Best Mobile Money Strategies for Small Businesses in Ghana

Nowadays, mobile money, or MoMo, is more popular in Ghana than cash. Mobile money can help your business run more efficiently, safely, and intelligently, whether you’re selling clothing in Makola, operating a restaurant in Tamale, or offering delivery services in Kumasi.

In Ghana, more than 70% of adults use mobile money as of 2025. You’re losing out on simpler transactions, improved customer support, and higher sales if your company isn’t making effective use of MoMo.

This article will show you mobile money strategies to help you:

• Reduce theft and loss

• Serve more customers

• Keep better records

• Improve business growth

Let’s dive in.

Why Small Businesses Should Embrace Mobile Money

Mobile money isn’t just for receiving payment — it’s a powerful business tool. Here’s why it’s crucial:

✔️ Instant Payments

No need for change or delays — receive exact payments immediately.

✔️ Safer Transactions

Reduce the risk of theft from carrying physical cash.

✔️ Payment Flexibility

Serve customers who don’t carry cash or are buying remotely.

✔️ Track Transactions

View statements to understand sales, reduce fraud, and manage cash flow.

1: Register a Business MoMo Account

If you’re using your personal wallet, switch to a registered business MoMo account (like MTN’s MoMo Merchant or MoMo Pay).

Benefits:

• Higher daily transaction limits

• Access to statements

• Professional image

• Eligible for mobile loans (like Qwikloan or XpressLoan)

How to Register:
Visit any MoMo office or vendor with:

• Ghana Card

• Business name or ID

• Passport-sized photo

Display Your MoMo Number Clearly

Let customers know how to pay without asking every time.

Tips:

• Print and display your MoMo name and number on a small sign

• Add “MoMo Accepted Here” to your shop or online page

• Include QR codes if possible

Pro Tip: Use Canva to design a neat display board or sticker with your MoMo details.

3: Use MoMo Pay & QR Codes

In 2025, QR payments are gaining popularity in Ghana — especially for businesses in cities.

Why use it?

• Instant notification and confirmation

• Reduces errors from wrong numbers

• Easier for shops, salons, restaurants, and vendors

Platforms to try:

• MTN MoMo Pay

• Vodafone Cash QR

• Hubtel QR Storefront

Customers simply scan and pay — no typing numbers!

4: Separate Personal & Business Wallets

Using the same MoMo account for your personal and business money creates confusion.

Solution:

• Open a second MoMo account (or a business MoMo account)

• Use one only for business income and expenses

• Track your business cash flow better

This separation also helps when applying for loans, grants, or doing taxes.

5: Track Sales and Expenses Using MoMo Statements

Most mobile money services provide transaction history or monthly statements. Use this data to:

• Record daily sales

• Calculate monthly income

• Monitor business growth

• Show proof of income for funding or rent

Use Google Sheets or a simple notebook to record your figures weekly.

6: Offer Mobile Payment Options for All Customers

Don’t assume your customers use only one network. Always offer:

• MTN MoMo

• Vodafone Cash

• AirtelTigo Money

If you can, get SIMs or wallets for all three, or use a unified platform like Hubtel, Slydepay, or ExpressPay that supports all major networks.

7: Give MoMo Discounts or Bonuses

Encourage customers to use MoMo by offering:

• Small discounts for MoMo payments (e.g., save ₵1)

• Loyalty points for repeat MoMo buyers

• “Pay with MoMo and win” promos

This reduces cash handling and builds customer trust.

8: Use MoMo for Supplier & Employee Payments

Simplify your operations by paying:

• Suppliers via MoMo (faster, easier to trace)

• Staff or delivery riders via mobile transfers

This saves time and provides proof of payment, reducing disputes.

9: Combine MoMo with Delivery or Online Sales

If you run a small delivery or online-based business:

• Accept MoMo before dispatch

• Confirm payment before delivering goods

• Use WhatsApp to take orders and send payment confirmation

This strategy works well for:

• Clothing & beauty product sellers

• Food vendors

• Freelancers or tutors

10: Apply for MoMo-Based Loans or Funding

Once you have consistent MoMo transactions, you may be eligible for:

• Qwikloan (MTN)

• XpressLoan (MTN)

• Fido Loan, Carbon Loan

• Bank small business loans (with MoMo statements as proof of income)

Keep your business account active and clean to qualify for higher credit limits over time.

Real-Life Example

Adwoa sells second-hand clothes in Cape Coast. In 2024, she switched from only accepting cash to fully embracing MoMo:

• Used MoMo Pay to collect sales

• Separated her business and personal wallets

• Paid her suppliers via MTN wallet

• Started tracking her earnings using MoMo statements

In six months, she qualified for a ₵2,000 loan from Fido and used it to expand her stock.

Recap: MoMo Strategies to Boost Your Business

MoMo Is More Than Just Payment

Mobile money is no longer just a payment method — it’s a business growth strategy. By using it wisely, you can:

• Reduce losses

• Improve sales tracking

• Access capital

• Grow your customer base

Master one or two tactics first, then progressively expand. In your pocket, your phone can serve as your sales partner, bank, and accountant.