MTN MoMo, Sanlam Allianz, AYo Sign MoU to Improve Agent Welfare
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 agents across Ghana.
MTN Mobile Money: “We Are Committed to Agent Welfare”
Speaking at the event, 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 stated.
He assured that MTN has already paid the premium for the year and will continue renewing it annually.
“The premium paid exceeds GHS 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.
Enhanced Insurance Benefits for Agents
Under the enhanced scheme, agents are entitled to GHS 20,000 as a life insurance benefit in the event of death. They can receive up to GHS 25,000 if they suffer a permanent disability.
In cases of hospitalization, the policy provides up to GHS 5,000 to cover medical expenses. Additionally, agents diagnosed with a critical illness, such as stroke or cancer, are eligible for up to GHS 10,000 in financial support.
Sanlam Allianz CEO: “This Initiative Aligns with Our Mission”
The CEO and Country Lead of Sanlam Allianz Life Insurance Ghana, 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.
Fraud Prevention Measures in the Insurance Scheme
He also addressed concerns about fraud, emphasizing that strong verification measures are 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.
AYo Ghana CEO: “This Policy Is a Statement of Commitment”
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 stated.
Key Insurance Benefits for Mobile Money Agents
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. The policy also includes daily hospitalization benefits to help ease financial strain during medical treatment.
Under the enhanced scheme, agents are entitled to GHS 20,000 as a life insurance benefit in the event of death. They can receive up to GHS 25,000 if they suffer a permanent disability. In cases of hospitalization, the policy provides up to GHS 5,000 to cover medical expenses. Additionally, agents diagnosed with a critical illness, such as stroke or cancer, are eligible for up to GHS 10,000 in financial support.
A Commitment to Financial Protection
According to Gota, this initiative is not just about providing insurance—it is a bold statement of appreciation and commitment to the welfare of mobile money agents.
“This is more than a policy; it is a demonstration of care. It is a way of saying we value you, we want you to be protected, and we want you to have peace of mind as you go about your daily work,” he emphasized.
He urged agents to take the policy seriously, as their future financial security depends on it.
“This initiative is an opportunity you should embrace. Your future and that of your family depend on this. As British Prime Minister Harold Macmillan once said, ‘Hope for the best but prepare for the worst.’ This policy ensures that no matter what happens, you are protected,” he concluded.
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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.
With a structured process to validate claims and a focus on continuous improvement, the initiative stands as a model for corporate responsibility in the financial sector.
Source: Isaac Kofi Dzokpo
