Mastercard Announces Collaboration With mTek

Mastercard has announced a collaboration with Insurtech company Hillcroft (mTek) to launch embedded insurance solutions across East Africa

The collaboration will integrate insurance products directly into Mastercard’s consumer and SME card offerings. The initiative also marks Mastercard’s entry into the embedded insurance space in East Africa.

By embedding insurance coverage into routine transactions, the collaboration aims to eliminate traditional barriers such as high upfront costs, complex application processes, and limited distribution networks. These factors have historically kept insurance penetration in the region below 3%.

Shehryar Ali, Senior Vice President and Country Manager for East Africa and Indian Ocean Islands at Mastercard, said that the collaboration reflects Mastercard’s commitment to unlocking financial inclusion.

“By bringing insurance directly into the payment experience, we are removing friction and making protective cover accessible to millions of people and businesses. From consumers buying daily goods to farmers selling their harvest, this initiative is about building resilience and supporting economic growth across East Africa,” Ali said.

SMEs account for more than 90% of businesses in East Africa and play a significant role in GDP and job creation, yet they face persistent challenges in accessing affordable insurance. By offering coverage at the point of transaction, Mastercard and Hillcroft (mTek) aim to meet businesses where they are.

Speaking on her part, Bente Krogmann, the CEO at Hillcroft (mTek), said that the Insuretech’s mission has always been to reimagine access to insurance in Africa.

“Collaborating with Mastercard allows us to scale our technology and connect with millions of consumers and SMEs through trusted payment channels. Together, we aim to deliver solutions that are simple, affordable and life-changing for underserved communities,” Krogmann noted.

The collaboration also creates a wider ecosystem by bringing together financial institutions, insurance companies and major telecommunications providers across Africa.

Hillcroft (mTek) will provide direct API integration with underwriters, technical platform support and co-develop innovative products with insurers.

For consumers, this collaboration means access to affordable insurance products embedded into their everyday payment habits. For SMEs and farmers, it offers vital protection to help manage risk and support growth. For financial institutions, telecom partners and insurers, it creates new opportunities to deepen engagement, strengthen customer loyalty, and expand reach.

With Africa’s insurance penetration among the lowest globally, this collaboration sets a new benchmark for how financial services can integrate protection into daily life, establishing a scalable blueprint for expanding insurance access across East Africa and beyond.