MML deepens partnerships with banks and licensed financial institutions to expand inclusion and empower SMEs

Mobile Money Limited (MML), a subsidiary of MTN Ghana, has reaffirmed its commitment to deepening collaboration with banks, pension trustees, insurance firms, and other licensed financial institutions to strengthen Ghana’s digital financial ecosystem and empower small and medium-sized enterprises (SMEs).

Speaking at a Media Roundtable held in Accra, MML Chief Executive Officer, Shaibu Haruna explained that the mobile money ecosystem operates through a one-to-one relationship between e-money and funds held in banks, emphasizing that customer deposits are fully backed by equivalent value in partner financial institutions.

Roundtable briefing from MML CEO, Shaibu Haruna to media editors and senior journalists present 

“A lot of people say there’s so much money sitting in mobile money, but the truth is, that money is sitting in the banks,” Mr. Haruna said. “Every cedi of e-money on our platform is matched by a cedi held in a partner bank. This ensures transparency, security, and stability within the financial system.”

He further highlighted that through these partnerships, MML is enabling millions of Ghanaians, particularly SME owners and informal sector workers, to access a wide range of financial services — including pension, insurance, and investment products — offered by licensed entities on its platform.

“The idea is that if you’re a small business owner, you should be able to contribute, even if it’s once a day, to your pension,” Mr. Haruna explained. “Most SME operators are not part of the formal pension scheme, and this partnership model allows them to participate. For those who already have pensions, it provides an avenue to top up conveniently through mobile money.”

Cross-section of Editors and Senior Journalists paying attention to briefings at the MML Media Roundtable Meeting 

Mr. Haruna emphasized that MML itself does not hold licenses to offer these financial products but leverages its vast reach to connect customers with regulated service providers. “Our role is to create access — we partner with insurance companies, pension trusts, and investment houses to deliver these services safely and efficiently to customers,” he said.

He reiterated MML’s broader vision of driving financial inclusion and economic empowerment through partnerships, innovation, and responsible digital finance. The company continues to work closely with the Ghana Association of Banks and other stakeholders to promote trust, security, and growth within the financial ecosystem.

MML CEO, Shaibu Haruna, in a hearty handshake with some journalists after the Media Roundtable meeting 

The roundtable also featured contributions from members of the MML Executive Leadership Team, including Chief Risk and Compliance Officer Godwin Kwami Tamakloe, who stressed that MML’s anti-fraud initiatives and education campaigns are vital in protecting customers and sustaining confidence in digital transactions.

Present at the roundtable were Sylvia Otuo Acheampong, Chief Products and Services Officer; Paapa Osei, Head of Legal and Reputation Management; Grace Baiden Agyapong, Head of Internal Audit; Solomon Hayford, Head of Business Intelligence and Analytics; Abdul Majeed Rural, Senior Manager, Channel Development; and Richard Asante, Senior Manager, Technology.

Group photo with MML CEO, Shaibu Haruna 

Through strategic partnerships, customer education, and continuous innovation, MML continues to lead efforts in strengthening Ghana’s digital financial ecosystem — fostering trust, inclusion, and prosperity for all.

By:  Nana Appiah Acquaye