Coronation Insurance, MTN MoMo launch 'Smart SME Plan' to shield traders

Coronation Insurance, MTN MoMo launch ‘Smart SME Plan’ to shield traders

In a decisive intervention aimed at reinforcing the financial bedrock of the national economy, Coronation Insurance Ghana Limited, in strategic partnership with MTN Mobile Money (MoMo), has officially launched its landmark Business Protection Insurance (BPI) product.

Dubbed the Smart SME Plan (Bundle), this fully digital insurance suite is engineered to provide affordable, friction-free, and immediate risk mitigation for small and medium-sized enterprises (SMEs) across the length and breadth of Ghana. By dismantling the historical barriers of complex paperwork and prohibitive costs, the initiative seeks to insulate the country's most vital economic actors from catastrophic financial shocks.

The high-profile launch event, hosted at the Accra Metropolitan Assembly (AMA) complex, brought together a diverse and vibrant gathering of stakeholders.

In attendance were hundreds of market women, micro-entrepreneurs, representatives from informal trade associations, financial technology experts, and corporate executives from both the insurance and telecommunications sectors.

The palpable energy at the venue underscored a shared recognition of the critical timing of this product, arriving at a moment when domestic businesses are actively seeking sustainable avenues to protect their livelihoods from unexpected disruptions.

Overcoming Traditional Barriers to Insurance

For decades, Ghana's informal sector—which accounts for an estimated 80% of the national workforce—has remained largely underserved by mainstream insurance providers. Small-scale retailers, marketplace traders, and micro-enterprises have historically operated without any form of institutional safety net. This lack of protection leaves them acutely vulnerable to localised hazards such as market fires, seasonal flooding, burglary, and sudden personal injuries.

Speaking at the launch, Dr Yaw Adom Boateng, Managing Director of Coronation Insurance Ghana Limited, addressed this structural gap with candor.

He emphasised that the low rate of insurance penetration within the SME sector was never due to a lack of interest, but rather a fundamental failure in product delivery and accessibility.

“At Coronation Insurance, we have spent considerable time studying this gap. And 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. Insurance products in the past were simply too complex. The premiums were too high, and the onboarding processes required too many administrative bottlenecks, too many documents, and too much time away from the business itself,” Dr Boateng stated.

Dr Boateng further explained that the design philosophy behind the Smart SME Plan was to completely strip away these inefficiencies. By leveraging technology to automate underwriting and policy management, Coronation Insurance is shifting the paradigm from rigid corporate frameworks to client-centric, mobile-first solutions.

This approach directly aligns with the company's broader corporate vision: utilising robust digital infrastructure to foster macroeconomic resilience and empower indigenous entrepreneurs.

Harnessing Fintech as an Economic Shield

The centerpiece of this product’s deployment strategy is its deep integration into the MTN MoMo ecosystem. With millions of active users across Ghana, mobile money has evolved past a simple peer-to-peer payment network into an essential vehicle for financial inclusion. By embedding the insurance registration and claims management system directly into this existing network, the partnership effectively places an insurance broker in the pocket of every trader.

Yaw Saifah, Senior Manager of BankTech at Mobile Money Fintech Limited, spoke extensively during the launch about the transformative power of secure mobile financial technology. He maintained that telco-insurance (mobile insurance) collaborations are no longer luxury innovations, but critical modern tools for national wealth preservation.

“We are proud to launch a solution that addresses the core challenge of risk mitigation for small business owners. This launch is a clear example of how strategic partnerships can drive innovation and deliver real value to customers. A key enabler of this innovation is the MoMo App, which provides a seamless digital channel for accessing insurance protection. We are excited about the impact this service will have, empowering business owners to proactively mitigate risks and build more resilient businesses,” Saifah remarked.

Through this digital infrastructure, the onboarding loop is reduced to mere seconds. Business owners no longer need to close their shops or travel to a physical branch office to secure cover. Instead, they can register, pay premiums, and initiate claims dynamically using the MTN MoMo App or by dialing the ubiquitous shortcode *170#.

Structured Packages Tailored for Growth

Recognising that the financial capacities of SMEs vary widely, Coronation Insurance and MTN MoMo have structured the Smart SME Plan into four distinct, transparently priced annual tiers. Each package functions as a dual-protection bundle, wrapping Fire and Allied Perils coverage for commercial inventory alongside a dedicated Personal Accident sum assured for the policyholder.

This tiered system ensures that whether an entrepreneur operates a modest neighborhood kiosk or manages a high-volume wholesale distribution outlet, there is an accessible entry point matching their operational cash flow.

The affordability of the premiums—starting at just GHS 225 per year for the Basic Plan—represents a major breakthrough in cost optimization. By capping the highest annual premium at GHS 1,200 for the Ultimate Plan, the product offers up to GHS 150,000 in inventory protection, representing a highly competitive risk-to-reward ratio for expanding enterprises.

A Milestone for National Economic Resilience

Beyond individual business preservation, industry analysts view the launch of the Smart SME Plan as a significant milestone for Ghana's broader economic development. When an uninsured market center experiences a fire or flood, the recovery process can take months or years, often forcing families into cycles of debt and disrupting local supply chains. By establishing a digital framework for rapid capital injection post-disaster, Coronation and MTN MoMo are helping build an economy that can absorb shocks and recover swiftly.

The initiative represents a perfect synergy between Coronation Insurance's corporate underwriting expertise, built over years of general insurance operations since its licensing in 2008, and MTN MoMo's unrivaled digital reach. As Ghana’s entrepreneurial landscape continues to expand and formalize, data-driven solutions like the Smart SME Plan will play an indispensable role in securing livelihoods, sustaining employment, and driving long-term national growth.