Momo, aYo, Sanlam Allianz sign MoU to enhance insurance coverage for 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 agents across Ghana.
Speaking at the signing ceremony in Accra, Chief Commercial and Mobile Money Officer of MTN Mobile Money Limited, Abdul Razak Ali, noted the company’s commitment to agent welfare, stating that the revised insurance scheme was designed based on feedback from agents.
“This partnership with Sanlam Allianz provides enhanced insurance coverage for our agents. Since 2020, we have had an insurance policy in place, but after engaging with our agents, we received valuable feedback on how to improve it.
We took their input, worked with our partners—Sanlam Allianz and AYo—and developed a new policy that offers even greater benefits, extending beyond life insurance to cover permanent disability and other critical claims,” he stated.
He further explained that MTN has already paid the premium for all its agents upfront.
“We have paid for the entire year, and we will continue to renew it annually.
Each year, we review the policy to see how it can be improved, and we are committed to ensuring that our agents always have insurance coverage,” he assured.
He explained that under the revised scheme, agents are entitled to GH₵20,000 for life insurance (death benefit), up to GH₵25,000 for permanent disability, up to GH₵ 5,000 for hospitalization, up to GHS 10,000 for critical illness.
“The premium paid is not less than GH₵ 500,000. However, as we continue recruiting more agents, we will adjust the coverage accordingly.
The important thing is that this insurance is completely free for agents. However, for those who want additional coverage, our partners offer an optional top-up policy,” he added.
Chief Executive Officer and Country Lead of Sanlam Allianz Life Insurance Ghana, Ben- Ahmed Tawiah said that the initiative aligns with Sanlam Allianz’s Mission.
He expressed enthusiasm about the initiative, describing it as a significant step in empowering mobile money agents across all 16 regions of Ghana.
“Our purpose as a business is to empower generations to be financially confident, secure, and prosperous.
This initiative aligns perfectly with that mission by ensuring agents have the financial security to work with confidence,” he stated.
He also addressed concerns about insurance fraud and assured that strong validation measures are in place.
“Fraud in insurance is a real issue, and just yesterday, we intercepted an attempted fraudulent claim of GH₵150,000. However, with this structured partnership, all claims go through strict verification.
AYo Intermediaries Ghana provides intermediary services, MTN Mobile Money is the policyholder, and we at Sanlam Allianz serve as the underwriters. This ensures that only valid claims are paid,” he explained.
The insurance policy operates under a Group Life Insurance model, meaning a single policy covers all registered MTN Mobile Money agents.
“This policy covers defined risks, including death (natural or accidental), critical illness, hospitalization, and permanent disability.
If an agent experiences any of these, the policy pays benefits—either directly to the merchant in cases of hospitalization or disability, or to their surviving family in the case of death,” he added.
He reaffirmed Sanlam Allianz’s commitment to prompt claims processing and ensuring financial protection for mobile money agents.
CEO of AYo Ghana, Francis Gota, described the policy as a game-changer in securing the financial future of mobile money agents.
“Mobile money agents are the backbone of Ghana’s financial ecosystem. They work long hours, often under risky conditions.
This policy ensures that if illness, disability, or even death occurs, financial relief is available to ease the burden on them and their families,” he said.
The policy offers a safety net for families in the event of an agent’s passing, financial support for permanent or temporary disability, assistance for critical illnesses such as stroke, cancer, and coma, and daily hospitalization benefits to reduce financial strain during medical treatment.
Francis Gota stated that this initiative is not just about insurance—but a statement of appreciation and commitment to agent welfare.
“This is more than just a policy. It is a demonstration of care, a commitment to agent security, and a recognition of the crucial role they play in financial inclusion. We want every agent to feel valued and protected,” he stated.
He urged agents to take the policy seriously, as it directly impacts their financial security and that of their families.
“This is an opportunity that must not be taken for granted. Your future and your family’s stability depend on it. As former 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 stressed.
A milestone for financial security
The partnership between MTN Mobile Money, Sanlam Allianz, and AYo Ghana represents a step in corporate responsibility and financial inclusion.
With a fully funded insurance policy, strict fraud prevention measures, and a commitment to continuous improvement, this initiative sets a new benchmark for agent protection in Ghana’s mobile money sector.
This MoU not only strengthens agent confidence but also reinforces MTN’s position as a leader in financial security and innovation—ensuring that the people driving Ghana’s mobile money revolution are protected every step of the way.
By CHRISTABEL OBOSHIE ANNAN, Accra