Accra: Mobile Money FinTech Limited (MMFL) has announced the launch of Misika, a digital loan service intended to provide quick, collateral-free funding to small businesses within the mobile money ecosystem. Sylvia Otuo Acheampong, speaking at the launch event for Adehyeman Savings and Loans' Misika service, highlighted the strategic partnership among Mobile Money FinTech Limited, LoopDFS, and Adehyeman Savings and Loans as the driving force behind this initiative.
According to Ghana Web, each partner plays a critical role in delivering the service nationwide. Mobile Money FinTech Limited offers distribution and a customer base, LoopDFS manages the scoring engine, and Adehyeman Savings and Loans provides the funding. Acheampong explained that Misika is MMFL's first merchant loan product, developed after extensive testing and feedback collection.
Acheampong emphasized that the launch signifies the start of a nationwide rollout to make the service available to all eligible Mobile Money merchants. First-time borrowers can access loans up to GHS2,000, and merchants with a strong repayment history may qualify for loans up to GHS10,000. The service aims to provide vital working capital to small businesses that need short-term financing to sustain and grow their operations.
She stressed the convenience of the loan process, as merchants do not need collateral or extensive documentation. Instead, eligibility and loan limits are determined by transaction history and activity levels. Acheampong encouraged merchants to use their Merchant SIMs for all transactions to improve their scoring and eligibility for loans.
Furthermore, Acheampong advised business owners to keep personal and business transactions separate to ensure accurate scoring based on their Merchant SIM activities. The service serves as an alternative financing channel for entrepreneurs who might not meet traditional bank requirements, offering a discreet way to access financial services.
Acheampong reminded prospective users that obtaining a Merchant SIM requires proof of a registered business, as part of Know Your Customer (KYC) requirements. She urged merchants to leverage the platform as a convenient means of accessing capital to support business growth.