Assistant General Manager for Informal and SME Business at Enterprise Insurance, Mr Paul Ampedu-Yeboah, has highlighted the company’s ongoing partnership with the Mobile Money Advocacy Group (MoMAG) to enhance financial protection and business sustainability for mobile money agents across the country. 

Speaking to the Ghana News Agency (GNA) on the sidelines of MoMAG’s Eighth Anniversary celebration at Aflao, where he served as chairman, Mr Ampedu-Yeboah said the initiative was born out of a recognition that mobile money agents play vital roles within their communities. 

“In many constituencies, these agents have become trusted contact points. People withdraw money, collect parcels, and even rely on them for small community services. We realised that if these people are so widely distributed and trusted, we could leverage that by providing them peace of mind through insurance,” he explained. 

He said the partnership, which began over two years ago, initially focused on providing insurance cover for mobile money agents, including protection for their businesses and cash-in-transit. 

Mr Ampedu-Yeboah said the uptake of these services has been improving steadily, especially in response to the increasing number of armed robbery attacks on mobile money operators. 

“To provide them with better security and assurance, we introduced Momo Insure, a comprehensive policy that covers accidental death, permanent disability, and other risks. This gives agents peace of mind while they go about their work,” he stated. 

He added that Enterprise Insurance is now partnering with MoMAG to empower mobile money agents to become insurance sales representatives. 

“Insurance today is going digital, but we still need a human touch, the brick and mortar. These agents are already well-positioned in their communities.  

We train them to understand our products and provide them with digital platforms to sell insurance directly. So, for instance, if your car insurance expires, you can simply renew it through a nearby mobile money vendor,” he said. 

Mr Ampedu-Yeboah stressed that integrity and trust are essential in the insurance business, and therefore, proper background checks are conducted before onboarding agents. 

“We want people who can represent the Enterprise brand well, a strong and respected brand across the country. It’s also an opportunity for the unemployed, especially young graduates, to build their own businesses through agency work,” he added. 

The National President of MoMAG, Mr Edward Ofori Agyemang, outlined the association’s roadmap for the coming years, which includes: 

Acquiring an operational vehicle to enhance mobility and efficiency; Launching the MoMAG Robbery Support System to provide interest-free loans to members affected by robbery incidents; Introducing a microcredit program within three years to offer affordable loans to members, and working towards establishing a MoMAG-owned bank within the next decade to cater to members’ financial needs. 

“With unity, resilience, and purpose, we will achieve these goals,” Mr Agyemang affirmed. “Let’s remain focused and amplify our impact, not only for ourselves but for every agent, customer, and community we serve.” 

He acknowledged the strong partnership with Enterprise Insurance and expressed appreciation for their continued support.