The Chief Executive Officer (CEO) of MTN Ghana, Stephen Blewett has expressed optimism about a potential credit revolution facilitated by Ghana’s thriving fintech ecosystem, despite the country’s comparatively high interest rates among other African economies.
Speaking at the MTN Ghana Business Executive Breakfast series in Accra, Blewett emphasized the collective responsibility of key ecosystem stakeholders and partners in bridging the credit risk gap for SMEs in Ghana.
Addressing the theme: “Bridging the Credit Risk Gap for SMEs in Ghana,” Blewett highlighted the increasing interest in fintech and the necessity for innovative financial solutions to unlock pathways and opportunities in Ghana’s credit market.
He stressed the role of mobile money and other services in mitigating credit risks and enhancing financial inclusion for SMEs, citing Mobile Money Limited, an MTN Ghana subsidiary responsible for mobile financial services, for its pivotal role in accelerating financial inclusion through tailored mobile and digital financial solutions and strategic partnerships since 2017.
“As we engage in this session, I trust that our esteemed panel will underscore the critical role that SMEs play in Ghana’s socio-economic development and the imperative to bridge the credit risk gap within the sector,” Blewett told participants.
“We must also explore opportunities in mobile money and other services to mitigate credit risks and enhance financial inclusion for SMEs in Ghana, fostering robust partnerships with banks, micro-finance institutions, and fintech companies.”
Blewett acknowledged that access to credit remains a significant challenge for SMEs and urged collective efforts through forums like this to address and find solutions for the sector.
He underscored the crucial role SMEs play in Ghana’s social and economic development and called for continued collaboration using technological advancements, partnerships, and innovations to create a more inclusive financial landscape.
During the panel discussion, Kosi Yankey-Ayeh, CEO of the Ghana Enterprise Agency, announced plans for an imminent launch of an SME fund aimed at bolstering financial support through technological integration and strengthened associations.
She highlighted ongoing efforts by the Ministry of Finance to establish the MSME fund and pledged to enhance associations and collaborate with technology providers to effectively support SMEs.
Shaibu Haruna, CEO of Mobile Money Limited, reaffirmed their commitment to developing digital solutions that integrate across the entire value chain, supporting SME transactions, and enhancing financial inclusion through digital payment channels.
Angela Mensah-Poku, Chief Enterprise Business Officer at MTN, reiterated MTN’s dedication to supporting SMEs through practical solutions aimed at fostering their growth.
The discussions underscored a collective commitment to leveraging fintech innovations, partnerships, and technological advancements to create a more inclusive financial landscape and support the development of SMEs in Ghana.
Source: Isaac Kofi Dzokpo
