Ghana’s efforts to strengthen its private sector are increasingly turning to digital finance as policymakers and development partners seek new ways to close one of the country’s biggest economic bottlenecks, which is limited access to affordable credit for micro, small and medium-sized enterprises (MSMEs).
Although MSMEs account for about 92 percent of businesses in Ghana, provide nearly 80 percent of employment and contribute roughly 60 percent of Gross Domestic Product (GDP), many continue to struggle to secure financing because of stringent collateral requirements, high lending rates and limited financial records.
That financing gap is particularly acute for women entrepreneurs and youth-led enterprises, many of which operate within the informal sector and remain underserved by traditional financial institutions.
Against that backdrop, the United Nations Capital Development Fund (UNCDF), together with the United Nations Resident Coordinator’s Office, the United Nations Development Programme (UNDP) and the United Nations Conference on Trade and Development (UNCTAD), has unveiled five market-ready digital financial solutions aimed at expanding financial inclusion for Ghana’s MSMEs.
The solutions were presented in Accra during an investment showcase held to commemorate International MSME Day under the theme “Beyond the Blueprint: Putting Digital Finance to Work for MSMEs.”
The initiative forms part of the Joint SDG Fund Programme on Leveraging Digital Ecosystems for Increased MSME Productivity, a three-year programme designed to strengthen Ghana’s digital financial ecosystem and improve access to financial services for underserved businesses.
Digital Solutions Target Financing Barriers
Five financial institutions selected through a competitive process showcased products designed to tackle different financing constraints facing small businesses.
Digital lender Fido has developed a lending platform tailored specifically for MSMEs, while Adehyeman Savings and Loans, working with Ghanaian fintech firm Oze, introduced rural savings and loan products supported by digital credit-scoring technology.
Mobile Money Limited presented merchant services integrated with digital bookkeeping tools aimed at helping small businesses build financial records that improve their access to credit.
Solis Finance is developing a digital savings and loans platform targeting informal enterprises, while Opportunity International showcased microfinance products designed for women and youth-led businesses.
The products seek to address longstanding gaps in access to credit, savings, financial management and business expansion support.
Focus Shifts from Innovation to Scale
The programme is now entering its commercialisation phase.
The two highest-performing institutions will each receive up to US$200,000 in catalytic funding to pilot and scale their products, with organisers encouraging investors and development partners to support wider deployment of solutions capable of reaching underserved entrepreneurs.
The funding is intended to demonstrate commercially viable models that can strengthen financial inclusion while supporting enterprise growth.
Economic Stakes Extend Beyond Finance
Organisers argue that improving access to finance is critical not only for individual businesses but also for Ghana’s broader economic development.
Greater access to working capital would enable small businesses to invest, expand production, create jobs and improve productivity, strengthening their contribution to national growth.
The event also underscored the importance of partnerships between financial institutions, fintech companies, development agencies and investors in building a more inclusive financial ecosystem.
As Ghana pursues private sector-led growth, the success of these digital financial solutions could help determine whether thousands of women-owned and youth-led enterprises gain the capital needed to move from survival businesses to sustainable engines of employment and economic expansion.
