MTN Ghana is entering the insurance industry with the introduction of what the company calls ‘mi life’ life insurance. This product when fully operational would be the first ever mobile driven insurance policy in Ghana.
According to a Reuters news report of Wednesday 23, 2011, MTN Group in South Africa has teamed up with Hollard Insurance and MFS Africa to launch the mobile money life insurance project in Ghana.
Sources at MTN Ghana have confirmed to ghanabusinessnews.com that the project was launched two weeks ago and it is currently in a pilot stage.
The Reuters report however indicated that the company plans to roll out the product later this year.
Customers can purchase the insurance through a mobile money agent or directly via their mobile phones protected by a pin code, according to MTN. They can buy the “mi-life” life insurance for GH¢1 to GH¢ 5 for two people – the holder and one next of kin, with a coverage of GH¢500 to GH¢2000.
MTN Ghana is the largest mobile service provider in Ghana with a subscriber base of about 8.7 million according to National Communications Authority (NCA) statistics for 2010.
By Emmanuel K. Dogbevi