MobileMoney LTD Partners with UNCDF to Support Women MSMEs

• MobileMoney LTD has become a part of a United Nations Capital Development Fund (UNCDF) initiative
• The initiative is aimed at empowering women and youth-led MSMEs

MobileMoney LTD has signed on to an (UNCDF) initiative to provide tailored digital financial solutions and financial literacy programs for women- and youth-led micro, small, and medium enterprises (MSMEs) participating in the programme.

This is part of a three -year project called the Leveraging Digital Ecosystems for Increased MSMEs’ Productivity project, which is funded by the SDG Fund and aims to support 25,000 entrepreneurs in marginalized communities to support them in the Northern, Ashanti and Western Regions of Ghana.

In total, MobileMoney LTD is one of five service providers tasked with developing and scaling digital financial services that address key barriers and challenges faced by MSMEs to access payments, loans, savings, and insurance.

The project commenced in September 2024 and will end in September 2027, with funding of approximately $3 million being provided by the European Union and other UN member states.

Shaibu Haruna, MobileMoney LTD's Chief Executive Officer shared that financial inclusion and women's empowerment continue to be the company's core priorities.

He explained that encouraging digital finance amongst young entrepreneurs, particularly women, generates real and sustained economic value while also fitting into the company's bigger purpose of improving digital inclusion in Ghana.

Specifically, MobileMoney LTD is designing and testing prototypes to address these gaps, encourages sustainable business growth, and contribute to national advancement of the Sustainable Development Goals (SDGs) in targeted areas.

The project included capacity-building sessions for the MobileMoney LTD team, led by UNCDF, which equipped the team with Human-Centered Design methods and tools to create new solutions.

The team followed these initial sessions with market research, to better understand the needs of MSMEs, and have now progressed to prototyping solutions.

At present, Ghana has an annual investment funding gap of an estimated $6 billion and the financing gap for MSMEs amounts to approximately 13 percent of GDP (approximately $6.1 billion in 2017).

To achieve the SDGs will require total investment of more than $11 billion per year, over the next 15 years.

In summary, the program seeks to create equitable and sustainable transformational change in the ecosystem of MSMEs in Ghana by building resilience, promoting growth, and supporting the strategic development agenda of the European Union across Africa with a focus on digital transformation and inclusive economic development.