The innovation transforms any Near Field Communication (NFC) -enabled smartphone into a secure, contactless payment terminal, enabling merchants to receive payments via card, mobile money or bank transfer.

This works without the need for additional hardware or complex integrations.

Delivering the keynote at the launch, Country Manager for Visa, Mr Fabrice Konan, said: "Mobi Tap is more than a payment solution; it is a tool for economic empowerment.

"It gives every entrepreneur, no matter how small, the power to grow, thrive and fully participate in a digital economy." Executive Director for Retail and Business Banking at Absa Bank Ghana, Mr Kobla Nyaletey, reaffirmed the bank's commitment to supporting Ghanaian entrepreneurs with simple and cost-effective financial tools.

"Today, we are placing the power of a secure, all-in-one payment solution right into the hands of small businesses with just a mobile phone," Mr Nyaletey stated.
"Our promise to merchants is that Mobi Tap will make business more convenient for you through its simplicity, accessibility and security."

Mr Claude Agyen Asamoah, Head of Payments and Digital Commercialisation at Absa Bank Ghana, added: "With Mobi Tap, we have taken away the complexity and cost of payment acceptance and replaced it with a simple, secure and flexible solution that lives right on your smartphone."

A customer who had piloted the Mobi Tap solution shared her experience during the event, noting that the platform had significantly eased her business operations.
She observed that her clients appreciated the convenience, which underlined the user-friendliness and effectiveness of the app in high-traffic retail settings.

"Mobi Tap is being introduced at a time when many small and micro enterprises in Ghana still rely heavily on cash transactions - often due to the cost of traditional point-of-sale devices and apprehensions about digital payment security."

As part of the bank's broader agenda to empower small businesses through innovation and inclusive finance, it has also rolled out other initiatives to support SMES.

One such measure is the Absa SME Loan @10%, a low-interest, collateral-free lending product designed to ease access to credit for small businesses.

Additionally, the bank has established the SME Banking Centre in Adum, Kumasi, which provides entrepreneurs with free meeting rooms, internet access and dedicated advisory services tailored to SME growth and digital transformation.

Absa Bank's ongoing partnership with the Mastercard Foundation under the Young Africa Works initiative has also led to the disbursement of over GHS 1.1 billion in SME loans.

The programme has trained more than 5,700 entrepreneurs and supported the creation of tens of thousands of jobs. Small and Medium Enterprises (SMEs) form the backbone of Ghana's economy.

According to the Ghana Statistical Service, SMEs account for about 92 per cent of businesses in the country and contribute about per cent of the national GDP.

They also provide an estimated 80 per cent of all employment opportunities, making their growth and resilience critical to national development.