FirstBank Ghana, Mobile Money Fintech LTD (MMFL) and Optasia, have partnered to offer FirstCredit Merchant Loan, a digital loan product that gives eligible mobile money merchants, informal traders and small businesses fast, collateral-free access to short-term working capital.
The partnership brings together FirstBank Ghana’s lending expertise, MMFL’s MTN MoMo platform and Optasia’s AI-powered credit-decisioning technology, with local support from XtraMFS, Optasia’s subsidiary in Ghana. FirstBank Ghana provides the loans, MMFL enables merchants to access the service through MTN MoMo, and Optasia’s technology uses relevant transaction data to support credit assessments and borrowing limits.
FirstCredit Merchant Loan assesses eligibility using mobile money transaction volumes and payment flows rather than fixed assets, so merchants do not need tangible collateral. Approved funds are credited to the merchant’s mobile money account, reducing the long approval and disbursement cycles often associated with traditional lending.
Merchants can use the loan to purchase inventory and manage short-term cash flow gaps. Transaction and repayment histories help inform future credit assessments, and borrowing limits may increase over time, subject to eligibility and assessment. Repayment follows the agreed loan terms. Applicable charges, the total repayment amount and the repayment date are shown before the merchant accepts the loan.
Mr. Osahon Ogieva, Managing Director and Chief Executive Officer of FirstBank Ghana said: “Many of Ghana’s merchants and small traders run their businesses on daily cash flows, yet have struggled to access credit because they have no tangible collateral. With FirstCredit Merchant Loan, a merchant’s mobile money transaction history helps us assess their financing needs and repayment capacity, so we can put working capital in their hands quickly and conveniently.”
Shaibu Haruna, Chief Executive Officer of MobileMoney Fintech LTD (MMFL) said, “As a platform business, our commitment is to bring ecosystem partners together to deliver meaningful value to our customers. This partnership between FirstBank Ghana and Optasia demonstrates how we can combine our strengths to give eligible merchants access to working capital through MTN MoMo, helping them manage everyday business needs and pursue growth opportunities. We will continue to work with partners to deliver practical financial solutions that help customers strengthen their financial health and build resilient, growing businesses.”
“We see significant opportunity to build financial services around how small businesses actually operate. Merchant lending is an important part of that ambition,” said Salvador Anglada, Group Chief Executive Officer of Optasia. “By combining our intelligence with FirstBank Ghana’s lending expertise and MMFL’s reach, we can help make credit more responsive to business activity while maintaining discipline in how it is assessed.”
Registered MTN MoMo merchants can undertake a three-step process to check their eligibility, opt in and apply instantly for loans through USSD. The process requires applicants to dial *171# using the mobile number registered to the mobile money account. After this, applicants have to select Option 4 (Financial Services), then Option 3 (Loans). Finally, applicants can select Option 2 (First Credit) and follow the prompts to complete the application. Approval and borrowing limits are subject to assessment.
Through FirstCredit Merchant Loan, FirstBank Ghana, MMFL and Optasia are bringing together banking expertise, mobile money access and credit intelligence to address the everyday financing needs of Ghana’s merchants. The partnership helps eligible businesses access working capital through a familiar digital channel, supporting their ability to keep trading, replenish stock and pursue opportunities for growth.
About FirstBank Ghana
FirstBank Ghana has over 130 years of heritage and operations across sub–Saharan Africa, Europe, and Asia; the bank brings to its customers across Ghana a unique blend of legacy, resilience, innovation, and customer-focused service. The Bank’s parent company, First Bank of Nigeria Limited, remains one of Africa’s most enduring financial institutions, and its global footprint provides the foundation for FirstBank Ghana’s growth and transformation
Source: businesspostonline
