Small and medium-sized enterprises (SMEs) are increasingly harnessing mobile money and digital payment solutions to improve business operations, strengthen financial management and gain easier access to credit, the Chief Commercial Operations Officer (CCOO) of MobileMoney Fintech Ltd (MMFL), Abdul Razak Issaka-Ali, has said.
According to him, digital financial services have evolved beyond facilitating money transfers to become critical business tools that are helping entrepreneurs improve efficiency, reduce operational risks and build sustainable businesses.
Speaking ahead of this year’s World SME Day, observed on June 27, Mr Issaka-Ali said the growing adoption of digital payment solutions was transforming the way many Ghanaian SMEs conducted their businesses.
He explained that many small businesses continued to face challenges such as cash handling, theft and poor visibility over daily transactions, but noted that mobile money merchant solutions were helping to address these challenges while promoting accountability and sound financial management.
Digital transformation
Mr Issaka-Ali said MobileMoney Fintech Ltd had positioned itself to support businesses by providing digital payment solutions that enable entrepreneurs to monitor their transactions in real time.
“At the heart of this evolution is MMFL’s commitment to transforming the way people do business for the better. It is not just about digitising payments; it is about creating real impact for businesses,” he said.
He explained that merchant payment platforms allowed business owners to track all payments made into their accounts, making it easier to monitor cash flow, improve operational efficiency and make informed business decisions.
He added that some of the company’s merchant solutions also enabled shop attendants to receive customer payments without having direct access to business funds, thereby reducing internal leakages and strengthening financial controls.
Access to finance
Mr Issaka-Ali said one of the most significant benefits of digital financial services was the opportunity they created for SMEs to access formal credit.
He explained that digital transaction histories now provided financial institutions with reliable data to assess businesses’ financial performance, enabling them to make lending decisions based on transaction records rather than relying solely on traditional collateral requirements.
“In the past, many small businesses struggled to access loans because they lacked assets that financial institutions could use to assess their creditworthiness. Today, digital financial footprints are opening new opportunities for entrepreneurs to secure funding and grow their businesses,” he said.
He noted that as SMEs increasingly embraced digital payment systems, they also built credible financial records that enhanced their ability to obtain financing for expansion.
Mr Issaka-Ali said although significant progress had been made, there remained considerable opportunities to deepen digital financial inclusion, particularly among SMEs operating in rural and underserved communities where digital adoption remained relatively low.
He expressed confidence that continued innovation, stronger collaboration among players within the financial ecosystem and customer-centred digital solutions would empower more Ghanaian businesses to improve productivity and competitiveness.
He said such efforts would also contribute significantly to Ghana’s transition towards a more inclusive digital economy.
Mr Issaka-Ali made the remarks during an appearance on the Citi Business Festival’s on-air series.
He reaffirmed MobileMoney Fintech Ltd’s commitment to supporting Ghana’s digital transformation by providing innovative financial solutions that empower individuals, businesses and communities.
He added that the company’s MoMo App had evolved into a one-stop digital platform offering a wide range of financial and lifestyle services, including savings, investments, insurance, loans, pensions, merchant and QR payments, fuel payments, loyalty rewards and other essential services aimed at improving convenience for customers.
