Enterprise Insurance, one of Ghana’s leading insurance providers, has strengthened its commitment to the financial protection of mobile money agents through a strategic partnership with the Mobile Money Advocacy Group (MoMAG).
The collaboration, which began over two years ago, has culminated in the introduction of ‘Momo Insure’, a comprehensive insurance policy tailored to address the unique risks faced by mobile money operators across the country.
Speaking on the initiative, Mr. Paul Ampedu-Yeboah, Assistant General Manager for Informal and SME Business at Enterprise Insurance, underscored the importance of extending insurance coverage to one of Ghana’s most critical yet vulnerable groups within the financial ecosystem.
“In many constituencies, these agents have become trusted contact points. People withdraw money, collect parcels, and even rely on them for small community services. We realised that if these people are so widely distributed and trusted, we could leverage that by providing them peace of mind through insurance.”
Mr. Paul Ampedu-Yeboah
Addressing Rising Security Threats to MoMo Agents
Over the past few years, mobile money operators have faced increasing security threats, particularly in the form of armed robbery attacks. These incidents have led to significant financial losses and, in some cases, personal injuries and fatalities. Enterprise Insurance, recognizing the urgent need for risk mitigation, developed Momo Insure to cover a range of incidents that could affect agents’ livelihoods.
“To provide them with better security and assurance, we introduced Momo Insure, a comprehensive policy that covers accidental death, permanent disability, and other risks. This gives agents peace of mind while they go about their work.”
Mr. Paul Ampedu-Yeboah
The product, he noted, is designed not only to protect agents but also to sustain the overall growth and stability of Ghana’s mobile money ecosystem — one that has become a cornerstone of financial inclusion and digital payments in the country.
Beyond providing insurance coverage, Enterprise Insurance and MoMAG are exploring a transformative model that allows mobile money agents to become licensed insurance representatives within their communities. This initiative, according to Mr. Ampedu-Yeboah, will extend the reach of insurance to even the most remote areas while creating new income opportunities for agents.
“Insurance today is going digital, but we still need a human touch, the brick and mortar. These agents are already well-positioned in their communities. We train them to understand our products and provide them with digital platforms to sell insurance directly. So, for instance, if your car insurance expires, you can simply renew it through a nearby mobile money vendor.”
Mr. Paul Ampedu-Yeboah
This model aligns with Enterprise Insurance’s broader vision of democratizing access to insurance and leveraging digital innovation to reach the informal sector. The company believes that empowering agents with insurance knowledge and sales skills can turn them into community advocates for financial protection.
Trust remains at the heart of the insurance business, and Enterprise Insurance is ensuring that only credible and reliable agents are onboarded into its distribution network. Mr. Ampedu-Yeboah emphasized the company’s commitment to maintaining the integrity of its brand through rigorous screening processes.
“We want people who can represent the Enterprise brand well, a strong and respected brand across the country. It’s also an opportunity for the unemployed, especially young graduates, to build their own businesses through agency work.”
Mr. Paul Ampedu-Yeboah
This strategic approach not only strengthens Enterprise Insurance’s brand reputation but also reinforces the role of mobile money agents as trusted intermediaries in the insurance value chain.
MoMAG’s Vision for a Stronger Financial Future
The National President of MoMAG, Mr. Edward Ofori Agyemang, also expressed appreciation for Enterprise Insurance’s partnership, describing it as a milestone in the group’s efforts to enhance the welfare and financial security of its members.
He outlined MoMAG’s ambitious roadmap for the coming years, which includes acquiring an operational vehicle to improve efficiency, launching the MoMAG Robbery Support System to provide interest-free loans to members affected by robbery incidents, and introducing a microcredit program within three years to offer affordable loans to members.
In the long term, MoMAG aims to establish a MoMAG-owned bank within the next decade to cater specifically to the financial needs of mobile money agents.
“With unity, resilience, and purpose, we will achieve these goals,” Mr. Agyemang affirmed. “Let’s remain focused and amplify our impact, not only for ourselves but for every agent, customer, and community we serve.”
The partnership between Enterprise Insurance and MoMAG reflects a growing recognition of the critical role that mobile money agents play in driving financial inclusion and digital payments in Ghana. With over 500,000 active agents nationwide, they form the backbone of the country’s cashless agenda.
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