MTN MoMo and Sanlam Allianz Partner to Expand Insurance Coverage for MoMo Agents—-MTN Mobile Money Limited, in partnership with Sanlam Allianz and AYo Intermediaries Ghana, has signed a Memorandum of Understanding (MoU) to enhance insurance coverage for its Mobile Money (MoMo) agents across Ghana.
Speaking to the media, Mr Abdul Razak Ali, Chief Commercial and Mobile Money Officer of MTN Mobile Money Limited, emphasized the company’s dedication to ensuring the financial security of its agents.
“Since 2020, we have had an insurance policy for our agents, but after engaging with 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,” he said.
He assured that MTN has already paid the premium for the year and will continue renewing it annually. “The premium paid exceeds GH¢500,000, and we will continue to review and adjust it as we recruit more agents. Importantly, this insurance is completely free for agents. However, those seeking additional coverage can opt for a top-up policy,” he added.
Under the enhanced scheme, agents are entitled to GH¢20,000 as a life insurance benefit in the event of death. They can receive up to GH¢25,000 if they suffer a permanent disability.
In cases of hospitalization, the policy provides up to GH¢5,000 to cover medical expenses. Additionally, agents diagnosed with a critical illness, such as stroke or cancer, are eligible for up to GH¢10,000 in financial support.
The Chief Executive Officer (CEO) and Country Lead of Sanlam Allianz Life Insurance Ghana, Mr Ben-Ahmed Tawiah, described the initiative as a significant step in empowering mobile money agents across all 16 regions.
“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,” he stated
Soeaking on fraud related activities, he emphasized that strong verification measures were in place 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,” he explained.
The insurance policy operates as a Group Life Insurance scheme, covering all registered MTN Mobile Money agents against defined risks such as death (natural or accidental), critical illness, hospitalization, and permanent disability.
“In cases of hospitalization or disability, payouts go directly to the affected agent. In the unfortunate event of death, benefits are paid to their surviving family,” he added.
Francis Gota, CEO of AYo Ghana, described the initiative as a landmark moment in securing the financial future of mobile money agents.
“Today is a historic moment in ensuring the financial security of mobile money agents. This insurance policy is designed specifically to protect the hard-working individuals who play a crucial role in financial services and financial inclusion,” he added.
He emphasized the importance of such a policy, noting that mobile money agents work long hours and often face risks.
“Life is unpredictable, and our agents dedicate their time serving customers, sometimes under risky conditions. This policy ensures that if an unfortunate incident such as illness, disability, or even death occurs, financial support is available to ease the burden on them and their families,” he explained.
The policy provides a safety net for families in the event of the policyholder’s death. It offers financial support for those who experience permanent or temporary disability. Additionally, it covers assistance for critical illnesses such as stroke, cancer, and coma.
Agents were urged to take the policy seriously, as their future financial security depends on it.
The partnership between MTN Mobile Money, Sanlam Allianz, and AYo Ghana reinforces a strong commitment to agent welfare, ensuring financial security and stability for the growing network of mobile money merchants.
