GHANA: Mobile Money Agents to Become Insurance Salespeople Under Renewed Deal

Enterprise Insurance Ltd. and the Mobile Money Advocacy Group Ghana (MoMAG) have signed a renewed Memorandum of Understanding (MOU), deepening a partnership that is turning the country’s vast network of mobile money agents into frontline distributors of insurance products across Ghana.

The signing ceremony took place on Wednesday, February 11, 2026, in Accra, bringing together senior executives of both organisations and members of the media. The renewed agreement builds on an initial partnership that commenced in June 2023, under which MoMAG agents were authorised to sell Enterprise Insurance products while receiving personal accident coverage themselves.

Paul Ampadu-Yeboah, Assistant General Manager for Informal and Small and Medium Enterprise (SME) Market Segments at Enterprise Insurance, described the first MOU as proof that deliberate collaboration delivers results for both institutions and their members. He said the renewed deal extends that logic further, with more MoMAG agents set to be onboarded as distribution partners, advancing what he called the company’s “distribution disruption agenda.”

“Insurance today is going digital, but we still need a human touch. 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,” he explained. He added that the arrangement also creates income opportunities for young graduates seeking to build businesses through agency work.

MoMAG President Edward Ofori Agyemang credited Enterprise Insurance for backing the association when few others were willing to. “In those early days, many institutions were hesitant to stand with us, but Enterprise chose vision over volume,” he said. He confirmed that the renewed agreement will be extended to cover all MoMAG members across the country.

Agyemang also outlined the association’s broader roadmap, which includes launching a MoMAG Robbery Support System to provide interest-free loans to members affected by robbery incidents, introducing a microcredit programme within three years, and working toward establishing a MoMAG-owned bank within the next decade.

Managing Director of Enterprise Insurance, Mrs. Akosua Ansah-Antwi, said the partnership is as much about protecting agents as it is about using their networks to reach underserved communities. She noted that a dedicated MoMAG insurance package has been designed to shield agents against losses from fire, flood, and burglary, risks that could otherwise devastate their livelihoods and businesses overnight.

Enterprise Insurance, established in 1924 and listed on the Ghana Stock Exchange (GSE) in 1991 as the first insurance company to be publicly listed in Ghana, holds a AAA financial strength rating from the Global Credit Rating of South Africa. The renewed MOU is expected to significantly widen insurance penetration in communities that formal financial institutions have historically struggled to reach.

SOURCE: NEWSGHANA