Mobile Money Limited, a subsidiary of MTN Ghana, has initiated an insurance scheme for more than 190,000 mobile money (MoMo) agents of the company across the country.
Dubbed the MTN Mobile Money Agents Insurance Scheme, it seeks to protect agents of the telecommunication giant against loss, damage, illness or death in their line of duty.
The insurance scheme which is being underwritten by Enterprise Life, with GG&B Brokers as brokers, is part of an initiative to help ensure the safety, security and wellbeing of MTN MoMo agents across the country.
Launching the scheme last Tuesday in Accra, the General Manager (GM) of Mobile Money Limited, Mr Eli Hini, said the insurance scheme which covered theft, injury, among others, would provide MoMo agents with the needed peace of mind to conduct their business soundly.
He observed that the new insurance scheme was introduced to support and recognise the efforts of MTN MoMo agents.
“We are here to celebrate another unique milestone in the lives of our agents.
The work of agents is critical to the growth of the MoMo business in the country, and therefore, their safety, security and wellbeing is important to us,” he said.
He said over the years MTN had undertaken a number of activities to recognise the contribution of its agents towards the growth of the MoMo business in Ghana.
Consequently, he said the telecommunication company had initiated a number of programmes such as agents’ awards scheme and the donation of motorbikes, vehicles and kiosks to aid the work of MoMo agents.
“As business progresses, MTN looks at ways to support its partners and that is the reason why the insurance scheme has been introduced to protect agents against unforeseen or unpredictable challenges,” he said.
According to him, the new insurance scheme would provide cover for an agent with two nominated persons, hospitalisation cover, and a lump sum should there be loss of life.
In terms of critical illness, he said beneficiaries were entitled to GH₵2,000 cover while hospitalised persons were also entitled to GH₵500 per night.
The Managing Director (MD) of Enterprise Life, Mrs Jacqueline Benyi, said the new insurance scheme was a historic milestone in the insurance industry.
“With this scheme, the financial burden of the MoMo agents has been transferred to Enterprise Life.
This single act in this period of coronavirus (COVID-19) pandemic is a true testament of the quality of relationship between MTN and its partners,” she said.
The secretary of the Mobile Money Advocacy Group, Ghana (MOMAG), Mr Assem Eliah, stated that the introduction of the scheme was a welcome news to agents in the MoMo space.
He noted that the mobile money business was a risky one, and therefore, the need for the formulation and implementation of an insurance policy to cushion merchants was crucial.
He added that the upsurge of armed robbery on merchants had put fear into majority of their members across the country, as there was no protection for their lives and operations.