MTN MoMo, Ayo & Sanlam Allianz Life Insurance Partner to Provide Comprehensive Insurance Cover for MoMo Merchants

MTN Mobile Money Limited, a leading mobile money service has partner with ayo Intermediaries Ghana Limited and Sanlam Allianz Ghana Life Insurance Ghana LTD, to provide a comprehensive insurance cover for MTN MoMo merchants.

This innovative insurance scheme, designed to provide financial confidence and security for the merchants, was officially launched at a ceremony in Accra.

MTN’s Chief Sales and Distribution Officer, Samuel Addo, speaking at the event emphasized the company’s commitment to providing innovative financial services to its customers.

We are constantly looking for ways to add value to our services, and this insurance scheme is just one example of that,” he said.

Addo noted that the insurance scheme is designed to provide financial protection for MTN’s MoMo merchants and their families.

We want to ensure that our merchants have peace of mind and can focus on growing their businesses, knowing that they have a financial safety net to fall back on,” he said.

The partnership between MTN MoMo, ayo intermediaries and Allianz Life Insurance Ghana LTD and is expected to provide financial confidence and security for merchants, while promoting financial inclusion in Ghana.

Tawiah Ben-Ahmed, CEO of Sanlam Allianz Life Insurance Ghana LTD, emphasized the company’s commitment to empowering generations to be financially confident, secure, and prosperous.

We are delighted to partner with MTN MoMo to offer this comprehensive insurance cover to their merchants,” he said.

The insurance scheme provides a range of benefits, including life insurance, permanent and temporary disability cover, and critical illness cover. Notably, MTN MoMo has paid the premium for the insurance, ensuring that merchants do not incur any additional costs.

Ben-Ahmed praised MTN MoMo for demonstrating a deep sense of care for their merchants by providing this insurance cover. “MTN MoMo merchants play a vital role in Ghana’s financial ecosystem, and they deserve this insurance cover,” he said.

He also encouraged merchants to consider increasing their insurance cover and becoming ambassadors of insurance security.

Let’s work towards a future where financial security is not a privilege, but a reality for all,” he said.

Francis Gota, CEO of ayo Intermediaries, on his part highlighted the importance of insurance in providing financial security for individuals and businesses.

Insurance is a critical component of financial planning, and we are excited to see MTN MoMo taking the lead in providing this benefit to their merchants,” he said.

And as Ben-Ahmed noted, we are committed to making this partnership a success and providing a seamless insurance experience for MTN MoMo merchants.

The insurance scheme is also expected to provide a safety net for merchants and their families in the event of unexpected occurrences. With this comprehensive insurance cover, merchants can now focus on growing their businesses, knowing that they have a financial safety net to fall back on.

According to Abdul Razak Ali Issaka, Chief Commercial and Operations Officer for Mobile Money Limited, the policy started  in 2020, and the company has been reviewing it and improving it based on feedback from agents.

The policy provides a range of benefits, including:

– Life insurance: 20,000 Ghana cedis

– Permanent disability: up to 25,000 Ghana cedis

– Hospitalization: up to 5,000 Ghana cedis

– Critical illness: up to 10,000 Ghana cedis

Issaka emphasized that the policy is free for agents and that MTN has paid a premium of over 500,000 Ghana cedis to Sanlam Insurance to cover the costs. “We want to ensure that our agents are protected and that they can focus on providing excellent service to our customers,” he said.

Agents can also opt for a top-up policy to get extra cover, but the basic policy is free and provides comprehensive coverage.

The launch of the policy is part of MTN’s efforts to support its agents and provide them with financial protection. “We value our agents and want to ensure that they are protected and supported,” Issaka said.

The policy is expected to benefit over 100,000 mobile money agents across the country, providing them with financial security and peace of mind.

As Issaka noted, “This policy is a demonstration of our commitment to our agents and our customers. We want to ensure that everyone involved in our mobile money ecosystem is protected and supported.”