Petra, a Ghanaian financial services company with over 15 years of experience in pensions and wealth management, has expanded access to insurance by integrating protection services into its digital platform while maintaining offline channels.
The company announced on Monday, February 9, 2026, that it has introduced insurance services through the achieve by Petra app and USSD channel, marking its evolution from a pensions-focused provider into a diversified financial services firm offering pensions, investments, loans, home ownership solutions and insurance.
The achieve by Petra app, launched in August 2020, has grown to over 500,000 users and operates as Ghana’s first financial planning and investment application. Users can now complete insurance purchases within minutes through the mobile application, reducing paperwork and traditional barriers associated with conventional insurance processes.
Petra has retained offline access options for customers preferring direct human engagement. Insurance services remain available through a USSD channel accessible by dialing asterisk 447 asterisk 70 hash, enabling users without smartphones or those seeking assistance to access support easily.
The blended approach addresses long-standing challenges in insurance uptake including trust, accessibility and clarity, which have contributed to low penetration despite growing demand for financial protection. Ghana’s insurance penetration stood at 1.19 percent of gross domestic product in 2023, significantly below the African average of 2.8 percent.
Petra operates through four subsidiary companies including Petra Trust, one of Ghana’s largest pension trustees founded in 2011, Petra Securities, a Securities and Exchange Commission licensed financial advisory and brokerage company, Petra Fund Services offering institutional asset management, and Spry providing technology services.
The achieve by Petra app offers multiple investment products including DigiSave, which invests in the Plus Income Fund managed by Blackstar Advisors and held with Stanbic Bank for safekeeping. Users can start investing with a minimum of 100 Ghana cedis and earn daily interest on deposits.
Petra Securities operates under license from the Securities and Exchange Commission to provide broker services, financial planning and investment solutions to individuals and institutions. The company has expanded its digital offerings to include personal pension accounts, loans and now insurance services.
The National Insurance Commission (NIC) reported in 2024 that Ghana’s insurance industry recorded gross premium income of 5.8 billion cedis, representing 15.7 percent growth compared to 2023. However, the sector continues to face challenges including low awareness, distribution gaps and trust deficits.
Digital insurance platforms have emerged across Ghana’s financial services landscape as companies leverage mobile technology to expand access. The Bank of Ghana reported in 2024 that mobile money accounts reached 47.9 million, creating infrastructure for digital financial services distribution.
Petra’s insurance integration follows the launch of its achieve by Petra Fantasy Premier League Challenge running from August 2025 to May 2026, offering weekly rewards to active app users who make deposits. The promotional initiative aims to increase user engagement and deposits on the platform.
The achieve by Petra app is available for download on the App Store and Google Play. Petra maintains a members’ portal for existing customers to manage their pension and investment accounts online.
Ghana’s financial technology sector continues to attract investment as companies develop solutions addressing gaps in savings, credit, insurance and payments. The industry faces regulatory oversight from the Bank of Ghana, Securities and Exchange Commission, and National Insurance Commission.
