Small and medium-sized enterprises (SMEs) in Ghana could gain improved access to financing through digital payment platforms as businesses turn to transaction data and alternative financial tools to overcome longstanding funding challenges.
The GhanaPay platform, developed by the Ghana Interbank Payment and Settlement Systems (GhIPSS) in collaboration with the banking industry, is positioning digital payments beyond simple transactions by creating opportunities for SMEs to build financial records, improve credit assessment and access new funding channels.
For many small businesses, limited access to formal financing remains a major barrier to growth. Financial institutions often require evidence of cash flow, business records and operational history before approving loans, but many SMEs, particularly those operating informally, struggle to provide such documentation.
Digital payment platforms such as GhanaPay offer a potential solution by creating a verifiable transaction trail that reflects the financial activities of businesses. Through consistent use of digital payments, SMEs can build a stronger financial profile, allowing banks and other lenders to better assess their ability to repay credit.
Mrs. Audrey Mnisi Mireku, Banking Operations, Risk and Cybersecurity Specialist at the Ghana Association of Banks (GAB), said digital transactions could help address the challenge of weak business records among SMEs by providing “automatic transaction history” that supports financial assessment.
She explained that such records allow businesses to “track their sales, monitor business performance”, and demonstrate turnover when applying for loans, reducing some of the difficulties lenders face when evaluating small businesses.
The availability of reliable transaction data could transform how lenders evaluate SMEs by shifting credit decisions from reliance solely on traditional documentation towards a more data-driven approach. For businesses with limited assets or formal financial statements, regular digital transactions could become an important indicator of business performance.
Mireku noted that GhanaPay can help create a stronger “digital footprint” for SMEs, allowing banks to make faster and more informed lending decisions based on actual business activity.
“Banks are more comfortable lending” to businesses with verifiable transaction records, she said, adding that digital payment histories could eventually serve as an alternative method for assessing creditworthiness.
GhanaPay also provides SMEs with a more efficient way to manage daily operations. By reducing dependence on cash transactions, businesses can lower cash handling costs, improve payment security and maintain clearer records of their financial activities.
Mireku said the platform helps businesses reduce “cash management expenses” by limiting the need to transport physical money and simplifying routine financial operations.
Cash-based operations have historically exposed small businesses to risks including theft, fraud and operational losses. Digital payment systems reduce these vulnerabilities while allowing entrepreneurs to focus more resources on expanding their businesses.
The shift towards digital payments also offers businesses greater security and efficiency. According to Mireku, money received electronically is safer than keeping large amounts of cash at business premises, as digital systems reduce exposure to “theft, robbery, internal fraud and human error.”
The platform also introduces additional financing opportunities through its crowdfunding feature, developed by GhIPSS as part of efforts to expand digital fundraising options within Ghana’s financial ecosystem.
Mrs. Sadia Tetteh, Business Development Executive at GhIPSS, explained that the crowdfunding service on GhanaPay provides SMEs and groups with a structured platform to mobilise funds for projects without relying exclusively on traditional bank loans.
She said the feature allows businesses to “raise funds for their businesses” by creating campaigns where contributors can make payments digitally through the platform.
For SMEs seeking expansion capital, crowdfunding could provide an alternative avenue for raising funds from customers, business networks and other supporters. This is particularly relevant for businesses that may find conventional financing requirements difficult to meet.
The crowdfunding feature also introduces greater accountability in fundraising activities. Tetteh noted that contributors are able to monitor campaigns through a system that provides “100% transparency” on funds raised and contributions received.
The platform allows businesses, associations and groups to determine campaign administrators and approval processes, creating a structured approach to managing pooled funds.
The integration of payment services, financial records and fundraising capabilities within one platform reflects a broader shift towards digital financial inclusion in Ghana. Digital platforms can help reduce information gaps between SMEs and lenders by connecting businesses to formal financial systems, enabling financial institutions to access more reliable data for credit assessment and decision-making.
Tetteh described GhanaPay as a platform designed to provide “digital freedom for every Ghanaian” by expanding access to financial services, particularly for individuals and businesses that may have limited engagement with traditional banking systems.
GhanaPay also allows merchants to receive payments from customers across different financial channels, including bank accounts and mobile money platforms, while providing tools such as QR payments and digital transaction management.
As Ghana continues to promote financial inclusion and private sector growth, the adoption of digital payment solutions among SMEs could play a critical role in strengthening business formalisation and improving access to capital.
The next step for businesses is to move beyond using digital platforms solely for receiving payments and leverage the financial data generated from these transactions as a pathway to building credibility, attracting investment and achieving long-term growth.
