Visa Ghana targets SMEs in financial inclusion drive

Global payment technology company, Visa, is targeting Small and Medium Enterprises (SMEs) to push its financial inclusion initiatives in Ghana.

Country Manager for Visa Ghana, Adoma Peprah, said Visa recognises the important role SMEs play in building an economy, the reason it is focusing on the sector to push its financial inclusion drive.

“Visa’s vision of being the best way to pay and be paid, for everyone, everywhere, is core to our business and consistent with the mission of achieving global financial inclusion. In Ghana, we are focusing our efforts at small and micro enterprises. Many Ghanaians run businesses to support their families but lack access to formal financial services. Without access to basic financial tools that allow them build assets in a safe, reliable and affordable way, these businesses are constrained in achieving economic security.

“We know that small businesses build the economy that is why for us a big focus is around building financial expertise for small and medium enterprises,” said Adoma Peprah.

Since setting up in Ghana earlier in 2019, Visa has been partnering with financial technology companies (fintechs), microfinance companies, savings and loans companies, susu collectors and credit unions to bring more Ghanaians into the financial system.

Visa’s financial literacy campaign is consistent with Bank of Ghana’s target to increase financial inclusion from 58% to 75% by 2021.

Adoma Peprah reveals that Visa Ghana has begun talking to associations that these Ghanaian SMEs belong to in a bid to roll out specially designed tool kits to women-owned businesses.

Since setting up permanently in Ghana, Visa has launched at least 19,000 merchants strategically dotted across the country.

Visa Ghana believes this success forms part of its commitment to leading Ghana toward a more secure, trusted payment system.

“We know that Ghana has a sizeable amount of unbanked people. As a result, we work to ensure that we make financial services available to these people, in order to grow and stabilise the economy, and lead Ghanaians to a place of financial empowerment. We aim to bring some of the latest digital advancements here to encourage evolution in the financial space,” Adoma Peprah has said.