MTN Urges Entrepreneurs To Separate Business, Personal Funds

MTN Ghana organized a virtual financial literacy webinar to provide business owners with essential knowledge for creating sustainable enterprises. The webinar, held on the theme "Making Money Moves: Building a Financially Smart and Sustainable Business," coincided with the company's 30th anniversary. Senior Manager for BankTech at MobileMoney Fintech Limited, Yaw Saifah, advised entrepreneurs to differentiate their personal mobile money wallets from their business accounts to enhance financial visibility and discipline.

He explained that using separate platforms, such as the MoMo App for personal transactions and the MoMo Merchant App for business activities, allowed business owners to track cash inflows and outflows, access invoicing tools, and monitor outstanding payments. Saifah emphasized that digital payments generated verifiable records, reducing the need for second-guessing employees and simplifying invoice tracking.

He cautioned entrepreneurs against using operating capital for personal expenses and donations. Paul Mante, Managing Director of EDC Investments, debunked the misconception that substantial capital is necessary to begin investing, stating that the One Million Club initiative encourages young Ghanaians to save and invest consistently, aiming for millionaire status by 2030 or 2035.

Mante highlighted that starting with small amounts, such as GH¢50 or GH¢100 monthly, can lead to significant portfolio growth over time, and emphasized that making money necessitates risk-taking, while managing it requires frugality and discipline.