Mastercard has joined forces with Insurtech company Hillcroft (mTek) to launch embedded insurance solutions across East Africa. The initiative integrates affordable and accessible insurance directly into Mastercard’s consumer and SME card experiences, allowing millions to access coverage through digital payment channels they already use. The partnership marks Mastercard’s entry into the embedded insurance space in East Africa, strengthening its commitment to digital inclusion and innovation.
Tackling Low Insurance Penetration
Despite insurance being essential for economic resilience, penetration across East Africa remains below 3%. Many consumers and small enterprises face high upfront costs, lengthy application processes, and limited access points. By embedding insurance into everyday transactions, Mastercard and Hillcroft are addressing these barriers and helping bridge a critical protection gap for underserved communities.
Expanding Financial Inclusion
Shehryar Ali, Senior Vice President and Country Manager for East Africa and Indian Ocean Islands at Mastercard, said the collaboration underscores the company’s mission to drive inclusion through technology. “By bringing insurance directly into the payment experience, we are removing friction and making protective cover accessible to millions of people and businesses,” Ali explained. He added that the initiative supports consumers, farmers, and entrepreneurs by embedding resilience into daily financial activities.
Supporting SMEs and Farmers
Small and medium-sized enterprises represent over 90% of businesses in East Africa and are key contributors to GDP and employment. Yet they often operate without adequate risk protection, leaving them vulnerable to financial shocks. Through this collaboration, Mastercard’s digital payments infrastructure and Hillcroft’s Insurtech platform will deliver affordable, flexible coverage options that can be activated at the point of sale or during transactions.
Hillcroft’s Vision for Insurance Access
Bente Krogmann, CEO of Hillcroft (mTek), emphasized the shared goal of democratizing insurance access across Africa. “At Hillcroft (mTek), our 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,” Krogmann said. She added that the partnership will deliver products that are simple, affordable, and impactful for underserved populations.
Building a Collaborative Ecosystem
Beyond the Mastercard and Hillcroft partnership, the initiative will connect financial institutions, insurers, and telecom providers to expand reach and product offerings. Together, they will co-develop digital and virtual card solutions that combine payment and insurance features, creating a comprehensive ecosystem for financial protection. Hillcroft will provide API integrations for underwriters and insurers, ensuring seamless product development and deployment across the region.
Impact and Opportunities Ahead
For consumers, the collaboration promises accessible, affordable coverage integrated into daily financial habits. For SMEs and farmers, it offers a safeguard against unexpected risks, enabling stability and growth. For financial institutions and telecoms, the model introduces new engagement and revenue opportunities through bundled payment-insurance products.
Africa continues to face one of the world’s lowest insurance penetration rates, but this partnership establishes a scalable model for change. By embedding protection directly into digital transactions, Mastercard and Hillcroft (mTek) are reshaping how financial services can support resilience and inclusion. The initiative represents a new benchmark for embedded finance in East Africa, signaling the beginning of a more accessible and secure financial future for millions.