Ghana: MobileMoney Limited Announces Insurance Scheme For MoMo Agents

Mr Hini addressing participants at the launch while Madam Benyi and Madam Bawuah look on

Accra, Ghana, October 27, 2020//-MobileMoney Limited, the MTN Ghana subsidiary responsible for mobile financial services today launched an innovative insurance scheme for its over 190,000 Mobile Money (MoMo) agents across the country.

The insurance scheme being first of its kind in Ghana is underwritten by Enterprise Life, while GG&B Brokers serves as the broker.

Speaking at the launch in Accra, the General Manager of MobileMoney Limited, Eli Hini, said over 190,000 MoMo agents are expected to benefit from the scheme and therefore appealed to them to take the MoMo business very serious.

The insurance scheme according to him covers theft, injury among others would give the agents the peace of mind to conduct their business soundly.

The Managing Director of Enterprise Life, Madam Jacqueline Benyi described the launch of the scheme as historic.

“With this scheme, the financial burden of the MoMo agents has been transferred to Enterprise Life”, she stated.

The Executive Chairman of GG&B Brokers, Madam Ama Bawuah said the introduction of the scheme is a very innovative and thoughtful action taken by the Mobile Money Limited.

As the broker of the scheme, GG&B Brokers would ensure that the processes are smooth and transparent for all parties in the scheme, she assured.

Executive Chairman of GG&B Brokers, Madam Ama Bawuah

Besides, Mr Hini added: “Over the years, we have done a lot to recognize ours. We have given them kiosks, motorbikes, vehicles, TV sets, among others”.

We also took 10 of the agents last year to Dubai for a memorable experience, he said.

Mr Hini used the occasion to entreat the MoMo agents not to charge unapproved fees as they could affect the growth of the MoMo business.

Fraud

Touching on fraud, he revealed that the company in collaboration with the Ghana Police Service has arrested 50 MoMo fraudsters since the beginning of the year 2020. These cases according to him are currently being handled by the police and the courts.

Platform is secured

He assured the customers that they would continue to improve and strengthen the security of the MoMo platform to make it secure at all times.

“The MoMo platform is secured at our end but we are also entreating you (customers) to keep your PIN codes safe”, Mr Hini said.

He reminded them not to share their PIN codes with anyone and they should not answer any calls to discuss their MoMo wallets.

MoMo services

MobileMoney Limited which was the first to launch mobile money operations on July 21st 2009 has just finished celebrating its 10th anniversary in the West African country, in 2019.

Launched with two main services namely Money Transfer (P2P) and Airtime Purchase, the platform now has six major categories of financial transactions under which varying services are provided.

The services are pensions, insurance, savings, micro loans, shopping, payments, international remittances and banking/investment options.

Indeed, almost all the products and services of financial technology (fintechs) platforms in the country are powered by MoMo payment systems.

Growth in MoMo

The use of mobile money has grown exponentially within 10 years, making Ghana one of Africa’s leaders in mobile money innovation, adoption, and usage.

According to figures from the Bank of Ghana (BoG), mobile money accounts now surpass bank accounts and greater financial inclusion has benefited large swathes of the population that remain unbanked including the poor, the young, and women.

While access to traditional banking services remains almost a mirage for most Ghanaians, the universal availability of mobile phones has allowed millions to access mobile money services in the country.

Most Ghanaian users now rely on mobile money to send and receive money domestically. Recently, they are taking advantage of new services to also send and receive money internationally.

African Eye Report

 

 

 

Leave a Reply

*