By Eddah Waithaka
Mastercard is launching its first embedded insurance initiative in East Africa through a strategic collaboration with insurtech firm Hillcroft (mTek).
The partnership will weave tailored insurance products directly into Mastercard’s consumer and SME card offerings, enabling millions to access affordable coverage through the payment ecosystems they already use daily.
This move directly tackles the region’s historically low insurance penetration, which sits below 3%, by eliminating traditional barriers like high upfront costs and complex applications.
The initiative specifically targets the critical SME sector, which accounts for over 90% of businesses in East Africa but struggles to access affordable protection.
By offering coverage at the point of transaction, the collaboration meets businesses where they are.
Shehryar Ali, Senior Vice President for Mastercard in East Africa, stated the collaboration “is about building resilience and supporting economic growth,” from consumers buying daily goods to farmers selling their harvest.
Hillcroft (mTek) CEO Bente Krogmann added that partnering with Mastercard allows them to scale their technology and connect with millions through trusted payment channels.
Together, the companies are creating a wider ecosystem that unites financial institutions, insurers, and telecom providers to deliver comprehensive digital solutions.
This partnership sets a new benchmark for integrating financial protection into daily life, establishing a scalable blueprint for expanding insurance access across the region.
