MTN Ghana, in collaboration with Universal Merchant Bank (UMB) and Kola Market, has introduced a new initiative aimed at strengthening financial inclusion among informal sector operators through skills training and access to digital financial services.
The programme, dubbed “Wo Nkɔsoɔ” (Your Progress), is designed to equip traders, artisans, dressmakers, beauticians and smallholder farmers with practical financial knowledge, digital tools and tailored financial products to support business growth.
The initiative was launched with a workshop in Kumasi, bringing together participants from various trade groups, including the Ghana National Traders and Dressmakers Association.
Mr Charles Osei Owusu, Senior Manager for Business Development at Mobile Money Fintech Limited, a subsidiary of MTN, said many Ghanaians were yet to fully appreciate the expanding opportunities within the mobile money ecosystem.
He noted that mobile money was often perceived only as a platform for sending and receiving funds, despite its growing range of services.
“Mobile money has evolved beyond peer-to-peer transfers. It now offers access to credit, insurance and pension products that can help small businesses grow and remain sustainable,” he explained.
Mr Osei Owusu said improving financial literacy among informal sector operators was essential to enhancing their participation in the formal financial system and strengthening their capacity to manage and expand their businesses.
He added that the initiative sought to demonstrate how digital financial services could provide immediate and practical support to small enterprises.
Mrs Edem Knight-Tay, Head of Corporate Communications at UMB, said the partnership formed part of the bank’s broader strategy to support small businesses that often struggled to access traditional financing.
She indicated that UMB was focused on serving the “missing middle” by developing financial solutions tailored to the unique needs of traders and artisans.
As part of the programme, she introduced the bank’s “SpeedUp” product, which offers flexible credit support to help small-scale entrepreneurs expand their operations.
Mrs Knight-Tay emphasised that collaboration between financial institutions and digital service providers was critical to bridging the financing gap within the informal economy.
According to data from the Ghana Statistical Service, the informal sector accounts for more than 80 percent of Ghana’s workforce, although many operators lack formal bookkeeping systems and access to mainstream banking services.
To address this gap, Kola Market is supporting the initiative by providing digital tools such as inventory management systems and sales tracking platforms to help small businesses improve record-keeping and build financial credibility.
The partners said the initiative would contribute to improving business resilience, enhancing access to finance and accelerating the digital transformation of the informal sector.
