Business owners in the informal sector have been advised to embrace cashless transactions as a means of enhancing productivity while reducing the risks of losing their money.
In recent times, efforts aimed at encouraging the informal sector to adopt cashless transactions have failed as many perceive electronic transaction as costly and cumbersome.
But Speaking to Citi Business News at the launch of its new Product called mPOS, the Senior Product Manager of SmS Gh, Mr. Bubune Adih maintained that business owners will accept an electronic transaction system that integrates all payments onto a single platform at a lower cost.
He noted that “the current solutions of electronic payment on the market available for business leaders scare away the small and medium size merchants because of the cost of entry”.
According to him, small business owners spend in excess of GHS2, 000 to acquire a POS device, a condition that deters most people in the informal sector from coming onto the cashless platform.
Mr. Adih maintained that the mPOS will enhance Ghana’s payment system while it increases productivity.
“This system of payment is new and very efficient. Merchants would no more need different POS devices for different customers. It will save them time and integrate their transactions for proper record keeping”, he said.
He explained that the app, which could be downloaded freely from Google Playstore can be operated from every part of the country.
“All you need is to register on our platform with ease and within 30 minutes, you are ready to transact business on our MPower platform”, he said
On his part, the CEO of SmSGH, Mr. Alex Adjei-Bram, stated that the product will increase internet penetration in the country as the informal sector joins the platform.
“Anytime one percent of a population connects to the internet for business transaction, there is a corresponding 10 percent increase in GDP and productivity”, he said.
According to him, merchants who use the product will also have the benefit of having a portable receipt printing device free of charge.
Mr. Adjei-Bram encouraged all Ghanaians to visit the website of mpower to register for the product.