mylo, the fintech arm of B.TECH Group, has partnered with AXA Egypt to introduce a group credit life insurance programme for eligible mylo customers. The initiative will provide customers and their families with additional financial protection while combining financing solutions with insurance coverage.
Under the programme, the outstanding financing balance of an eligible customer will be settled if the customer dies from any cause or suffers permanent total disability, subject to the agreed terms and coverage limits. This is intended to reduce the financial burden on families that may otherwise be left with the remaining financing obligations.
Importantly, the insurance coverage comes at no additional cost to customers. It will not increase their financing instalments, allowing eligible customers to receive additional protection as part of their existing financing experience without paying extra charges.
Protecting Customers and Their Families
The partnership supports mylo’s broader effort to build a more responsible financing model. Rather than focusing only on access to financing, the company is also seeking to address the financial risks customers and their families may face when unexpected circumstances arise.
“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,” said Mohamed Khattab, CEO of mylo.
He said the collaboration with AXA Egypt would provide additional protection without adding fees or increasing customers’ instalments. Khattab added that the partnership is part of mylo’s efforts to combine convenient access to finance with financial protection and create long-term value for customers.
The programme covers both existing and new eligible customers under the included products. Coverage remains subject to the agreed terms and limits. Customers will not be required to undergo a medical examination or provide a health declaration where the coverage falls within the agreed limits.
The partnership also complies with the requirements of the Financial Regulatory Authority (FRA), reflecting the companies’ commitment to the regulatory standards governing consumer finance and group insurance activities in Egypt.
Expanding Insurance Through Fintech
For AXA Egypt, the partnership provides an opportunity to expand the reach of insurance through the fintech sector and connect protection with services customers already use.
“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,” said Minoush Abdelmeguid, CEO of AXA in Egypt.
She said the insurance industry needs to respond to changing customer needs by developing accessible and flexible models that make protection more convenient and relevant to everyday life. Abdelmeguid also highlighted the role of private-sector partnerships in creating new ways to reach customers.
The agreement was signed in the presence of Khattab and Abdelmeguid, alongside senior representatives from both companies. It reflects their shared focus on bringing financing and insurance protection together.
mylo provides flexible financing and instalment solutions through a range of products and services. The company is also focused on developing a more seamless digital financing experience as customer needs continue to evolve. Through the partnership with AXA Egypt, that offering now includes an added layer of financial protection for eligible customers and their families.
