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MTN Group and South African based financial services group, MMI Holdings on Wednesday announced the launch of a micro insurance joint venture, branded aYo which will provide a strong basis to compete in a changing mobile financial services industry.

aYo will be able to improve the low insurance penetration in many African countries, offering relevant, accessible and easy to use insurance solutions to consumers by utilizing the resources that MMI Holdings and MTN provide.

“Working with MMI, we will be able to leverage our core competencies, strong brands and scale to deliver much-needed insurance solutions to our customers,” Herman Singh; Group Chief Digital Officer at MTN said in a statement.

MMI Holdings Group Chief Operating Officer; Danie Botes, said the partnership will help the two companies explore opportunities in new markets & segments, and capitalize on the growth of micro insurance in Africa.

aYo will be rolled out in a number of African countries from the end of 2016.