MTN Ghana targets informal sector in push for cash-lite economy
MTN Ghana is deepening its push for a cash-lite economy by targeting informal sector operators, including market traders, drivers and retirees, with digital payment and financial services designed to reduce reliance on physical cash.
It said MTN Ghana was working closely with the government to accelerate the adoption of digital financial services and expand financial inclusion across the economy.
The company’s Mobile Money Channel Development Manager, David Nana Addai, was speaking in an interview with journalists on the sidelines of this year’s MoMo Fest in Berekum in the Bono Region on Saturday.
The programme was organised by Mobile Money FinTech Limited, with support from Ecobank Ghana, Guinness Ghana, Ayo Insurance and MTN Business.
He said the company’s ambition was to see significant transformation in the financial services ecosystem over the next decade, particularly among workers in the informal economy who often have limited access to formal financial products.
“We are hoping that in the next 10 years, the whole economy will be transformed. Informal sector workers who, after retirement, don’t have pensions would have pensions through the micro-pension and insurance services that we have on MoMo,” he said.
He said the festival was being used to engage micro-enterprises, market traders and small-business operators on the benefits of replacing physical cash handling with digital MoMo transactions.
According to him, expanding digital payments among small businesses would not only make transactions more convenient but also support broader efforts to bring more people into the formal financial system.
Mr Addai said MTN Ghana was actively supporting the national transition towards a cash-lite economy by expanding digital payment solutions and promoting their use within the informal sector.
He said the company’s focus was to make digital transactions increasingly accessible to businesses and individuals while encouraging customers to integrate mobile money into their daily financial activities.
Mr Addai urged customers to download and actively use the MoMo App, describing it as a secure platform offering a range of value-added services aimed at improving customer experience.
The Manager also cautioned MoMo users to remain vigilant against fraudsters and avoid engaging with suspicious individuals or responding to requests that could compromise their accounts.
The two-day MoMo Fest brought together residents, businesses and customers for digital financial education, cashless shopping, community activities and entertainment.
Mr Addai said the combination of financial education and practical digital payment activities was intended to encourage more consumers and businesses to embrace mobile money as an alternative to cash.
He said MTN Ghana would continue working with stakeholders to expand digital financial services and help create an economy where businesses, individuals and public institutions could transact seamlessly without depending heavily on physical cash.
The initiative forms part of the company’s broader efforts to deepen financial inclusion, promote digital payments and improve access to financial products, particularly among underserved segments of the economy.
BY DANIEL DZIRASAH, BEREKUM
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