In a significant move aimed at fostering digital inclusion, Mastercard West Africa has set a lofty target: connecting one billion people and 50 million micro and small merchants to the digital economy by 2025. This ambitious initiative underscores Mastercard’s commitment to bridging the digital divide and empowering individuals and businesses, especially those traditionally underserved or excluded.
Focusing on Women Entrepreneurs
Folasade Femi-Lawal, Country Manager and Area Business Head of West Africa at Mastercard, emphasized the importance of gender inclusivity in economic development. Despite being the backbone of the economy, Ghana’s micro, small, and medium enterprises (MSMEs) face significant challenges, including limited access to finance, technical assistance, and management capabilities. Women-owned businesses, in particular, encounter additional hurdles, such as limited access to land, capital, and advanced business practices.
Empowering Women: Mastercard’s Support Initiatives
To address these challenges, Mastercard has forged multiple agreements with public and private entities to provide SMEs with payment acceptance solutions, including Mastercard’s SME-in-a-Box. This low-cost payment solution enables small business owners to move their operations online and accept digital payments. Moreover, Mastercard is committed to expanding access to quality education, especially in STEM fields, where women are underrepresented. The organization aims to impact five million girls by 2025, empowering them with digital tools and training to start and grow their businesses while fostering mentorship and networking opportunities.
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Supporting Various Sectors
In addition to supporting women entrepreneurs, Mastercard is dedicated to supporting other industrial sectors and social investment areas. The launch of ‘Community Pass (CP),’ a shared interoperable digital platform providing essential services to digitally excluded populations, is set to take place in Ghana. Through initiatives like Farm Pass, Mastercard is also bolstering agricultural development in the region.
Driving Economic Impact
Discussing Mastercard’s strategic vision for Ghana, Femi-Lawal emphasized the organization’s commitment to driving economic impact and enabling digital and financial inclusion. She commended the country’s progress in adopting cashless payments, mobile money, and digital technology, noting the collaborative efforts involving the Bank of Ghana and various stakeholders.
Addressing Key Challenges
While acknowledging Ghana’s strides in digitalization, Femi-Lawal highlighted areas for improvement, including e-commerce policy frameworks, business laws, and alignment between fiscal policies and financial inclusion goals. She stressed the importance of continuous collaboration and evolution to create an enabling environment for sustainable progress in Ghana’s digital economy.