MTN Ghana Steps Up Push to Take Digital Payments to Informal Sector

MTN Ghana is stepping up efforts to reduce the country’s dependence on physical cash by taking digital payment services deeper into the informal sector.

The company is targeting groups such as market traders, drivers, small-business operators and retirees as part of its broader push to promote a cash-lite economy and expand access to financial services.

MTN Ghana’s Mobile Money Channel Development Manager, David Nana Addai, said the company wants to see significant changes in Ghana’s financial services landscape over the next decade, particularly for people working outside the formal economy.

He was speaking to journalists on the sidelines of this year’s MoMo Fest in Berekum in the Bono Region.

Bringing digital payments closer to small businesses

According to Mr Addai, many people in the informal sector have limited access to traditional financial products, making mobile money an important tool for bringing them into the formal financial system.

He said MTN Ghana is therefore engaging micro-enterprises, traders and other small businesses to encourage them to replace some of their cash transactions with digital payments.

The company believes wider use of mobile money could make everyday transactions easier while also helping small businesses gain access to a broader range of financial services.

The initiative is being pursued in collaboration with government and other stakeholders as part of efforts to increase digital financial inclusion across the country.

Focus on pensions and insurance

Mr Addai also highlighted the potential of MoMo-based financial services to support informal sector workers beyond everyday payments.

He said the company is looking at ways to help workers who may not have access to traditional pension arrangements prepare financially for retirement through micro-pension and insurance products available on the platform.

“We are hoping that in the next 10 years, the whole economy will be transformed,” he said, noting that informal sector workers could benefit from pension and insurance services through MoMo.

The approach reflects a broader push to make financial products more accessible to people who have traditionally operated largely outside the formal financial system.

MTN encourages customers to use MoMo App

Mr Addai also encouraged customers to make greater use of the MoMo App, which he described as a platform offering several digital financial services.

He said increased adoption of the app would help customers carry out more of their financial activities digitally rather than relying heavily on cash.

However, he urged users to remain cautious as they use mobile money services.

Customers were advised not to respond to suspicious requests or engage with individuals who could compromise their accounts, as fraud remains a concern within the digital financial space.

MoMo Fest promotes cashless transactions

The two-day MoMo Fest in Berekum brought together customers, businesses and residents for financial education, digital payment activities, cashless shopping and entertainment.

The event provided an opportunity for MTN Ghana and its partners to demonstrate how digital payments can be integrated into everyday business activities.

Mr Addai said practical engagement with traders and small businesses was important because simply providing digital payment platforms was not enough; users also need to understand how the services work and the benefits they offer.

A wider push for financial inclusion

MTN Ghana says its informal-sector campaign forms part of a broader strategy to expand digital financial services and make them more accessible to underserved groups.

The company wants more individuals and businesses to incorporate mobile money into their daily transactions, helping to reduce the amount of physical cash circulating in the economy.

The push comes as Ghana continues to move towards greater use of digital payments, with mobile money playing a major role in bringing financial services closer to people and businesses that may not have easy access to traditional banking.

For MTN Ghana, the long-term goal is to see individuals, businesses and public institutions conduct more transactions digitally, creating a financial system that is less dependent on physical cash.