Economy
MasterCard Boosts Cashless Economy in Ghana
By Dipo Olowookere
Ghana has partnered with MasterCard to smartly integrate technology into all aspects of the economy, building for the future, a cashless Ghana, with aspirations of becoming an African economic powerhouse.
Looking globally, close to 85 percent of consumer payments are still made using cash, this is not only inefficient, but leads to the lack of transparency as well as an environment where criminal behaviour can thrive.
In Ghana, the cost of cash is making tremendous impact on growth as the shadow economy is allowed to thrive.
The ongoing Ghanaian Investment Summit focuses on key areas including financial inclusion, meaningful innovation and the importance of sectors such as agriculture. On the agenda is specific focus on the need for partnerships, across the public and private sectors.
Vice President and Area Business Head for West Africa at MasterCard, Omokehinde Adebanjo, wondered why “we talk about the Internet of Things but this can’t exist without the Inclusion of Everyone, and so we need to connect people to opportunities for better and safer lives?
“What’s stopping us is that we’re stuck in a cash-based economy which makes you vulnerable. These are the people – and businesses – who lack the financial services to guard themselves against risk, or plan their investments?”
In Ghana, 92 percent of companies registered are micro, small and medium enterprises (MSMEs). These MSMEs have been noted to provide about 85 percent of manufacturing employment, contribute about 70 percent to Ghana’s GDP, and therefore significantly contribute towards growth by providing jobs and cash flow within the economy.
“Delivering efficient, secure and cost effective financial solutions to Ghanaian MSMEs is an essential step to providing the level of support required to grow and develop their businesses. Coupled with a high mobile penetration that is estimated to be over 128 percent – it is clear that technology will ensure Ghanaians are financially included by giving them access to smart, secure and accessible financial solutions. Allowing for a more connected way of living,” says Adebanjo.
Mastercard says it is investing in innovation, with the Mastercard Labs for Financial Inclusion situated in Sub-Saharan Africa, already this has proven valuable given that the Labs first solution – born in Africa, for African’s – is focused on supporting the agriculture sector.
The agri-app was introduced early in 2017 and focuses on providing a digital marketplace for the benefit of all those involved in the supply chain.
The solution was developed to give smallholder farmers, agents, produce aggregators, large-scale buyers and financial service providers a way to do business more efficiently and effectively.
Technology, driven by mobile devices is key to delivering not only financial access but also the ability to use these solutions in everyday life.
Masterpass QR is such a solution, it enables consumers to pay for goods and services directly from their smart or feature phones and gives business owners the ability to accept digital payments for the first time, and immediately receive funds – ensuring cash flow, record keeping and other challenges are overcome.
MSMEs have traditionally struggled with the cost of installing payment infrastructure such as point-of-sale devices, as well as with issues of security surrounding payment.
Masterpass QR combats these challenges in a simple and user-friendly manner helping to stimulate the economy by digitizing a sector previously solely dependent on cash-based transactions.
Masterpass QR has been rolled out in Ghana, Nigeria, Rwanda, Uganda, and Tanzania and will soon be in a number of countries across the continent. It drives efficiency and transparency for these smaller businesses, something many business owners in Ghana are not able to achieve currently
“Ghanaians are entrepreneurial by nature, and there are incredibly exciting business ideas coming from the market. We want to help these business owners to grow and prosper by delivering solutions that meet the needs of these business owners,” she says.
“In just a few short years we’ve helped connect millions of people through partnerships with banks, governments, retailers and NGO’s. Mastercard has committed its support to helping the country to develop a cashless economy, firmly in support of Ghana’s Vision 2020 goals, and backing its push to be an economic powerhouse in Africa. This is testament to our Universal Financial Access 2020 commitment made in 2015,” concludes Adebanjo.
By Dipo Olowookere
The local stock market firmed up by 1.13 per cent on Friday as appetite for Nigerian stocks remained strong.
Investors reacted well to the 2026 budget presentation of President Bola Tinubu to the National Assembly yesterday, especially because of the more realistic crude oil benchmark of $64 per barrel compared with the ambitious $75 per barrel for 2025. This year, prices have been between $60 and $65 per barrel.
Business Post observed profit-taking in the commodity and energy sectors as they respectively shed 0.14 per cent and 0.03 per cent.
But, bargain-hunting in the others sustained the positive run, with the consumer goods index up by 3.82 per cent.
Further, the industrial goods space appreciated by 1.46 per cent, the banking counter improved by 0.08 per cent, and the insurance industry gained 0.04 per cent.
As a result, the All-Share Index (ASI) increased by 1,694.33 points to 152,057.38 points from 150,363.05 points and the market capitalisation chalked up N1.080 trillion to finish at N96.937 trillion compared with Thursday’s closing value of N95.857 trillion.
A total of 34 shares ended on the advancers’ chart, while 24 were on the laggards’ log, representing a positive market breadth index and bullish investor sentiment.
Austin Laz gained 10.00 per cent to close at N2.42, Union Dicon also jumped 10.00 per cent to N6.60, Tantalizers increased by 9.80 per cent to N2.69, Aluminium Extrusion improved by 9.78 per cent to N12.35, and Champion Breweries grew by 9.71 per cent to N16.95.
Conversely, Sovereign Trust Insurance dipped by 7.42 per cent to N3.87, Royal Exchange lost 6.84 per cent to trade at N1.77, Omatek slipped by 6.84 per cent to N1.09, Eunisell depreciated by 5.88 per cent to N80.00, and Eterna dropped 5.63 per cent to close at N28.50.
Yesterday, traders transacted 1.5 billion units worth N21.8 billion in 25,667 deals compared with the 839.8 million units sold for N32.8 billion in 23,211 deals in the preceding session, showing a surge in the trading volume by 76.61 per cent, an uptick in the number of deals by 10.58 per cent, and a shrink in the trading value by 33.54 per cent.
By Adedapo Adesanya
Three stocks stretched the bearish run of the NASD Over-the-Counter (OTC) Securities Exchange by 1.21 per cent on Friday, December 19, with the market capitalisation giving up N26.01 billion to close at N2.121 billion compared with the N2.147 trillion it ended a day earlier, and the NASD Unlisted Security Index (NSI) dropping 43.47 points to 3,546.41 points from 3,589.88 points.
The trio of FrieslandCampina Wamco Nigeria Plc, Central Securities Clearing System (CSCS) Plc, and NASD Plc overpowered the gains printed by four other securities.
FrieslandCampina Wamco Nigeria Plc lost N6.00 to sell at N54.00 per unit versus N60.00 per unit, NASD Plc shrank by N3.50 to N58.50 per share from N55.00 per share, and CSCS Plc depleted by N2.91 to N33.87 per unit from N36.78 per unit.
On the flip side, Air Liquide Plc gained N1.01 to close at N13.00 per share versus N11.99 per share, Golden Capital Plc appreciated by 70 Kobo to N7.68 per unit from N6.98 per unit, Geo-Fluids Plc added 39 Kobo to sell at N5.50 per share versus N5.11 per share, and IPWA Plc rose by 8 Kobo to 85 Kobo per unit from 77 Kobo per unit.
During the trading day, market participants traded 1.9 million securities versus the previous day’s 30.5 million securities showing a decline of 49.3 per cent. The value of trades went down by 64.3 per cent to N80.3 million from N225.1 million, but the number of deals jumped by 32.1 per cent to 37 deals from 28 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc finished the session as the most active stock by value on a year-to-date basis with 5.8 billion units valued at N16.4 billion, followed by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and MRS Oil Plc with 36.1 million units traded for N4.9 billion.
The most active stock by volume on a year-to-date basis was still InfraCredit Plc with 5.8 billion units worth N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.7 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Adedapo Adesanya
It was not a good day for the Nigerian Naira at the two major foreign exchange (FX) market on Friday as it suffered a heavy loss against the United States Dollar at the close of transactions.
In the black market segment, the Naira weakened against its American counterpart yesterday by N10 to quote at N1,485/$1, in contrast to the N1,475/$1 it was traded a day earlier, and at the GTBank forex counter, it depreciated by N2 to settle at N1,467/$1 versus Thursday’s closing price of N1,465/$1.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX) window, which is also the official market, the nation’s legal tender crashed against the greenback by N6.65 or 0.46 per cent to close at N1,464.49/$1 compared with the preceding session’s rate of N1,457.84/$1.
In the same vein, the local currency tumbled against the Euro in the spot market by N2.25 to sell for N1,714.63/€1 compared with the previous day’s N1,712.38/€1, but appreciated against the Pound Sterling by 73 Kobo to finish at N1,957.30/£1 compared with the N1,958.03/£1 it was traded in the preceding session.
The market continues to face seasonal pressure even as the Central Bank of Nigeria (CBN) is still conducting FX intervention sales, which have significantly reduced but not remove pressure from the Naira. Also, there seems to be reduced supply from exporters, foreign portfolio investors and non-bank corporate inflows.
President Bola Tinubu on Friday presented the government’s N58.47 trillion budget plan aimed at consolidating economic reforms and boosting growth.
The budget is based on a projected crude oil price of $64.85 a barrel and includes a target oil output of 1.84 million barrels a day. It also projects an exchange rate of N1,400 to the Dollar.
President Tinubu said inflation had plunged to an annual rate of 14.45 per cent in November from 24.23 per cent in March, while foreign reserves had surged to a seven-year high of $47 billion.
Meanwhile, the cryptocurrency market was dominated by the bulls but it continues to face increased pressure after million in liquidations in previous session over accelerating declines, with Dogecoin (DOGE) recovering 4.2 per cent to trade at $0.1309.
Further, Ripple (XRP) appreciated by 3.9 per cent to $1.90, Cardano (ADA) rose by 3.5 per cent to $0.3728, Solana (SOL) jumped by 3.4 per cent to $126.23, Ethereum (ETH) climbed by 2.9 per cent to $2,982.42, Binance Coin (BNB) gained 2.0 per cent to sell for $853.06, Bitcoin (BTC) improved by 1.7 per cent to $88,281.21, and Litecoin (LTC) soared by 1.2 per cent to $76.50, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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