Financial and digital literacy are the cornerstones of a thriving financial inclusion ecosystem, emphasized Angela Mensah-Poku, Chief Enterprises Business Officer at MTN Ghana.
She stressed that education is vital for bridging the financial inclusion gap and making Small and Medium Enterprises (SMEs) creditworthy.
Mensah-Poku highlighted that technology and innovative solutions, although important, are ineffective without financial and digital literacy, which are essential for achieving financial wealth.
At MTN’s Business Executive Breakfast Series, industry experts convened to discuss the imperative of collaboration and consistency in promoting financial inclusion.
Shaibu Haruna, CEO of Mobile Money Limited, underscored the significance of SMEs in Ghana’s economy and how technology can address credit and default risks.
He revealed that MTN leverages customer transaction data to predict their ability to pay and manage risks, enabling the creation of tailored solutions for SMEs.
Kwame Anim-Somuah, CEO of A. S. Farms, emphasized the unique challenges faced by the agricultural industry, highlighting the need for tailored credit scoring that considers the industry’s distinct characteristics.
He stressed that creditworthiness and individual performance should determine interest rates, rather than a generic score.
The experts concurred that financial education, technology, and collaboration are essential for bridging the credit gap for SMEs in Ghana.
By prioritizing financial and digital literacy, the industry can create a more inclusive and sustainable financial ecosystem, enabling SMEs to thrive and contribute to Ghana’s economic growth.
