MobileMoney LTD has joined a United Nations Capital Development Fund (UNCDF) initiative aimed at empowering women and youth led micro, small, and medium enterprises (MSMEs) through tailored digital financial solutions and literacy programs.
The partnership falls under the Leveraging Digital Ecosystems for Increased MSMEs’ Productivity project, a three year initiative funded by the SDG Fund that targets 25,000 entrepreneurs in underserved communities across Ghana’s Northern, Ashanti, and Western Regions.
MobileMoney LTD stands among five service providers selected to develop and scale digital financial services addressing critical barriers MSMEs face in accessing payments, loans, savings, and insurance products. The initiative launched in September 2024 and runs through September 2027 with approximately $3 million in funding from the European Union and other United Nations member states.
Shaibu Haruna, Chief Executive Officer for MobileMoney LTD, emphasized that financial inclusion and women’s empowerment remain central to the company’s strategic focus. He stated that empowering women and young entrepreneurs through digital finance creates lasting economic value, aligning with the company’s mission to drive digital inclusion for every Ghanaian.
Haruna explained that the project extends the company’s commitment to supporting MSMEs and driving inclusive growth. He noted that market research completed by MobileMoney LTD highlights critical gaps MSMEs face in accessing tailored solutions for loans, savings, and insurance.
The company is now focused on developing and testing prototypes designed to close these gaps, ultimately fostering sustainable business growth in targeted regions while ensuring maximum national impact toward global Sustainable Development Goal (SDG) targets.
The project began with capacity building sessions facilitated by UNCDF, which equipped the MobileMoney LTD team with Human Centric Design tools and insights to guide solution development. Building on this foundation, the company completed market research to better understand unique MSME needs and is advancing to the prototype development phase.
These prototypes will be tested, refined, and scaled to drive greater access to financial services for excluded MSMEs, sustainable business growth for women and youth entrepreneurs, improved digital and financial literacy, and long term impact on Ghana’s economic development.
Over the years, MobileMoney LTD has demonstrated commitment to women’s economic empowerment through several initiatives, including digitizing Village Savings and Loans Association (VSLA) groups, supporting market women with smartphones to enhance business operations, and providing seed funding to women agents to grow their enterprises.
These initiatives form part of the company’s broader agenda to enable women’s participation in the digital economy and promote inclusive growth. The broader UN joint programme involves UNCDF, the United Nations Development Programme (UNDP), and the UN Trade and Development (UNCTAD), implemented under the UN Resident Coordinator and the Ministry of Trade and Industry.
The initiative aims to provide 25,000 youth and women led MSMEs with access to new or adapted digital financial services, deliver tailored digital and financial skills training to 10,000 MSMEs, and offer skills training and e-commerce support to over 7,500 MSMEs through innovation hubs and Business Advisory Centres.
MSMEs contribute approximately 92% of businesses in Ghana but face systemic barriers including limited access to capital, low digital literacy, and inadequate market linkages. Traditional financial institutions often perceive MSMEs as high risk borrowers, leaving them with restricted funding options.
Through this partnership, financial service providers will develop digital payments, savings products, and innovative credit facilities catering to unique MSME needs. The programme also includes establishing a Digital Gateway platform under the Ghana Enterprises Agency, serving as a one stop shop for business support services.
MobileMoney LTD, a subsidiary of MTN Ghana responsible for mobile financial services, launched in 2009 and now serves over 17 million registered subscribers. The company offers payment solutions, remittance, banking technology, insurance technology, savings, and loans aimed at driving financial inclusion and economic empowerment.
The joint SDG Fund initiative represents a comprehensive approach to digital transformation, creating systems that facilitate private sector investment in underserved markets while strengthening partnerships between governments, private investors, and MSMEs in pursuit of the SDGs by 2030.
Ghana faces an estimated investment funding gap of approximately $6 billion annually, and the MSME financing gap stood at 13% of gross domestic product (GDP) in 2017, equivalent to about $6.1 billion. Achieving the SDGs will require more than $11 billion annually over the next 15 years.
The programme focuses on creating transformative and sustainable impact in Ghana’s MSME landscape by building enduring resilience and growth capacity. It aligns with the European Union’s broader development goals across Africa, reinforcing commitment to digital transformation and inclusive growth.
Source: newsghana.com.gh
