A digital financial services programme by MobileMoney Fintech Limited (MTN MoMo) and the United Nations Capital Development Fund (UNCDF) aims to facilitate about GH¢11.7 million in capital for 10,800 micro, small and medium enterprises (MSMEs) in Ghana by June 2027.
The initiative, being implemented with support from the United Nations Development Programme (UNDP) and other partners, seeks to improve access to digital savings and microloans to help small businesses finance their operations and expansion.
Dr Allen Anie, Head of Innovative Finance and Inclusive Growth at the UNDP, said the second phase of the programme would support businesses to build savings, meet working capital requirements, purchase inventory and invest in growth.
He said the initiative was expected to reach 18,000 women and youth-led MSMEs by June 2027, with at least 10,800 benefiting from savings and loan services.
Dr Anie said the programme would also provide financial literacy and business management training to improve budgeting, record-keeping, cash flow management and responsible borrowing.
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He said the intervention was particularly important because many MSMEs continued to face barriers to affordable financing and business management support.
Mr Shaibu Haruna, Chief Executive Officer of MTN MoMo, said the partnership would help microenterprises move beyond digital payments to financial services that supported savings, access to credit and capital accumulation.
He said stronger microenterprises could grow into larger businesses, create employment and improve the welfare of households and communities.
Mrs Cynthia Djokoto, Director of MSMEs at the Ministry of Trade, Agribusiness and Industry, said improved access to financial services would help businesses strengthen their operations, expand and create jobs.
She said the Ministry welcomed the initiative and remained committed to supporting the growth of MSMEs in Ghana.
