Some telcos have revamped efforts to drive the economy to a more cash-lite one. Ghana is taking initiatives to introduce a system where business transactions can be conducted without using physical cash.

By so doing, Ghanaians will are adopting an electronic system of transacting business. To ease things up for their subscribers, Airtel Ghana has taken the lead by launching the Airtel Money Bosea, Ghana’s first nano-based lending scheme.

Speaking to JOY BUSINESS at the launch, the Head of Marketing for Airtel Mobile Money, Rosy Fynn said “we are in an economy where many people do not have access to banks but with Airtel Money Bosea, individuals can have access to small loans from the comfort of their homes." 

She added that, “the new product will ensure that more people become a part of the financial inclusion initiative and thus ensuring Ghana becomes a cashless economy.”

The product is a partnership between Airtel, Fidelity Bank Ghana and Tiaxa which provides small loans to all Ghanaians through their mobile money wallets.

The Director, Inclusive Banking and Corporate Social Responsibility (CSR) of Fidelity Bank, Dr. William Derban said, “the use of mobile money is another effective mode by which people can have access to funds." 

Supporting the project is another way of promoting financial services amongst Ghanaians. Being the first of its kind, the product is part of steps towards opening the space for mobile phone based lending in Ghana to a wide populace.