mylo, the fintech arm of B.TECH Group, has entered into a partnership with AXA Egypt to introduce a group credit life insurance program for eligible mylo customers, providing additional financial protection against unforeseen circumstances at no additional cost to customers and without increasing their financing installments.
Credit Life Insurance to Protect Customers and Their Families
Under the new partnership, eligible mylo customers will benefit from credit life insurance coverage designed to help protect them and their families from outstanding financing obligations in the event of death from any cause or permanent total disability.
Subject to the agreed terms, conditions, and coverage limits, the program provides for the settlement of the customer’s outstanding financing balance in covered circumstances. The initiative is intended to reduce the potential financial burden on families when unexpected events affect the customer’s ability to meet remaining financing obligations.
The insurance coverage comes at no additional cost to eligible customers and does not increase their existing financing installments, allowing customers to receive additional protection as part of their financing experience.
Coverage for Eligible Existing and New Customers
The program covers both existing and new eligible customers under the included products, subject to the applicable terms, conditions, and coverage limits.
According to the partnership terms, eligible customers can benefit from the coverage without undergoing a medical examination or providing a health declaration, provided that the coverage falls within the agreed limits.
The program is designed to integrate financing and insurance protection within a single customer experience, supporting mylo’s broader approach to responsible financing and financial protection.
mylo and AXA Egypt Strengthen Cooperation in Fintech and Insurance
The partnership brings together mylo’s financing solutions and AXA Egypt’s insurance capabilities, creating an integrated model aimed at expanding access to insurance protection through financial services.
For mylo, the initiative forms part of its efforts to develop a financing experience that extends beyond access to installment and financing solutions, with greater attention to the financial well-being of customers and their families.
For AXA Egypt, the partnership supports the company’s expansion within the fintech sector and its efforts to extend insurance solutions to new markets and customer segments in Egypt.
Partnership Signed by Senior Executives
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.
The partnership reflects the two companies’ focus on developing financial solutions that combine financing and insurance protection while supporting the broader adoption of insurance services in the Egyptian market.
The program is also implemented in compliance with the requirements of the Financial Regulatory Authority (FRA) and the regulatory framework governing consumer finance and group insurance activities in Egypt.
Mohamed Khattab: Customer Protection Is Part of Responsible Financing
Mohamed Khattab, CEO of mylo, said the company views financing as a responsibility that extends beyond providing access to installment and financing solutions.
He noted that the partnership with AXA Egypt provides customers and their families with additional protection against the financial impact of unforeseen circumstances, without adding fees or increasing financing installments.
Khattab added that the partnership represents another step in mylo’s efforts to build a safer and more responsible financing experience by combining convenient access to finance with financial protection and creating long-term value for customers.
Minoush Abdelmeguid: Making Insurance More Accessible and Relevant
Minoush Abdelmeguid, CEO of AXA in Egypt, said the partnership with mylo represents a step toward connecting insurance more closely with customers’ everyday needs by providing protection within the services and financial experiences they already use.
She added that the future of insurance depends on responding to changing customer needs and developing accessible and flexible models that make protection more convenient and relevant.
Abdelmeguid also highlighted the role of private-sector cooperation in creating new channels for reaching customers and expanding access to insurance protection.
mylo Expands Its Responsible Financing Model
Through the partnership, mylo continues to develop its financing model by combining flexible financing and installment solutions with additional financial protection for eligible customers.
The company provides a range of financing products and services as part of its strategy to offer a seamless and convenient digital financing experience while continuing to develop its solutions in response to customers’ evolving needs.
The new credit life insurance program with AXA Egypt adds an insurance protection component to the financing experience, helping eligible customers and their families manage covered outstanding financing obligations in the event of death from any cause or permanent total disability, subject to the applicable terms and coverage limits.
