Mastercard Partners with Hillcroft (mTek) to Roll Out Embedded Insurance in East Africa
The collaboration will integrate tailored insurance products directly into Mastercard’s consumer and SME card offerings, aimed at enabling millions of people and businesses to access affordable and convenient coverage through the payments ecosystem they already use every day.
Mastercard has announced a strategic collaboration with Insurtech company Hillcroft (mTek) to launch embedded insurance solutions across East Africa. The collaboration will integrate tailored insurance products directly into Mastercard’s consumer and SME card offerings, aimed at enabling millions of people and businesses to access affordable and convenient coverage through the payments ecosystem they already use every day.
This initiative marks Mastercard’s entry into the embedded insurance space in East Africa, reinforcing its commitment to advancing financial inclusion and digital innovation in the region. 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—factors that have historically kept insurance penetration in the region below 3%.
“This 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.”
– Shehryar Ali, Senior Vice President and Country Manager for East Africa and Indian Ocean Islands, Mastercard
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) are meeting businesses where they are, leveraging Mastercard’s trusted payment infrastructure and Hillcroft’s Insurtech expertise to close this gap.
“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. Together, we aim to deliver solutions that are simple, affordable and life-changing for underserved communities.”
– Bente Krogmann, CEO, Hillcroft (mTek)
The collaboration also creates a wider ecosystem by bringing together financial institutions, insurance companies and major telecommunications providers across Africa. Together, these stakeholders will deliver comprehensive digital and virtual card solutions that bundle payments with insurance, expanding access across the region.
Hillcroft (mTek) will provide direct API integration with underwriters, technical platform support and co-develop innovative products with insurers. This approach not only scales the reach of insurance but also builds commercially viable models that ensure lasting impact.
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.
