Mobile Money FinTech Limited (MMFL) has introduced Misika, a digital loan solution aimed at expanding access to working capital for micro and small businesses by offering fast, collateral-free financing through the mobile money merchant ecosystem.
The service, launched in partnership with LoopDFS and Adehyeman Savings and Loans, is expected to address one of the biggest challenges confronting small businesses, limited access to affordable and timely credit.
Speaking at the commercial launch of the product in Accra, Ms. Sylvia Otuo Acheampong of Mobile Money FinTech Limited said the three institutions had combined their expertise to develop a financing platform that enables eligible Mobile Money merchants to obtain loans without the lengthy processes associated with conventional banking.
She explained that Mobile Money FinTech Limited provides the customer network and distribution platform, LoopDFS manages the credit scoring engine, while Adehyeman Savings and Loans supplies the funds for disbursement.
“The partnership allows each institution to focus on its strength, making it possible to deliver quick and convenient financing to merchants across the country,” she said.
Ms. Acheampong noted that Misika is MMFL’s first dedicated merchant loan product and follows months of pilot testing, customer engagement and product refinement.
She said the commercial launch marked the beginning of a nationwide rollout, making the facility available to all eligible Mobile Money merchants.
“Following extensive testing and feedback from users, we have fine-tuned the service and are now ready to scale it nationwide,” she stated.
Under the scheme, first-time borrowers can access loans of up to GH¢2,000, while merchants with strong repayment histories may qualify for facilities of up to GH¢10,000.
She described the product as a flexible source of working capital designed to help traders and small business owners finance inventory purchases, meet short-term operational expenses and expand their businesses.
“This facility is intended for small-scale businesses that require daily, weekly or monthly financing to keep their operations running. Merchants can borrow, invest the funds in their businesses, repay the loan and continue accessing higher amounts as they build a good repayment record,” she said.
Unlike traditional bank loans, the Misika facility does not require collateral or extensive documentation.
According to Ms. Acheampong, eligibility is determined primarily by a merchant’s transaction history on the Mobile Money merchant platform.
She therefore encouraged business owners to actively receive customer payments through their merchant wallets, explaining that transaction activity forms the basis for assessing creditworthiness.
“The more transactions merchants process through their Merchant SIM, the stronger their financial profile becomes, increasing their chances of qualifying for higher loan amounts,” she said.
She cautioned merchants against using personal Mobile Money wallets for business transactions, noting that such transactions would not be captured in the credit assessment process.
“If you receive business payments through your personal wallet instead of your Merchant SIM, those transactions will not contribute to your loan score. It is the activities on the Merchant SIM that determine your eligibility,” she explained.
Ms. Acheampong said the initiative would help bridge the financing gap for entrepreneurs who are unable to access credit from traditional financial institutions due to collateral requirements or limited documentation.
She noted that while borrowers must meet Know Your Customer (KYC) requirements, including operating a registered business to obtain a Merchant SIM, the loan application process itself remains simple and fully digital.
She encouraged merchants to take advantage of the service to improve cash flow, grow their businesses and strengthen their financial records.
“Misika provides a convenient way for entrepreneurs to access capital quickly and discreetly. It enables business owners to secure financing, invest in their enterprises and repay comfortably without the complexities often associated with formal lending,” she added.
The launch forms part of ongoing efforts by Mobile Money FinTech Limited and its partners to deepen digital financial inclusion by leveraging transaction data and technology to expand access to credit for Ghana’s growing community of micro, small and medium-sized enterprises.
