Trade Ministry backs digital finance to expand MSMEs and create jobs

The Ministry of Trade, Agribusiness and Industry has endorsed an expanded digital financial services programme designed to assist micro, small and medium enterprises (MSMEs) in accessing savings and credit to bolster their operations and generate employment. Cynthia Djokoto, Director of MSMEs at the Ministry, highlighted the collaboration between MobileMoney Fintech Limited (MTN MoMo), the United Nations Capital Development Fund (UNCDF) and other partners, which aims to foster business growth nationwide.

She emphasized that MSMEs are crucial for job creation and economic development, underscoring that expanded financial services are vital for their viability and growth. The programme focuses on digital savings, loans and financial education, which could empower women, young entrepreneurs, and individuals with disabilities to enhance their businesses.

It also aims to promote responsible financial management and sustainable expansion. Dr Allen Anie, Head of Innovative Finance and Inclusive Growth at the UNDP, revealed that the initiative targets 18,000 women and youth-led MSMEs by June 2027, with at least 10,800 businesses expected to benefit from savings and loan services, facilitated by around GH¢11.7 million in capital.

Shaibu Haruna, CEO of MTN MoMo, noted that the initiative will enable microenterprises to build capital, expand their businesses, and create job opportunities in underserved regions, ultimately improving the well-being of business owners, their families, and their communities.