Mobile Money Fintech LTD, in partnership with UMB Bank, has completed the third and final session of its financial literacy and capacity-building workshop for Micro, Small and Medium Enterprises (MSMEs). The workshop, held at the University of Ghana in Accra, targeted members of the Ghana Hairdressers and Beauticians Association. This Accra session follows two earlier events in Kumasi and Takoradi, as part of the company's nationwide initiative to equip small businesses with practical skills to manage and scale their operations.
The workshop focused on three critical pillars for business growth: customer service, financial literacy, and digital tools. Participants learned how to access financial services through the mobile money channel to improve efficiency and financial inclusion. Mr. Charles Osei Owusu, Senior Manager, Business Development at MobileMoney Fintech LTD, emphasized that the programme goes beyond a one-off training, with the company collecting participants' details to continue engagement, monitoring, and support.
The partnership between MobileMoney Fintech LTD and UMB Bank brought together their expertise, with MobileMoney Fintech LTD leading customer service training and UMB handling financial literacy. Participants received souvenirs and support resources. Mr. Owusu expressed gratitude to the beneficiary associations, staff and management of MobileMoney Fintech LTD, partners, and the media for supporting the initiative, highlighting the multiplier effect of empowering MSMEs, particularly women-led businesses.
According to Mr. Owusu, the series of workshops began with the Ghana National Tailors and Dressmakers Association, then engaged market women, and is now focusing on hairdressers and beauticians. The company plans to explore more opportunities to collaborate with other MSMEs across the country. Edem Knight Tay, Head of Corporate Communication at UMB, noted that many participants already run profitable businesses but need support to scale, with UMB providing financial literacy training, including guidance on opening and operating accounts.
UMB's focus is on relationship banking, helping clients open accounts, transact, and grow with the bank's products at every stage of their business journey. The bank has introduced a solar loan product to address power challenges in the beauty sector, providing financing within 48 hours and a technical partner to supply and install the solar system. This product can help customers reduce their electricity bills by up to 90%.
The capacity-building programme forms part of MobileMoney Fintech LTD's broader commitment to financial inclusion and enterprise development, using mobile money as a tool to empower small businesses and strengthen Ghana's informal economy. The initiative aims to equip participants with practical skills to manage and grow their businesses, with the company expecting participants to leave better equipped to manage and grow their businesses.
The programme's impact is expected to extend beyond the participants, with Mr. Owusu noting that empowering MSMEs, particularly women-led businesses, has a multiplier effect on the economy. The company believes that by supporting MSMEs, the benefits will extend to other sectors within the business ecosystem, including their organisation and partners.
Key points
- MobileMoney Fintech LTD and UMB Bank partner to provide financial literacy and capacity-building training to MSMEs.
- The programme focuses on customer service, financial literacy, and digital tools to improve efficiency and financial inclusion.
- UMB introduces a solar loan product to address power challenges in the beauty sector.
