Leadway Assurance and Octamile Partner on PayCover: A Flexible Payment Solution for Motor Insurance


Lagos, Nigeria – June 13, 2024Leadway Assurance, one of Nigeria’s foremost insurance providers, proudly announces a strategic partnership with Octamile, Africa’s leading all-in-one digital insurance management solutions provider, to offer PayCover. This innovative Buy Now Pay Later (BNPL) solution aims to revolutionize motor insurance payments by offering unmatched flexibility and ease.

PayCover is designed to seamlessly integrate with Leadway’s digital and offline payment channels, allowing customers to split their premium payments into manageable installments. 

Critical features of PayCover include flexible payment options, premium financing through short-term credit facilities, real-time processing of insurance certificates, automated payment reminders, and top-notch transaction security. These features ensure customers can immediately obtain motor insurance coverage while spreading the cost over time, making it more accessible and affordable.

Gboyega Lesi, Managing Director of Leadway Assurance, commented on the partnership: “At Leadway Assurance, we continuously seek innovative ways to provide value to our customers, and this strategic alliance with Octamile for the PayCover solution aligns perfectly with our commitment to deepen motor insurance while ensuring the customers get a flexible and convenient payment that fits their cash management plans.

“With PayCover’s flexible options and premium financing, we address a significant pain point for customers who find it challenging to pay full premiums upfront. We have no doubt that PayCover will revolutionize motor insurance in Nigeria for its seamless and convenient premium payment provision, especially in these trying economic times. This initiative affirms our dedication to customer-centric solutions and making insurance uptake seamless and convenient for all.”

Gbenro Dara, Founder & CEO of Octamile, remarked, “We are thrilled to collaborate with Leadway Assurance to bring PayCover to a broader audience. Our goal is to make insurance more accessible and affordable for all Nigerians. By integrating our solution with Leadway’s extensive network and reputable brand, we can significantly enhance the customer experience and drive higher adoption rates for motor insurance. 

“This partnership reflects our shared vision of leveraging innovative technology to simplify financial services and improve lives. We look forward to seeing how our solution, with its flexible payment options and secure transaction processes, will positively impact existing and new Leadway customers.”

This solution enhances customer satisfaction by simplifying the payment process and improves insurers’ cash flow management. With PayCover, Leadway customers can enjoy a smoother, hassle-free experience when purchasing motor insurance.

About Leadway Assurance

Leadway Assurance is one of Nigeria’s foremost insurance service companies, offering diverse insurance products and services. With a strong commitment to customer satisfaction and innovation, Leadway Assurance continues to set the benchmark in the Nigerian insurance industry.

About Octamile

Octamile is an Insurtech company simplifying Access to Insurance for Africans with its All-in-one digital insurance infrastructure. Enabling Insurance providers and businesses to seamlessly launch and manage insurance products for consumers online and offline from purchase to claims, Octamile is dedicated to making insurance more accessible and manageable for all income earners.

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