By Stanley Senya, GNA
Accra, Oct. 30, GNA–Mr Shaibu Haruna, Chief Executive Officer of MobileMoney LTD has said that the company was strengthening its support for Ghana’s digital economy through expanded access to credit for small businesses, local fintech talent development and financial literacy initiatives.
He said the company was collaborating with banks and other financial institutions to help customers use digital transactions to save, access credit responsibly, invest and expand their businesses.
Mr Haruna was speaking at the Ghana CEO Vision and Awards High-Level Dialogue at the Kempinski Hotel in Accra, on the theme: “Reimagining Ghana’s Future: CEOs at the Heart of the Reset Agenda.”
He said although mobile money had become an integral part of everyday life, its next phase of growth should focus on improving livelihoods, supporting businesses and contributing more directly to economic development.
Mr Haruna cited the example of a market trader who used mobile money not only to send and receive funds but also to collect payments from customers, pay suppliers, save, access credit and insure her business.
He said the priority was to build on the existing digital payment infrastructure to create greater economic opportunities for individuals and businesses.
On access to credit, Mr Haruna said many micro, small and medium-sized enterprises (MSMEs) require working capital to operate and expand but lacked collateral and formal financial records to qualify for conventional loans.
He said partnerships with financial institutions enabled the platform to facilitate access to credit for millions of Ghanaians monthly, with partner institutions providing the funds while the platform supported loan disbursement and repayment.
Digital transaction records, he said, could help lenders assess the cash flows and repayment capacity of small businesses, creating opportunities for traders to restock, young entrepreneurs to finance their ventures, farmers to document their earnings and drivers to build digital financial histories.
Mr Haruna, however, identified the mixing of personal and business finances as a challenge for small business owners seeking credit.
He said using the same accounts for household expenses and business transactions made it difficult for lenders to assess business performance and determine appropriate financing.
He encouraged business owners to separate their personal and business finances to improve financial management and strengthen their prospects of securing credit.
On the Government’s 24-hour economy agenda, Mr Haruna said reliable digital payment systems would be essential to support businesses operating beyond conventional working hours.
He acknowledged that cash remained widely used despite the growth in digital payments, requiring sustained efforts to encourage adoption and build confidence in digital financial services.
On local talent development, he said the company had established the MoMo Fintech Lab to identify and nurture innovative ideas that address local challenges and transform them into viable businesses.
The initiative, he said, extended beyond Accra to Kumasi and other parts of the country to widen opportunities for local innovators.
Mr Haruna said financial literacy was equally important because access to digital technology did not necessarily translate into the knowledge required to make sound financial decisions.
He said grassroots education was needed to help customers understand saving, borrowing, investing and the safe use of digital financial services.
He identified women, persons with disabilities and rural communities as groups requiring greater attention to ensure that financial products and educational programmes addressed their specific needs.
On cybersecurity, Mr Haruna said protecting customer trust was critical as more financial services became accessible through smartphones.
He said continuous public education was necessary to help customers recognise and guard against cyber threats associated with digital transactions.
Dr Ishmael Evans Yamson, Chairman of Ishmael Yamson & Associates, urged chief executives to take greater responsibility for advancing Ghana’s economic transformation.
He said many of the country’s challenges were homegrown and required responsible leadership and collective action to address.
Dr Yamson encouraged businesses to develop local ideas, technologies and practical solutions to reduce dependence on imports, while upholding ethical leadership and deliberately investing in the next generation of leaders.
He also urged business leaders to consider the long-term implications of artificial intelligence and help address infrastructure constraints affecting national development.
Mr Edmond Moukala N’Gouemo, Director of the UNESCO Accra Office, urged businesses to place human well-being at the centre of their growth strategies.
He said business success should be measured not only by financial performance but also by contributions to poverty reduction, improved livelihoods, and the resilience of vulnerable communities.
Citing persistent challenges, including poverty, food insecurity, climate shocks, rising living costs and gaps in education and healthcare, he called on business leaders to translate commitments into practical interventions.
With the 2030 deadline for achieving the Sustainable Development Goals approaching, Mr Moukala N’Gouemo said the private sector had an important role to play in accelerating progress.
Mr Latif Abubakar, Founder of the Ghana CEO Awards, said the dialogue provided a platform for business leaders to contribute to national development through innovation, responsible leadership and strategic partnerships.
He said the government could not achieve the country’s development objectives alone and called for stronger private-sector participation in addressing national challenges.
Mr Abubakar outlined four guiding principles for the platform: innovation to remain relevant, meaningful relationships to strengthen connections, technology and forward planning to anticipate change, and credibility to build trust.
GNA
Edited by Linda Asante Agyei