MTN Cashless Market Initiative for SMEs to drive financial inclusion

Mobile Money Limited together with its partners has introduced the MTN Cashless Market Initiative to reduce the use of cash among Small Medium Enterprises (SMEs). It also aims to foster collaboration with ecosystem players to demonstrate the benefits of a cashless economy, expand access to financial services, including loans, insurance, and investments. Mrs Sylvia Otuo-Acheampong, Chief Product and Services Officer, at Mobile Money Limited, speaking at the launch, said it was to promote ongoing efforts to educate customers on security and fraud prevention while promoting the use of the My Momo App. The four-day event had an exhibition of goods and services by various SMEs in food processing, textiles, and retailing in all kinds of Ghana-made goods and services. She said the initiative formed part of their efforts to drive financial inclusion and promote a cashless economy and to celebrate MTN Mobile Money's 15th anniversary.? Mrs. Otuo-Acheampong said the company aimed to create, test, and see how consum ers and sellers alike could trade seamlessly using the Mobile Money Services without any restrictions or challenges.? 'This is an attempt with our partners to really demonstrate what it means to run a cashless economy where trading and transactions are conducted without physical cash,' she said. 'We feel mobile money has matured to a point where we could do that, and this is our maiden edition, and it is the first time we are trying it out to see how it can work,' she said.? Mrs Otuo-Acheampong urged Ghanaians to embrace the cashless economy to engender financial inclusion in the county.? She said the Mobile Money Wallet could become the automatic account of individuals; thus, it could be used to transact businesses and make payments across the county. She said Ghana could leverage mobile money to achieve financial inclusion, noting people were currently using their mobile money wallets to access loans, insurance, and buy Treasury bills.? Mrs. Otuo-Acheampong said these variables were necessary in achi eving financial inclusion and incorporating the unbanked population into the financial ecosystems.? She advised individuals to be extra vigilant in sharing important details of the mobile money wallet and accounts, especially the pin.? Source: Ghana News Agency