Accra: MTN Ghana, in collaboration with Universal Merchant Bank (UMB) and Kola Market, has launched a capacity-building initiative to enhance financial literacy and provide digital tools to informal sector workers. The initiative, named 'Wo Nk?so?' (Your Progress), aims to equip traders, dressmakers, beauticians, artisans, small-holder farmers, and other vocational workers with the skills and resources necessary for business growth.
According to Ghana News Agency, the initiative includes practical training and technical support to bolster the capabilities of informal sector workers. The first workshop attracted 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), emphasized the untapped economic opportunities within the mobile money ecosystem, which is often limited to peer-to-peer transfers in public perception.
He highlighted that mobile money services have expanded to include business financing, insurance products, and pension schemes, providing a more robust ecosystem that can aid small businesses in achieving sustainability. Mr. Osei Owusu stressed the importance of strengthening financial literacy to enhance informal workers' participation in the formal financial system and improve business resilience.
Mrs. Edem Knight-Tay, Head of Corporate Communications at UMB Bank, noted that the initiative is part of a broader effort to support small businesses that face difficulties accessing traditional credit facilities. She introduced UMB Bank's 'SpeedUp' product, which offers small-scale entrepreneurs flexible capital support and credit facilities. Mrs. Knight-Tay also highlighted the potential of strategic partnerships between financial institutions and digital service providers in bridging financing gaps in the informal economy.
Data from the Ghana Statistical Service indicates that the informal sector comprises over 80 per cent of Ghana's workforce, yet many lack formal bookkeeping systems and access to mainstream banking services. To address this, Kola Market is aiding efforts to digitalize small businesses by providing inventory management and digital sales tools, thereby helping traders monitor growth and enhance their financial credibility.