mylo Partners with AXA Egypt to Protect All Its Consumers with Free Credit Life Insurance Coverage
mylo, the fintech arm of B.TECH Group, has signed a partnership agreement with AXA Egypt, a leading insurance provider in the Egyptian market, to introduce a group credit life insurance program for mylo customers. The partnership aims to provide a more integrated financing experience that combines financing solutions with insurance protection, placing customers and their families’ needs at the forefront.
The program is designed to provide mylo’s customers and their families with additional financial protection in unforeseen circumstances through the partnership between mylo and AXA Egypt. The partnership provides for the settlement of the customer’s outstanding financing balance in the event of death from any cause or permanent total disability, subject to the agreed terms and coverage limits, helping protect the customer’s family from bearing the remaining financing obligations.
Importantly, the insurance coverage is provided at no additional cost to customers and does not result in any increase to their financing installments, allowing eligible customers to benefit from additional protection as part of their financing experience without incurring additional charges.
The partnership reflects mylo’s broader commitment to expanding its role beyond providing financing solutions alone, by creating a safer and more responsible financing experience and supporting the financial stability of customers and their families when unexpected circumstances arise.
For AXA Egypt, strengthening its presence in the fintech sector represents an important avenue for advancing the insurance industry and opening new opportunities for growth. Through this approach, AXA Egypt continues to expand the reach of its insurance solutions across new markets and sectors, enhancing its ability to serve a broader range of customers and supporting the wider adoption of insurance protection in the Egyptian market.
The agreement was officially signed in the presence of Mohamed Khattab, CEO of mylo, and Minoush Abdelmeguid, CEO of AXA in Egypt, alongside senior representatives from both companies, reflecting their shared commitment to developing solutions that bring financing and insurance protection together to deliver tangible value to customers.
The program covers both existing and new eligible customers under the included products, subject to the agreed terms and coverage limits, without requiring a medical examination or health declaration, provided that the coverage falls within the agreed limits. This partnership is in compliance with the requirements of the Financial Regulatory Authority (FRA), reflecting the commitment of mylo and AXA Egypt to the regulatory standards governing consumer finance and group insurance activities in the Egyptian market.
Commenting on the partnership, Mohamed Khattab, CEO of mylo, said: “At mylo, we view financing as a responsibility that goes beyond providing access to installment and financing solutions. It also means building an experience that puts the needs of customers and their families first. Through our collaboration with AXA Egypt, we are providing additional protection that helps our customers and their families manage the financial impact of unforeseen circumstances, without adding any fees or increasing their installments.”
He added: “This partnership represents another step in our ongoing efforts to build a safer and more responsible financing experience by bringing together convenient access to finance and financial protection in a way that creates meaningful, long-term value for our customers.”
Minoush Abdelmeguid, CEO of AXA in Egypt said: “Our partnership with mylo represents a step toward making insurance more connected to customers’ lives and needs, by providing protection at the time and in the context where it is needed. We believe that the future of insurance depends on its ability to keep pace with customers’ evolving needs and develop more accessible and flexible models that make protection more convenient and relevant to their daily lives.”
She added: “This partnership also reflects the role that private-sector companies can play in accelerating this development by collaborating to create new ways of reaching customers and providing protection through services they already use.”
Through this partnership, mylo continues to strengthen its responsible financing model by delivering solutions that go beyond facilitating access to finance to also support the financial protection of customers and their families and create a safer, more relevant financing experience.
mylo provides flexible financing and installment solutions through a range of products and services, as part of its strategy to deliver a more seamless and convenient digital financing experience while continuously developing its offering in line with customers’ evolving needs.
