Kwesi Afreh Biney, Director-General of SSNIT
The Social Security and National Insurance Trust is betting on the widely used mobile money to improve pension accessibility and convenience, as it deepens its digital transformation strategy to reach a broader base of contributors.
With mobile money transaction volumes and values surging to record highs in 2024, SSNIT is integrating mobile money platforms into its service delivery model. The aim is to make pension-related services more accessible to informal sector workers and the broader population who already use mobile wallets daily for payments and remittances.
“Almost everyone in Ghana today uses mobile money,” said Kwesi Afreh Biney, Director-General of SSNIT, during the Trust’s 52nd branch launch on the Spintex road in Accra.
“We use it to make payments, to transfer funds and it cuts across all demographics. It just makes sense for us to ride on that convenience,” he added.
The shift forms part of SSNIT’s broader strategy to digitise services and increase contributor touchpoints. Beyond mobile integration, the agency has rolled out a virtual branch platform offering 24-hour access to services such as benefit claims, compliance engagements and data updates. Contributors can now access nearly every service remotely that they could in a physical SSNIT office.
“We’re scaling up to the next level of digital performance,” Biney said. “From USSD to a functional app and now a virtual branch – we’re available when our members are ready.”
SSNIT’s move comes amid a nationwide surge in digital financial activity. In 2024 mobile money transaction value soared to a record GH¢3.02trillion, up nearly 58 percent from the previous year.
Monthly volumes peaked at 745 million transactions in December 2024. Early 2025 figures suggest momentum remains strong, with GH¢649.2billion worth of transactions recorded in just January and February.
Elimination of the controversial Electronic Transaction Levy (E-Levy) in early 2025 is expected to further accelerate mobile money adoption and, by extension, digital pensions engagement.
While improving access remains the primary goal, SSNIT is also eyeing investment reforms to sustain pension payouts. Mr. Biney noted recent concerns over non-performing assets of the Trust, saying the Trust is actively rebalancing its portfolio toward higher-yield areas.
“We’ve reviewed our portfolio and are channelling more funds into fixed income securities and listed equities – especially in banking, telecoms and industrial sectors – which are delivering strong returns,” he noted. The Trust is also expanding its footprint in the energy sector, leveraging positive performance from its Tema power plant and planning new operations in Kumasi.
SSNIT’s stance on the national retirement age remains cautious. Although stakeholders, including the National Pensions Regulatory Authority, have floated ideas to raise the retirement threshold, the Director-General says any such move requires broader consultation and economic consideration.
“Increasing life expectancy is a factor, but high unemployment also means we need to create room for younger workers. This is a conversation for all stakeholders,” he said.