MTN Ghana CEO Predicts Fintech-Driven Credit Revolution for SMEs

MTN Ghana’s CEO, Stephen Blewett, has expressed strong optimism about a fintech-driven credit revolution in the country, despite the nation’s high interest rates compared to other African economies.

Speaking at the MTN Ghana Business Executive Breakfast series in Accra, Blewett highlighted the critical need for innovative financial solutions to bridge the credit risk gap for small and medium-sized enterprises (SMEs) in Ghana. He emphasized the pivotal role of mobile money and digital financial services in mitigating credit risks and enhancing financial inclusion.

“Mobile Money Limited, an MTN Ghana subsidiary, has been accelerating financial inclusion through tailored mobile and digital financial solutions and strategic partnerships since 2017,” Blewett noted.

Blewett called for robust partnerships between banks, micro-finance institutions, and fintech companies to support SMEs. “We must explore opportunities in mobile money and other services to mitigate credit risks and enhance financial inclusion for SMEs in Ghana,” he told the participants.

Kosi Yankey-Ayeh, CEO of the Ghana Enterprise Agency, announced an imminent launch of an SME fund aimed at bolstering financial support through technological integration. She highlighted efforts by the Ministry of Finance to establish the MSME fund and pledged to enhance collaborations with technology providers.

Shaibu Haruna, CEO of Mobile Money Limited, reaffirmed their commitment to developing digital solutions that support SME transactions and enhance financial inclusion. Angela Mensah-Poku, Chief Enterprise Business Officer at MTN, reiterated MTN’s dedication to fostering SME growth through practical solutions.

The event underscored a collective commitment to leveraging fintech innovations and partnerships to create a more inclusive financial landscape for SMEs in Ghana.

SOURCE: GHANANEWS