By Yussif Ibrahim, GNA
Kumasi, May 14, GNA – MTN Ghana, in partnership with Universal Merchant Bank (UMB) and Kola Market, has launched a capacity-building initiative aimed at equipping informal sector workers with financial literacy, digital tools and access to tailored financial products to support business growth.
Dubbed “Wo Nkɔsoɔ” (Your Progress), the initiative seeks to strengthen the capacities of traders, dressmakers, beauticians, artisans, small-holder farmers and other vocational workers through practical training and technical support.
The maiden workshop brought together participants from various trade associations, including the Ghana National Traders and Dressmakers Association.
Mr. Charles Osei Owusu, Senior Manager for Business Development at Mobile Money Fintech Limited (MTN), speaking at the event, said many Ghanaians still underestimated the economic opportunities available within the mobile money ecosystem.
“Many users view mobile money strictly as a vehicle for peer-to-peer transfers,” he explained.
He said mobile money services had evolved significantly and now provided access to business financing, insurance products and pension schemes that could help small businesses become more sustainable.
“In reality, the ecosystem is far more robust. Our goal is to demonstrate how these services provide immediate access to business loans, insurance coverage, and sustainable pension schemes,” Mr. Osei Owusu added.
He noted that strengthening financial literacy among informal sector workers was critical to improving their participation in the formal financial system and enhancing business resilience.
Mrs. Edem Knight-Tay, Head of Corporate Communications at UMB Bank, said the initiative formed part of efforts to support small businesses that often faced challenges in accessing traditional credit facilities.
She said the bank remained committed to serving the “missing middle” by providing accessible financial solutions tailored to the needs of artisans and traders.
Mrs. Knight-Tay introduced the bank’s “SpeedUp” product, designed to help small-scale entrepreneurs expand their businesses through flexible capital support and credit facilities.
She indicated that strategic partnerships between financial institutions and digital service providers could play a major role in addressing financing gaps within the informal economy.
According to data from the Ghana Statistical Service, the informal sector accounts for more than 80 per cent of Ghana’s workforce, although many operators lack formal bookkeeping systems and access to mainstream banking services.
As part of the initiative, Kola Market is supporting efforts to digitalise small businesses by providing inventory management and digital sales tools to help traders monitor growth and improve their financial credibility.
GNA
Kenneth Odeng Adade
Reporter: Yussif Ibrahim
Email: [email protected]