How Fintech Startups Are Helping SMEs in Accra: ASJ Intelligence Brief

An Accra Street Journal Finance & SME Intelligence Guide

Executive Summary

Small and Medium-sized Enterprises (SMEs) are the engine of Ghana’s economy. They account for approximately 92 percent of businesses, provide nearly 80 percent of employment, and contribute around 60 percent of the country’s GDP . Yet despite their dominance, the majority of these enterprises face persistent financial barriers: stringent lending requirements, high interest rates, limited collateral, and inadequate financial records that exclude them from formal credit markets .

Fintech startups in Accra are systematically dismantling these barriers. Through AI-driven credit scoring, digital payment solutions, merchant services, and innovative lending models, they are creating a parallel financial infrastructure that serves the enterprises traditional banks have ignored. Mobile Money, Fido, Affinity, Oze, and a growing ecosystem of fintech innovators are not just providing alternative financial services—they are fundamentally reshaping how SMEs operate, manage cash flow, and access growth capital.

This ASJ report examines how fintech startups are helping SMEs in Accra: the digital payment revolution, AI-powered credit scoring and lending, merchant solutions and real-time financial management, the infrastructure enabling access, and the persistent barriers that remain.

Part 1: Digital Payments — The Foundation of SME Transformation

From Cash to Cashless: The Merchant Payment Revolution

For Accra’s SMEs—particularly market traders, artisans, and small retailers—cash has traditionally been both a medium of exchange and a source of risk: theft, counting errors, and the constant need to carry large sums. Digital payment solutions are fundamentally changing this.

MobileMoney Fintech Ltd. (MMFL) has tailored its solutions to meet the needs of SMEs, enabling business owners to monitor transactions in real time, giving them greater control over revenue while improving accountability . Some MoMo solutions now allow attendants to receive customer payments without having direct access to business funds, helping to minimize internal leakages .

Merchant payment solutions are particularly transformative for SMEs in the informal sector. Business owners can track every payment made into their accounts, making it easier to manage cash flow, improve operational efficiency, and make informed business decisions .

The Credit History Dividend

One of the most significant—and often overlooked—benefits of digital payments is the creation of a digital financial footprint. When SMEs transact digitally, they generate a record that financial institutions can use to assess creditworthiness.

Abdul Razak Issaka-Ali, Chief Commercial Operations Officer at MMFL, explained: “In the past, many small businesses struggled to access loans because they lacked assets that financial institutions could use to assess their creditworthiness. Today, digital financial footprints are opening new opportunities for entrepreneurs to secure funding and grow their businesses” .

This visibility over business transactions is creating a stronger foundation for SMEs to build financial records and demonstrate their creditworthiness .

Part 2: AI-Powered Credit Scoring — Lending Without Collateral

The 70 Percent Problem

Nearly 70 percent of Ghana’s MSMEs do not survive their first five years—not for lack of effort or enterprise, but because of financial constraints, stringent lending criteria, and limited access to appropriate financial services . Most MSMEs operate without formal financial records that lenders rely on to assess creditworthiness: no formal ledgers, no credit history, and no reliable data trail that a loan officer can use to evaluate risk .

The Alternative Data Solution

AI is creating a fundamental shift from traditional lending approaches. While lenders have historically required extensive collateral and formal financial histories—which most MSMEs lack—AI-powered platforms are using alternative data to make more informed lending decisions .

Fido, a leading digital lending platform operating in Ghana, has developed a wide range of proprietary AI and machine learning models including document validation and classification, fraud detection systems, vision-based KYC tools, and financial forecasting . These tools enable Fido to scale its lending without heavily relying on manual underwriting, improve repayment forecasting, make faster and more accurate decisions, and reduce fraud losses and operational costs .

Fido’s AI-powered credit scoring tools, including its Fido Score Ecosystem, have enabled it to lend to micro and small businesses that would not qualify for loans under traditional credit systems . By drawing on alternative data—mobile money transaction patterns, business location data, and other digital footprints—Fido can evaluate MSMEs’ creditworthiness and offer credit without the need for traditional collateral .

MSMEs are benefiting from these tools in the form of faster loan approvals and more tailored credit offers . The same technology that enables Fido to offer instant loans to individuals also powers its SME lending, with the company having disbursed over one million loans and serving approximately 400,000 customers in a month.

The Affinity Model

Affinity, a digital banking platform that officially launched in Ghana in October 2024, offers a full suite of banking services including SME accounts, savings, payments, transfers, investments, and loans . The company has onboarded over 50,000 customers, 65 percent of whom had never had access to formal banking products and over 60 percent are women operating in the informal sector .

Affinity’s proprietary scoring engine enables it to offer instant loans with an NPL of just 3 percent, demonstrating that AI-driven lending can be both inclusive and sustainable . The company operates a branchless model powered by a mobile and web app as well as an agent network, making it one of the most affordable players in the industry with no monthly fees or transaction charges .

The Human Judgment Complement

The UN Capital Development Fund (UNCDF), in partnership with the UN Development Programme (UNDP) and UNCTAD, is supporting financial institutions and fintech companies to digitize MSME lending . The programme provides $600,000 in investment grants and technical assistance to five institutions: Adehyeman Savings and Loans Ltd, Fido, MoMo, Opportunity Ghana, and Solis Finance .

A partnership between Adehyeman and Oze, a Ghanaian fintech startup specializing in digital recordkeeping, demonstrates how digital tools complement human judgment. Under a two-year rollout plan from 2026 to 2027, Adehyeman plans to provide GHS 30 million (approximately USD 2.3 million) in loans to around 1,500 MSMEs through Oze’s digital lending platform .

Early outcomes suggest that digital tools are most effective when they complement, rather than replace, human judgment. Local knowledge and trusted relationships remain central to lending decisions, while technology reduces administrative burdens and improves consistency .

Part 3: Merchant Solutions and Real-Time Financial Management

Visibility and Control

For Accra’s SME owners, the ability to track transactions in real time is a game-changer. Mobile Money’s merchant solutions allow business owners to monitor payments as they happen, providing visibility that cash transactions never could .

This visibility has multiple benefits:

• Improved cash flow management: Business owners know exactly what has been paid and when.

• Accountability: Attendants can receive payments without direct access to business funds.

• Record-keeping: Digital transaction histories serve as financial records.

The Oze Digital Recordkeeping Model

Oze, a Ghanaian fintech startup, specializes in digital recordkeeping and financial services for MSMEs . Its Lending Management System replaces manual, paper-based workflows with a structured digital process and uses non-traditional data—including MSMEs’ mobile money transaction patterns—to assess credit risk .

Oze’s digital recordkeeping tools serve multiple functions:

• Record-keeping: Businesses maintain digital records of sales, expenses, and inventory.

• Financial management: Owners can track business performance in real time.

• Credit access: Digital records demonstrate creditworthiness to lenders.

Oze serves over 10,000 SMEs, helping them build a digital financial footprint that can be used for credit applications . Businesses that log sales, pay suppliers, and manage inventory through Oze create a credit profile organically.

Cross-Border Trade Facilitation

Kutana Technologies provides a fintech platform enabling African SMEs, freelancers, and their global trading partners to conduct secure cross-border transactions. The platform integrates services such as payments, foreign exchange, escrow, insurance, and trade finance into a single digital system . This helps businesses simplify and manage international trade more efficiently, addressing a key barrier for SMEs seeking to expand beyond Ghana’s borders.

Part 4: The Innovation Pipeline — Market-Ready Solutions

In July 2026, the UN in Ghana brought together donors, investors, and financial service providers to showcase five market-ready digital financial solutions designed to expand access to finance for women and youth-led MSMEs . Under the Joint SDG Fund Programme, five financial institutions presented fully developed and tested digital financial solutions:

The programme, which runs until 2027, is designed to test whether digital lending models using online data can enable financial institutions to lend to MSMEs more efficiently and at scale . The two top-performing institutions will each receive up to US$200,000 in catalytic funding to pilot and expand their solutions .

Part 5: Barriers to Adoption — What Still Holds SMEs Back

Despite the progress, significant barriers remain. A study of 610 SMEs in Ghana identified several factors influencing the adoption of smart payment systems :

Psychological and Cognitive Barriers

• Technological anxiety was found to deter adoption . Many SME owners, particularly older entrepreneurs and those with limited digital literacy, feel intimidated by digital payment systems.

• Privacy and fraud concerns play a crucial moderating role in shaping the relationship between attitude and adoption . SMEs worry about data security and fraud.

• Cognitive overload among SME managers makes complex systems difficult to adopt .

Infrastructure and Access Gaps

• Limited internet access remains a barrier, particularly for SMEs in rural and underserved communities .

• High transaction costs can outweigh perceived benefits for small businesses operating on thin margins .

• Preference for cash persists, particularly among older business owners and in informal markets .

Knowledge and Skills Gaps

• Lack of trust in digital infrastructure is a critical concern identified by SME managers .

• Digital literacy remains a significant barrier, with many SME owners lacking the skills needed to use digital financial tools effectively .

• Awareness of digital solutions is often low, particularly among women and rural entrepreneurs .

The Gender and Inclusivity Gap

• Women entrepreneurs face additional barriers to adoption . Female-owned businesses are significantly smaller and less profitable than male-owned businesses, and they often see lower revenue benefits from digital adoption .

• Informal sector SMEs often do not generate sufficient digital footprints to be rated by AI systems, limiting their access to digital credit .

Conclusion: The Technology Is Ready — The Ecosystem Still Needs Work

Fintech startups in Accra have demonstrated that they can solve the fundamental problems that exclude SMEs from formal financial services: lack of collateral, lack of financial records, and lack of access to affordable credit. AI-driven credit scoring can evaluate risk using mobile money transaction patterns. Digital payment solutions can provide real-time visibility and generate financial records. Merchant solutions can reduce cash-handling risks and improve operational efficiency.

The partnership model—digital lending platforms working with licensed financial institutions—is proving to be a viable pathway to scale. Adehyeman’s plan to provide GHS 30 million in loans to 1,500 MSMEs through Oze’s platform demonstrates that digital lending models can be both replicable and scalable .

But barriers persist. Technological anxiety, privacy concerns, cognitive overload, and lack of trust in digital infrastructure continue to deter adoption . Fintech developers and policymakers must enhance security, improve user trust, and align payment solutions with SMEs’ needs to drive wider adoption .

The next phase of growth will depend on closing the digital literacy gap, particularly among women entrepreneurs and SMEs in rural and underserved communities . As UNCDF’s programme demonstrates, the technology is ready. The challenge is ensuring that it reaches those who need it most.

Quick Reference: Key Fintech Startups Supporting SMEs in Accra

Last Updated on July 13, 2026 by Samuel Kwame Boadu

Samuel Kwame Boadu

Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.

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