How Mobile Money Is Transforming Insurance Payments in Ghana

From buying motor insurance with a USSD code to accessing health cover through the MTN MoMo app, mobile money is fundamentally changing how Ghanaians pay for insurance. This article explores how digital payments are making insurance more accessible, affordable, and convenient for millions.

Introduction: The Mobile Money Revolution

Ghana’s mobile money ecosystem is one of the largest in the world. Mobile money transactions exceeded GH¢3.6 trillion in the first ten months of 2025 alone, across 74 million registered accounts . The total customer mobile money float balance has reached a record GH¢40 billion—an increase of more than 38% from the previous year .

This massive digital infrastructure is now being harnessed to transform the insurance industry. Mobile money is not just making it easier to pay for insurance—it is fundamentally changing who can access insurance, how they pay for it, and how they receive claims.

The National Insurance Commission and the insurance industry are embracing this shift. As the CEO of the EMI Chamber of Ghana noted at the Insurance Tech & Innovation Forum: “With over 14 million mobile money subscribers and 40 million mobile connections, we have a unique opportunity to leverage these platforms to drive insurance penetration” .

How Mobile Money Works for Insurance Payments

The integration of mobile money with insurance works through several channels:

USSD Shortcodes: Customers can dial shortcodes like *170# to access insurance platforms without needing internet access . This is especially important for informal sector workers and those in remote areas.

Mobile Money Apps: The MTN MoMo App now hosts insurance products directly, allowing users to subscribe, manage their coverage, and pay premiums seamlessly .

WhatsApp Integration: Some insurers, like Old Mutual, have implemented WhatsApp chatbots that connect to payment APIs, allowing customers to receive secure payment links without leaving the app .

Mobile Money Wallets: Customers can pay premiums and even receive claims directly through their mobile money wallets .

How Insurers Are Using MoMo for Payments

BeINsured: Auto Insurance via USSD

In February 2025, CalBank PLC launched BeINsured, a digital insurance marketplace accessible through the MTN MoMo shortcode *170# . This platform allows customers to explore, purchase, and renew vehicle insurance policies from their phones without using the internet.

Samuel Amanor, CEO of BlueSPACE Financial Cloud, explained the importance of this: “There are about 2.8 million to three million vehicles in Ghana, and nearly half belong to the informal sector—Uber drivers, trotro operators, and small transport businesses. They don’t have time to visit a bank branch or download multiple apps” .

Insurance companies already listed on the platform include GLICO Insurance, Rudder Insurance Brokers, Donewell Insurance, Hollard, Star Assurance, and Enterprise Insurance .

The system removes paperwork, complex payment processes, and long waiting times, making insurance more accessible, affordable, and transparent for everyone .

DOSH Health Insurance: Health Cover on MoMo App

In December 2025, DOSH Health Insurance partnered with MTN MoMo to launch a digital health insurance solution directly through the MoMo App . This marked the first time private health insurance had been integrated into a mainstream digital financial platform in Ghana.

Frank Augustine Dagbui, CEO of DOSH, explained the mission: “Too many people delay care or face financial strain simply because health insurance feels complicated or out of reach. DOSH Health Insurance was created to change that” .

Entry-level premiums start at GH¢365 per year—about GH¢1 per day—for a benefit cover of GH¢9,000, targeting individuals, SMEs, and the informal sector . The platform eliminates paperwork, queues, and the need for a bank account. Just a mobile phone and a MoMo wallet .

Smart SME Plan: Business Insurance for Traders

In June 2026, Coronation Insurance launched the Smart SME Plan in partnership with MTN MoMo . This fully digital insurance suite is engineered to provide affordable, friction-free, and immediate risk mitigation for small and medium-sized enterprises.

Dr Yaw Adom Boateng, Managing Director of Coronation Insurance, said: “What we found was not a lack of appetite for protection—SME owners want to protect what they have built. What we found was a lack of access” .

Business owners can register, pay premiums, and initiate claims dynamically using the MTN MoMo App or by dialing *170#. Plans start from GH¢225 per year for basic coverage .

MTN MoMo Agent Insurance

In March 2025, MTN MoMo signed a Memorandum of Understanding with Sanlam Allianz and aYo Intermediaries Ghana to improve insurance coverage for its agents across Ghana . The premium exceeds GH¢500,000 annually, and the insurance is completely free for agents .

Under the scheme, agents are entitled to:

• GH¢20,000 life insurance benefit in the event of death

• Up to GH¢25,000 for permanent disability

• GH¢5,000 in hospitalization coverage

• Up to GH¢10,000 for critical illness such as stroke or cancer 

Enterprise Life and Figtech: Digital Life Insurance

In February 2026, Enterprise Life Assurance partnered with Figtech Limited to expand digital access to life insurance across Ghana . The platform enables customers to purchase policies online, complete onboarding with minimal documentation, make flexible digital payments, and submit claims more efficiently .

How MoMo Payments Benefit Ordinary Ghanaians

For the Informal Sector

The informal sector accounts for about 80% of Ghana’s workforce . For years, these workers have been underserved by traditional insurers. Mobile money changes that.

Small-scale retailers, marketplace traders, and micro-enterprises can now protect their businesses without visiting an office or filling out paperwork. As Dr Boateng noted, entrepreneurs no longer need to close their shops or travel to a physical branch to secure cover .

For Rural and Remote Areas

Mobile money reaches where banks cannot. BeINsured and DOSH are accessible across Ghana, including rural areas where there are no insurance offices. The platforms work on basic phones without internet access .

For Those Without Bank Accounts

Many Ghanaians do not have bank accounts but do have mobile money wallets. MoMo-based insurance removes the barrier of needing a bank account to buy insurance. As the DOSH CEO said: “No forms, no queues, no bank accounts required. Just a mobile phone and a MoMo wallet” .

For Flexible Payments

Mobile money allows for flexible payment options. DOSH offers entry-level plans starting at GH¢365 per year, and ETAP offers daily, weekly, and monthly motor insurance plans. This is especially important for people who cannot afford a full annual premium upfront.

New Protection for Mobile Money Deposits

As more people hold money in mobile wallets, protecting those digital assets has become crucial. In March 2026, the Ghana Deposit Protection (Amendment) Bill received Presidential Assent, extending deposit insurance to funds held in mobile money wallets .

Under the new law, each individual’s mobile money wallet balance is now protected up to the legal maximum compensation of GH¢6,250 . This is a significant development because previously, if a bank failed, MoMo wallet balances remained entirely outside the insurance safety net .

The Ghana Deposit Protection Corporation is working to transition from a “pay-box” model to a “pass-through” model, ensuring that protection reaches individual wallet holders . Digital wallet users will not pay any direct fees for this protection—the platforms will pay premiums directly to the Corporation .

What the Experts Say

The regulator is optimistic. The CEO of the EMI Chamber of Ghana highlighted the opportunity: “Mobile money and mobile networks have revolutionized financial inclusion in Ghana. With over 14 million mobile money subscribers and 40 million mobile connections, we have a unique opportunity to leverage these platforms to drive insurance penetration” .

The Ministry of Health has also welcomed the integration of health insurance with mobile money. Simpson Addo, Deputy Director at the Ministry of Health, said the DOSH-MoMo model was “a significant step in democratising access to quality healthcare” .

Conclusion: The Future Is Mobile

Mobile money is transforming insurance payments in Ghana. It is making insurance more accessible to the informal sector, more affordable through flexible payment options, and more convenient through digital platforms.

From BeINsured’s USSD auto insurance marketplace to DOSH’s health cover on the MoMo App, from Coronation’s Smart SME Plan to MTN MoMo agent insurance, the evidence is clear: mobile money is becoming the primary channel for insurance distribution in Ghana.

As the CEO of the EMI Chamber said: “Let us harness the power of technology to make insurance more accessible, affordable, and convenient for all Ghanaians” . That future is already here.

Quick Facts

Frequently Asked Questions

1. Can I buy insurance using mobile money in Ghana?
Yes. Several platforms allow you to buy insurance using mobile money. BeINsured offers auto insurance through the MTN MoMo shortcode *170# . DOSH offers health insurance through the MoMo App . The Smart SME Plan offers business insurance through *170# .

2. How does mobile money insurance work?
You can access insurance platforms via USSD shortcodes or mobile apps. You select a policy, pay the premium using your mobile money wallet, and receive confirmation instantly. You can also file claims through the same platforms .

3. Can I pay for insurance in installments using MoMo?
Yes. Some products offer flexible payment options. ETAP offers daily, weekly, monthly, and quarterly motor insurance plans. DOSH offers annual plans starting at GH¢365 .

4. Is there a mobile money insurance for businesses?
Yes. Coronation Insurance’s Smart SME Plan, in partnership with MTN MoMo, offers business protection for SMEs. Plans start from GH¢225 per year and cover fire, allied perils, and personal accident .

5. Can I receive insurance claims through MoMo?
Yes. Platforms like BeINsured allow customers to receive claims payments directly into their mobile money wallets .

6. What is BeINsured?
BeINsured is Ghana’s first USSD auto insurance marketplace. It is accessible through the MTN MoMo shortcode *170# and allows customers to purchase, renew, and manage vehicle insurance policies without using the internet .

7. What is DOSH Health Insurance?
DOSH is a digital health insurance provider integrated with the MTN MoMo App. It allows users to subscribe, manage coverage, and access services directly on their phones. Plans start at GH¢365 per year .

8. Is my mobile money wallet protected by insurance?
Yes. Since March 2026, mobile money wallet balances are protected under Ghana’s deposit insurance framework up to GH¢6,250 per individual wallet holder .

9. Do mobile money users pay for deposit insurance?
No. Digital wallet users will not pay any direct fees for the protection. Instead, the platforms will pay premiums directly to the Ghana Deposit Protection Corporation .

10. How do I file an insurance claim through MoMo?
The claims process varies by platform. For BeINsured, you can process claims through the USSD platform. For DOSH, you can manage claims through the MoMo App. In both cases, claims are processed digitally, often within hours .

11. Are there insurance products for MTN MoMo agents?
Yes. MTN MoMo, in collaboration with Sanlam Allianz and aYo, provides comprehensive insurance for agents, including life cover, permanent disability, hospitalization, and critical illness benefits .

12. What is the future of mobile money in insurance?
The industry expects mobile money to become the primary channel for insurance distribution in Ghana, especially for underserved populations. The EMI Chamber of Ghana has called for greater collaboration between Electronic Money Issuers and insurers to drive this transformation

Source: Accra Street Journal 

Last Updated on August 22, 2026 by Samuel Kwame Boadu

Samuel Kwame Boadu

Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.

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