By Jibril Abdul Mumuni
Accra, Sept. 25, GNA – Stakeholders in Ghana’s financial sector have underscored the importance of digital transactions in helping micro, small and medium-sized enterprises (MSMEs) to build reliable financial records and improve their access to credit and other formal financial services.
They said although mobile money had significantly transformed Ghana’s payment ecosystem over the past decade and expanded financial inclusion, many small businesses continued to rely heavily on cash transactions, limiting their visibility within the formal financial sector.
The stakeholders made the observation at the launch of Visa Accept, a digital payment solution aimed at enabling merchants to receive electronic payments through mobile devices.
Ghana has witnessed substantial growth in mobile money usage over the years, with millions of people relying on the platform for everyday transactions, including payments, transfers and savings.
The development has helped to reduce barriers to financial services, particularly among underserved populations and small businesses.
However, industry players believe that more needs to be done to encourage digital transactions among micro and small enterprises to support their growth and integration into the formal economy.
Mr Fabrice Conan, the Country Manager for Visa Ghana, noted that while mobile money had made significant contributions to financial inclusion, there remained considerable room to expand digital payment adoption in the country.
Many micro-merchants still operated largely in cash, making it difficult for them to benefit fully from financial services linked to digital transaction records.
Mr Conan noted that digital transactions could help create the financial visibility required for businesses to access services such as credit, insurance and other financial products.
“We want to make them visible so that they can really access full-fledged financial services that are enabled by digital payments,” he said.
The increasing use of digital payments, he said, would also help small businesses attract more customers, including international visitors who may prefer cashless payment options.
Mr Eugene Ocansey, the Executive Director, Retail and SME Banking at Access Bank Ghana, emphasised that access to credit continued to be a major challenge for many small businesses due to the absence of business records and transaction histories.
He said financial institutions often found it difficult to assess the performance and creditworthiness of informal businesses because of limited data on their operations.
“The only way we can support them to grow as a bank is to find a way to formalise them,” he said.
Mr Ocansey emphasised that digital payment channels could provide an effective means of capturing transaction data that would support lending decisions and make it easier for businesses to access financing.
The availability of reliable transaction records would not only improve access to credit but also enable banks to offer tailored financial solutions to support business expansion.
“Because the more you can get access to that data, then you can also lend to them and support them,” he added.
Mr Ocansey said many small businesses remained excluded from opportunities within the formal financial system despite their contribution to economic growth.
He also highlighted the need for continued merchant education and awareness creation to boost confidence in digital payment systems and encourage wider adoption.
He said strengthening digital payment ecosystems could contribute to greater financial inclusion, improved access to credit and the growth of small businesses, which played a critical role in Ghana’s economy.
GNA
Edited by Agnes Boye-Doe
Reporter:Jibril Abdul Mumuni