Firms up patronage of MoMo for payments

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As many Ghanaian businesses and entrepreneurs across the country confront immense challenges presented by the COVID-19 pandemic, more than a third of firms representing 37.5 percent made use of mobile money to increase business transactions.

About a tenth of the firms representing 9 percent of businesses had also increased their internet usage in doing business.

These were findings from the COVID-19 Business Tracker Survey undertaken jointly by the Ghana Statistical Service (GSS) and the United Nations Development Programme (UNDP).
The ability to leverage digital tools had become a must for businesses, to survive the ongoing crisis. Due to this, the report also indicated that
This reporter noted from the findings of the survey that the pandemic had accelerated the process of digital transformation across many sectors.
Findings from the survey further revealed that firms within agriculture and other industrial sectors used relatively more digital solutions than other sectors.
“The agricultural and other industrial firms use 13.5 percent if Internet and 42. Percent of mobile money for trading” the report stressed.

The survey added that firms in the accommodation and food sector were the least when it came to adopting digital solutions. It was noted that the sector used only 1.7 percent of Internet and 26.1 percent of mobile money.
The lockdown, restrictions in movements and store closures allowed consumers to switch to online and mobile shopping to buy groceries, daily necessities, and other products. Contactless payments also received an unprecedented boost during the pandemic.
In recent times, e-commerce had allowed businesses to reach their customers all over the country and around the world and people are also getting used to shopping on their mobile devices.

Also, the progress into e-commerce technologies had made sales easy and affordable as such, businesses no longer have to spend large budgets on television advertisements or billboards, nor worry about the expense for office space.
Further, business websites allowed the space to include more information such as videos, reviews, and customer testimonials to help increase conversion.
Online platforms were also giving businesses the opportunity to serve up personalized content and product recommendations to customers. The targeted communications could help increase sales by showing the most relevant content to each visitor on the platform.

~The Finder

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