MTN Mobile Money Limited, in partnership with Sanlam Allianz Life Insurance Ghana and AYo Intermediaries Ghana, has taken a significant step in safeguarding the financial well-being of its Mobile Money (MoMo) agents across Ghana.
The three institutions have signed a Memorandum of Understanding (MoU) to enhance insurance coverage for MoMo agents, reinforcing MTN’s commitment to ensuring their financial security.
Speaking at the MoU signing event, Mr. Abdul Razak Ali, Chief Commercial and Mobile Money Officer of MTN Mobile Money Limited, emphasized the company’s unwavering dedication to protecting its agents. He noted that MTN had provided an insurance policy for its agents since 2020 but, after engaging with them, identified areas for improvement.
“Since 2020, we have had an insurance policy for our agents, but after engaging them, we identified areas for improvement. We took their feedback, worked with our partners, Sanlam Allianz and AYo, and introduced a revised policy that offers even greater benefits, extending beyond life insurance to cover permanent disability and other critical claims.”
Mr. Abdul Razak Ali
The new insurance scheme now provides broader coverage, including life insurance, permanent disability benefits, hospitalization benefits, and financial support for critical illnesses.
Key Benefits of the Enhanced Insurance Scheme
Under the revised scheme, MoMo agents will receive a life insurance benefit of GH¢20,000, which will be paid to their family in the event of death. In cases of permanent disability, agents are entitled to a maximum of GH¢25,000. Additionally, the policy provides up to GH¢5,000 to cover medical expenses in case of hospitalization. For agents diagnosed with critical illnesses such as stroke or cancer, the scheme offers financial support of up to GH¢10,000.
To make this coverage more accessible, MTN has already paid the premium for the year, amounting to over GH¢500,000, and will continue renewing it annually. Importantly, the insurance policy is completely free for agents. However, those who wish to extend their coverage can opt for a top-up policy at an additional cost.
Mr. Ben-Ahmed Tawiah, CEO and Country Lead of Sanlam Allianz Life Insurance Ghana, hailed the initiative as a landmark move in empowering MoMo agents across all 16 regions of Ghana.
“Our mission is to empower generations to be financially confident, secure, and prosperous. This insurance scheme aligns perfectly with that vision, ensuring that agents can work with confidence knowing they are protected.”
Mr. Ben-Ahmed Tawiah
MoMo agents play a crucial role in Ghana’s financial ecosystem, facilitating seamless mobile transactions for millions of Ghanaians. By ensuring their financial security, MTN and its partners are not only protecting livelihoods but also strengthening the resilience of the country’s digital financial infrastructure.
Fraud Prevention Measures in Place
Fraud remains a major challenge in the insurance sector, but the partnership between MTN MoMo, Sanlam Allianz, and AYo Intermediaries Ghana ensures robust verification processes to prevent fraudulent claims.
“Fraud is a real issue in the insurance industry, but through this partnership, all claims go through strict validation. AYo Intermediaries Ghana provides intermediary services, MTN Mobile Money is the policyholder, and Sanlam Allianz acts as the underwriter. This ensures that only valid claims are processed and paid.”
Mr. Ben-Ahmed Tawiah
The insurance scheme operates as a Group Life Insurance policy, covering all registered MTN Mobile Money agents against natural or accidental death, critical illness, hospitalization, and permanent disability. Payments are made directly to the affected agent in case of hospitalization or disability, while in the unfortunate event of death, benefits are paid to the surviving family members.
This enhanced insurance coverage represents a bold step in securing the financial future of MoMo agents in Ghana. With thousands of agents handling mobile transactions daily, the risk of unforeseen events such as illness, accidents, or even loss of life cannot be ignored. By providing free and comprehensive insurance coverage, MTN MoMo, in partnership with Sanlam Allianz and AYo Intermediaries Ghana, is ensuring that MoMo agents can operate with peace of mind, knowing they are adequately protected.
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