MoMo Wallet Insurance pays mobile-money users back when fraud, SIM-swap or phone theft drains their wallet, from GHS 2 a month. It is built for Ghana's MTN MoMo customers, most of whom hold no other insurance and may have no email address or bank account.
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Enrolment takes about three minutes on a phone or at an agent. The customer's identity is checked with a Ghana Card scan and a live selfie matched to the card photo. The premium is debited from the same MoMo wallet each month, and claims are paid back to that wallet.
Cover is underwritten by licensed insurers, distributed with MTN, and supervised under Ghana's National Insurance Commission (NIC). The platform is built by LTX.
Mobile money is now Ghana's main way to hold and move cash, and a drained wallet is rarely recovered. In February 2026 Ghana had 82 million registered and 27 million active mobile-money accounts, which moved GH¢447.37 billion that month across 515,000 active agents (source, citing the Bank of Ghana).
Fraud follows the money. The Bank of Ghana's 2023 fraud report counted GH¢88 million in fraud losses, a 5% rise in cases, and GH¢4.6 million lost to SIM-swap fraud alone (source). From January to September 2025, 1,847 SIM-swap cases linked to mobile-money theft cost victims over GHS 4.2 million (source).
The losses land on people with little buffer:
Regulators have tightened controls: providers must freeze an e-money account for two days after a SIM swap under section 34(3) of the Payment Systems and Services Act 2019 (Act 987) (source). Prevention reduces losses but does not repay the customer who is hit. No mainstream product insures the wallet balance itself; that is the gap this product fills.
Customers pick one of two core plans, from GHS 2 a month, and can add their household for GHS 3 more. Each plan pays back fraud and theft losses up to a fixed limit per policy.
| Plan | Premium (GHS / month) | Fraud cover (GHS) | Theft cover (GHS) |
|---|---|---|---|
| Core · Basic | 2 | 1,000 | 500 |
| Core · Plus | 5 | 5,000 | 2,500 |
| Family add-on (up to 4 household members) | 3 | 1,000 | 500 |
What a claim can be filed for:
What is not covered: money the customer sends to a wrong number by mistake. That is a transaction error, not fraud.
The terms stay simple. There are no exit fees: stopping the premium ends cover at the next renewal. A missed premium gets a 7-day grace period before the policy lapses, and a claim is only accepted for months the customer actually paid for.
A customer goes from MoMo number to active cover in about three minutes, and every cedi moves through the same wallet.
Cover is bought, paid for and paid out in the same MoMo wallet
The premium leaves the wallet each month; if a loss happens, the claim is scored, reviewed and paid back to the same number.
Three details make this work for people the banking system misses:
The product insures against fraud, so it is built so that the policy itself is hard to defraud. Controls sit at three points: who can enrol, what a claim looks like, and who can approve a payout.
At enrolment:
At claim time, every claim gets a 0–1 risk score. The current scorer is rule-based and weights signals such as:
A machine-learning scorer can be blended in later; the platform already supports it but it is not switched on.
At payout, any approval of GHS 5,000 or more needs a second underwriter to sign off. Every decision is written to an audit log.
For customers, the platform raises fraud alerts such as a detected SIM swap. The alert reaches them in the app and by SMS, with steps to secure the wallet.
The product reaches customers through the wallet they already use, plus agents and partner apps. Each partner has one clear job.
| Partner | Role |
|---|---|
| MTN Ghana | Distribution; the MoMo wallet that premiums are debited from and payouts land in |
| Activa Insurance | Underwriter of the cover |
| Sanlam Allianz | Insurance partner |
| National Insurance Commission (NIC) | Regulator of the insurance product |
| LTX | Builds and runs the platform |
Three channels bring customers in:
The platform is a web application with separate services for identity checks, built so that a failing component degrades service instead of blocking it.
How it is built:
How it is secured:
How personal data is handled, under Ghana's Data Protection Act, 2012:
The product sits under three Ghanaian regimes: insurance, payments and data protection. Each one shapes a part of the platform.
| Regime | Authority | What it means here |
|---|---|---|
| Insurance | National Insurance Commission (NIC) | Cover is written by a licensed underwriter; policy and claim records are kept for at least 6 years |
| Payments | Bank of Ghana, Payment Systems and Services Act 2019 (Act 987) | Premiums and payouts move only through the licensed MoMo wallet; providers freeze e-money accounts for two days after a SIM swap (source) |
| Data protection | Data Protection Act, 2012 | Customers can export or anonymise their data; consent is recorded |
Compliance is built into the flow, not added afterwards:
The addressable base is Ghana's 27 million active mobile-money accounts (source). As an illustration only: if 1% of them held the Basic plan, that is 270,000 policies and GHS 540,000 in premiums a month.
Next on the roadmap, building on what the platform already supports:
The bet is simple: mobile money is where people keep their money, so that is where their insurance should live. A GHS 2 policy, bought and claimed from the same wallet, makes cover a normal part of using MoMo.