co-founder, said his experience managing Nigerian bank accounts while studying abroad highlighted some of the challenges users face with digital banking services.
According to him, difficulties such as one-time password (OTP) failures and inconsistent banking applications inspired the team to explore conversational banking solutions.
“We each encountered similar challenges and came together to build a solution that simplifies everyday financial transactions,” he said.
cAbraham William, tech lead and co-founder, said the company is focused on improving access to financial services through a platform that many Nigerians already use daily.
“We want to make financial services easier to access by allowing people to carry out transactions through a familiar messaging platform,” he said.
William said he oversees the company’s engineering, technology strategy and system architecture.
ChatPay said its services will be introduced in phases as regulatory requirements are met and integrations with banking partners are completed.
The company added that its newly launched “Founding 2,500” programme will enable selected early users to test features, provide feedback and participate in product development before the platform’s wider rollout.
According to the company, interested users can register for the waitlist and the Founding 2,500 programme through its website.
Founded by Odebunmi, Siyanbola and William, ChatPay said its long-term goal is to expand conversational banking services beyond Nigeria into other African markets after its domestic rollout.
United Bank for Africa (UBA) Plc has been named Nigeria’s Best Bank for Retail Banking and Best Bank for Sustainability Leadership (ESG) at the 2026 Euromoney Awards for Excellence, reinforcing its position as one of Africa’s leading financial institutions.
The awards were presented on July 17 at The Peninsula London in the United Kingdom, recognising financial institutions that have demonstrated outstanding performance, innovation, customer impact and sustainable banking practices.
The double recognition highlights UBA’s growing influence in retail banking and its commitment to advancing environmental, social and governance (ESG) principles across its operations.
According to Euromoney, UBA distinguished itself through a series of sustainability initiatives, including the introduction of a Green Financing Facility designed to support households and businesses transitioning to renewable energy.
The publication also cited the bank’s ₦5 billion financing programme, implemented in partnership with the Bank of Industry (BOI), to provide funding for women-owned businesses.
Euromoney further recognised UBA’s commitment to achieving net-zero carbon emissions by 2050, describing it as a demonstration of the bank’s long-term sustainability strategy.
The publication also highlighted the bank’s efforts to integrate sustainability into its operations through the deployment of solar-powered energy solutions across 50 branches and comprehensive ESG capacity-building programmes that have trained more than 16,000 employees across the UBA Group.
In the retail banking category, Euromoney noted that UBA continued to consolidate its position as one of Africa’s largest retail banking institutions.
According to the publication, the bank expanded its customer base to more than 37 million by the end of 2025, while retail banking revenue increased more than fourfold to ₦429.5 billion.
The awards also recognised UBA’s continued investment in digital banking innovation, particularly enhancements to its artificial intelligence-powered chatbot, LEO.
Euromoney noted that LEO became Africa’s first AI-powered banking platform to facilitate cross-border money transfers in local currencies through the Pan-African Payment and Settlement System (PAPSS).
Commenting on the awards, UBA’s Group Managing Director and Chief Executive Officer, Mr Oliver Alawuba, described the recognition as a validation of the bank’s commitment to delivering value to customers while promoting sustainable development across Africa.
“To be recognised as Nigeria’s Best Bank for both ESG and Retail Banking in the same year sends a powerful message that sustainable banking and commercial success are mutually reinforcing.
“At UBA, we are committed to financing Africa’s future, supporting businesses and communities, promoting financial inclusion, and delivering innovative banking solutions that improve lives.
“These awards belong to our customers for their confidence in us and to every member of the UBA family whose dedication continues to make our vision a reality,” he said.
Also speaking, UBA’s Group Head, Marketing, Brand and Corporate Communications, Mrs Alero Ladipo, said the awards reflected the bank’s unwavering commitment to putting customers at the centre of its operations.
According to her, every innovation, investment and banking solution introduced by UBA is aimed at creating exceptional value for customers while expanding access to financial services.
“These awards are a powerful affirmation of our Customer First philosophy.
“Whether it is supporting entrepreneurs with access to finance, enabling seamless digital payments, advancing clean energy financing or expanding financial inclusion across Africa, UBA remains focused on delivering meaningful impact.
“We are honoured that one of the world’s most respected financial publications has recognised these efforts,” she said.
UBA currently operates in 20 African countries, as well as the United Kingdom, United States, France and the United Arab Emirates, serving more than 45 million customers through a combination of digital banking platforms and physical branch networks.
The bank said it remains committed to strengthening financial inclusion, driving innovation and supporting sustainable economic development across Africa and beyond.
HURIWA, CLO Protests Bill Asking Social Media Firms’ to Open Shops Nigeria
Anambra Govt Bans Graduation Ceremonies in Anambra Schools
Airtel Secures Another 10-year Spectrum Renewal in Nigeria
Moniepoint as a Key Driver in Expanding Financial Access for Businesses in Nigeria
Nigeria, Israel Strengthen Research, Technology Collaboration
NRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira
NASENI Moves to Digitize CCB’s 5m Assets Declaration and Operations
Tokenization, Blockchain Technology will Transform Financial Institutions – IMF
EFCC Busts NIS Visa Overstay Racket, Uncovers N700m in an Account
From Scarcity to Scale: What Africa Can Learn from India’s Agricultural Transformation
E-Financial2 days agoFG Says Rumours, Fear, Can Crash Banks
Telecom2 days agoCourt Dismisses Pan African Towers’ Bid to Halt Ex-CEO’s Suit, Awards ₦500,000 Costs
E-Business2 days agoKaspersky Warns of a Phishing Campaign Abusing Microsoft Authentication Mechanism
Telecom2 days agoTelcos Seek Clear Regulatory Framework on Airtime Credit Services
Telecom2 days agoMTN Nigeria Announces 2026 mPulse Spelling Bee, Opens Entries for Students Nationwide
News2 days agoIMF Sees 4% AI Growth Boost for Africa
Telecom2 days agoMTN Warns Customers against Fake Promo
E-Financial2 days agoEU Debunks Fake Compensation Scheme Targeting West African Bank Customers