In a strategic move to bolster the informal sector, telecommunications leader MTN Ghana, in collaboration with Universal Merchant Bank (UMB) and Kola Market, has officially inaugurated the “Wo Nkɔsoɔ” Capacity Building Workshop.
The debut event, held on Wednesday, May 13, 2026, at the Garden House near the KNUST Great Hall, brought together a diverse group of stakeholders, including members of the Ghana National Traders and Dressmakers Association.
Financial Literacy:
The “Wo Nkɔsoɔ” (Your Progress) initiative is designed to provide specialized financial training and technical support to small-scale entrepreneurs, including:
Traders and Dressmakers
Hairdressers and Beauticians
Small-holder Farmers
Artisans and Vocational Workers
During the keynote address, Charles Osei Owusu, Senior Manager for Business Development at Mobile Money Fintech Limited (MTN), highlighted a significant gap in how digital financial tools are perceived.
He noted that while mobile money is ubiquitous in Ghana, its utility is often underestimated.
“Many users view mobile money strictly as a vehicle for peer-to-peer transfers,” Mr. Osei Owusu explained.
He added that, “in reality, the ecosystem is far more robust. Our goal is to demonstrate how these services provide immediate access to business loans, insurance coverage, and sustainable pension schemes.”
Strategic Partnerships:
The collaboration leverages UMB’s banking expertise alongside MTN’s digital reach.
Edem Knight-Tay, Head of Corporate Communications at UMB Bank, emphasized the bank’s commitment to the “missing middle”—small businesses that often struggle to secure traditional credit.
She introduced the “SpeedUp” product, a tailored financial solution specifically engineered to help artisans and traders scale their operations through accessible capital and credit facilities.
Background:
To understand the significance of this workshop, it is essential to look at the socio-economic landscape of Ghana:
Informal Sector:
According to the Ghana Statistical Service, the informal sector employs over 80% of the workforce. Despite being the backbone of the economy, these workers often lack formal bookkeeping skills and access to traditional banking.
Mobile Money (MoMo) Evolution: Ghana has become one of the fastest-growing mobile money markets in the world.
By 2026, MoMo has transitioned from a simple wallet to a full-scale digital bank. Initiatives like “Wo Nkɔsoɔ” are critical in transitioning “unbanked” citizens into the formal financial system.
Kola Market’s Role:
As a partner, Kola Market focuses on digitalizing sales for SMEs. By integrating inventory management and digital sales tools, they help traders track their growth, which in turn makes them more “bankable” for institutions like UMB.
Looking Ahead
The Kumasi workshop marks the beginning of a nationwide tour. Organizers have confirmed that the “Wo Nkɔsoɔ” series will soon move to Accra, Takoradi, and Tamale, ensuring that entrepreneurs across Ghana’s major economic hubs are equipped with the tools necessary for 21st-century commerce.
Story By Michael Ofosu-Afriyie,
Kumasi.
