Glossary
Mobile Money
Mobile Money is a phone-based payment service that lets users store, send and receive money from a mobile wallet linked to their SIM card.
Mobile Money explained
Mobile Money lets a person pay without a bank account or a smartphone. Money is held in a wallet tied to their phone number, and payments are made through a USSD menu or an app, confirmed with a PIN. In Zambia the main services are MTN Mobile Money, Airtel Money and Zamtel Kwacha, which are regulated by the Bank of Zambia as payment systems.
For insurance, Mobile Money is used to pay premiums, either by the customer initiating a payment or by the insurer sending a payment request that the customer approves on their phone, and to pay out small claims and benefits.
Why it matters in life insurance
Mobile Money is the most widely used way for individuals in Zambia to make small, regular payments, which is exactly what life insurance premiums are. Ontech LifeI ERP integrates with the Zambian Mobile Money operators to collect premiums, send payment prompts and reconcile receipts against policies automatically.