Accra: Chief Commercial Operations Officer of MobileMoney LTD (MoMo), Abdul Razak Issaka Ali, has advocated for a broader definition of digital financial inclusion in Ghana and throughout Africa. He argues that financial inclusion should extend beyond basic payment systems to include a range of financial services that empower underserved communities.
According to Ghana News Agency, Mr. Ali shared these insights during a high-level panel discussion on 'From Exclusion to Inclusion - DPI and Inclusive Development in Africa,' organized by the Media Foundation for West Africa (MFWA). He emphasized that true financial inclusion involves not just enabling people to make payments, but also providing them opportunities to participate actively in the digital economy.
'Digital inclusion must not end at sending and receiving money,' Mr. Ali stated. 'It should allow people, especially those in underserved communities, to access credit, insurance, and savings tools that improve their lives and restore financial dignity.' He highlighted embedded finance-the integration of financial services into non-financial platforms-as a vital strategy for empowering the financially excluded.
Mr. Ali elaborated that embedded finance systems could help individuals make essential purchases even without immediate funds, by offering flexible payment options. He stressed the importance of evolving digital payment systems to incorporate embedded credit and micro-loan facilities addressing everyday needs such as education, healthcare, and agricultural inputs.
Mr. Ali argued that the true impact of digital finance lies in its potential to offer convenience, speed, and empowerment beyond what cash can provide. He noted the transition from cash-based systems to digital platforms is not just an efficiency measure but a means of social transformation. 'It's not just about money movement; it's about opportunity movement,' he asserted.
However, Mr. Ali acknowledged significant challenges remain, particularly the limited access to digital tools like smartphones among low-income and rural populations. He pointed out that many mobile money services still rely on USSD technology, which he described as cumbersome compared to more advanced app-based systems. He urged policymakers and industry stakeholders to make smartphones more affordable and accessible through flexible payment schemes or public-private partnerships.
Mr. Ali's comments reflect growing calls across Africa for a comprehensive approach to financial inclusion, integrating digital public infrastructure with social equity. He praised Ghana's progress in building interoperable systems and expanding mobile money adoption but emphasized the need to focus on empowerment over mere access.
Mobile Money Limited, he stated, is committed to innovation aligned with national development goals and bridging the digital divide. 'Our mission is to build systems that include everyone-not just the urban and connected-but the farmer, the trader, and the student in every part of the country,' Mr. Ali concluded. 'Because only then can we say we've achieved true inclusion.'
