The MoU was also meant to provide the groundwork for future collaboration to promote business, particularly among the country’s youth.

Mr. Evans Otumfuor, General Secretary of the MMAAG, told the Ghana News Agency in an interview that the agreement reflected the willingness of the parties to establish business connections to expand their operations.

He stated that financial support from financial institutions had been a key difficulty for mobile money carriers, thus the necessity to take these actions to keep them in business.

“Our business is capital intensive; we rely on capital to ensure that the business thrives, and without capital, the business becomes very difficult,” Mr. Otumfuor explained.

He stated that various assessments had been completed, necessitating the expansion of the income base to acquire loans as well as recommendations to Fido Loans, which come with a commission for the agents.

He noted that the outfit would be officially launched shortly to educate the agents across the country, emphasizing that starters may obtain a package ranging from GHC1,500.00 to GHC5,000.00 at a very low-interest rate, based on their profile and company statement.

The General Secretary of MMAAG stated that after going through the process, the monies may be acquired in a short amount of time and that individuals who were unable to pay for the cashback within the right time would have to pay additional penalties.