Omanghana
Mobile money has emerged as the preferred channel for accessing microinsurance in Ghana, with 61.4 per cent of respondents in a joint survey favoring mobile-based options for purchasing and managing cover.
The findings, released on Monday, October 19, 2026, by the National Insurance Commission (NIC) and the Youth Employment Agency (YEA) Graduate Program, highlight an opportunity for insurers to reach underserved consumers through digital platforms.
Traditional insurance agents also remain important, with 48.4 per cent of respondents identifying them as a preferred access channel. The results suggest that insurers could benefit from combining mobile services with personal assistance, particularly for customers who need help understanding policy terms and claims procedures.
Affordability emerged as a key consideration. Respondents indicated a median willingness to pay GH¢20 per week for microinsurance, providing a reference point for developing products suited to households and businesses with limited or irregular incomes.
Informal-sector workers and small and medium-sized enterprises were identified as important underserved markets. For these groups, flexible payment arrangements could make insurance more accessible and help provide protection against financial setbacks.
However, expanding distribution alone will not resolve the barriers to adoption. Distrust of insurers and concerns about transparency remain obstacles, making clear policy wording, accessible support and reliable claims handling essential to building confidence.
Mobile money offers opportunities to address some of these concerns by providing payment records, policy updates and tools for tracking claims. Automated premium deductions could also simplify payments, provided customers understand and agree to the arrangements.
The findings come amid a broader push to extend Ghana’s digital financial services beyond transfers and payments into savings, credit and risk protection. The Bank of Ghana has advocated a stronger focus on financial health, emphasizing the practical benefits people derive from financial services beyond simply owning an account.
Partnerships between mobile money providers and licensed insurers could support affordable cover for risks relating to life, health and business activity. Digital distribution may also reduce administrative costs and make smaller, more frequent premium payments easier to manage.
For insurers, the survey points to strong interest in mobile access while underscoring the need to match convenience with affordability and dependable service. Turning that interest into sustained coverage will depend on products that customers understand, can afford and trust to deliver when claims arise.
Source: Omanghana
