NIC Boss advises MoMo vendors to insure their businesses
Amid recent attacks on Mobile Money (MoMo) vendors across the country, the Commissioner of Insurance, Dr Justice Yaw Ofori, has advised Mobile Money (MoMo) vendors to insure their trade.
The National Insurance Commission (NIC) Boss has explained that though it is not compulsory for them to have insurance cover, doing so is a prudent decision that would secure the protection of their business.
With an insurance cover, MoMo vendors would have peace of mind doing their business, knowing that if they are ever victims of a robbery or natural disaster, they would be able to fall on something to bounce back.
“It is the responsibility of every business person to get some kind of peace of mind, that is insurance protection. So if you’ve seen this happen to your colleague, then you better get prepared because you can also be a victim.”
“I think it’s the responsibility of every business operator to actually think of the future and see how they protect their future. It is not compulsory for them to have insurance, but it should be a business decision they have to take,” he added.
Dr Ofori said this in an interview monitored by The Ghana Report on Citi FM on Monday, August 2, 2021.
Over 200 MoMo agents attacked in the first half of 2021
According to the Mobile Money Agents Association of Ghana (MMAAG), in the first half of 2021 alone, dozens of MoMo vendors have been attacked in the country.
The association has noted that the violent crimes that have been perpetrated against their members between January and June 2021 include armed attacks, acid baths, gunshots incidents, which have left some of them deformed in some cases.
They have also noted that others have also lost some quantum of money through such attacks, a situation, which has adversely affected dependents of these vendors, including children, and in some cases, extended families.
In addition to this, the spokesperson for MMAAG, Charles Kwasi Addo, noted that mobile money had become one of the riskiest businesses in the country.
“Security has become one of the major challenges that we are struggling with. There is direct burglary and that is the order of the day now,” he said.
Defence and Interior Committee tasked to find solutions to attacks on MoMo vendors
Due to these recurrent attacks on MoMo vendors, last month, the Second Deputy Speaker of Parliament, Andrew Amoako Asiamah, directed the Defence and Interior Committee of parliament to investigate the matter and propose solutions to curb it.
The directive follows a statement from the Member of Parliament (MP) for Ablekuma South, Alfred Okoe Vanderpuije, on the rising spate of robbery attacks on mobile money merchants.
He noted that the government’s responsibility was to create an enabling environment for businesses to thrive; therefore, addressing the security issues confronting MoMo vendors was crucial.
Expressing worry over the attacks, he said, “behind this exciting news of growth in the mobile money business, armed robbers have made vendors a constant target of criminal attacks. Hardly does a month go by without a report of an attack on a mobile money vendor.”
Having said this, he asked the government to make sure it institutes measures to protect the vendors, and ensure that they operate in a safe environment.
READ ALSO: Bawumia Unveils Industry-Led Platform To Combat MoMo Fraud
In a related issue, the Vice President, Dr Mahamudu Bawumia, in April this year, announced the launch of the Fraud Control Dashboard, an initiative to tackle the rising incidence of fraudulent activities in mobile money operations.
The platform by mobile network operators (MNOs), the central bank and the police is to help in blocking SIM cards, mobile devices and ID numbers that are connected with any fraud or general crime-related cases in the country.
Speaking at the opening of the second edition of the Mobile Technology for Development (MT4D) conference in Accra, he challenged mobile network operators to continue working to find innovative digital solutions.
According to the vice president, it would promote a sustainable society through the provision of universal access to financial services, healthcare, food security, and education to our people.
“I am confident in the ingenuity and determination of the Ghanaian people to find solutions to complex problems for our common good,” he added.