Digi Save

More than 80% of Ghana's economic sector is informal.Over 90% of the informal sector has no social security  or other other financial insurance cover in the event of old age retirement, permanent disability or death whilst in active service. Most of them are not literate and do not have bank accounts nor savings.

Ghana's mobile network coverage is estimated at 90% of the population.Educating and supporting people in the informal sector to save and contribute to social security will help the workers when they need money to support their businesses or in retirement.Our team will move to the local markets, lorry parks, road side vendors, artisans, farmer groups, and all in the informal sector to educate them and support them to start join the social security scheme and start saving money using their mobile phones. Ghana has mobile cellular per capita of 131.

According to Miss Margaret Acquaye , ( Researcher & Writer ),Ghana's economy consists of both the formal and informal sector. A large number of the population thus 80-90% are employed in the informal sector.

The informal sector is predominantly made  of small to medium-scale businesses, consisting of producers, wholesale and retail traders, and service providers, comprising, family workers, casual  workers, home-based workers, street vendors, among others. Most informal sector workers are  poor since they earn a low income. They are mostly people who are self-employed; operating small businesses which are not registered.

The Journal of Economics, Management and Trade 24(3): 1-10, 2019; Article no.JEMT.4439 states that 70% of the informal sector in Ghana are unaware of the Tier III pension scheme by the Social Security and National Insurance Trust of Ghana meant for the informal sector and they therefore have no social protection.

A research conducted by Sidya OULD EL HADJ and Medou DIAKHATE, UNICEF – WCARO indicated that the coverage of pension  schemes is limited to 6.2% in Ghana8 and 7.8% in Senegal  of the working population, mainly workers in the formal sector. 

Labor force, total in Ghana was reported at 12,917,053 in 2019, according to the World Bank 

Labor force, total in Ghana was reported at 12,917,053 in 2019, according to the World Bank collection of development indicators, compiled from officially recognized sources. 

A large number of the population thus 80-90% are employed in the informal sector. They are  predominantly made up of small to medium-scale businesses, consisting of producers, wholesale and retail traders, and service providers, comprising contributing family workers, casual wage workers, home-based workers, and street vendors, among others. Most informal sector workers are caught up in poverty since they earn a low income. They are mostly people who are self-employed; operating small businesses which are not registered.

70% of them are unaware of the Tier III pension scheme by the Social Security and National Insurance Trust of Ghana meant for the informal sector and they therefore have no social protection.

We interact with them daily and got to know their ignorance of the social security scheme. we inform and educate them on the benefits of social protection and contribution to a social security scheme and savings using their mobile phones irrespective of their level of education.

Labor force, total in Ghana was reported at 12,917,053 in 2019, according to the World Bank, 80-90%, are employed in the informal sector. 70% of them are unaware of the  Social Security for the informal sector.

Ghana has a very high mobile phone subscription per capita.  according to  the National Communications Authority. As at the end of December 2018, there were 27,312,733 subscriptions of 2G/3G/4G mobile data in the country  equivalent to a penetration rate above 91%.

We will leverage this to inform, educate, and encourage the informal sector to make social security and savings contributions using their mobile phones.

Ghana has one of the most vibrant mobile markets in Africa, with competing operators including the regional heavyweights MTN Ghana, Vodafone Ghana and AirtelTigo, formed from the merger of Airtel Ghana and Tigo Ghana. Although subscriber growth has remained strong in recent years, with the exception of a dip in 2017 resulting from a redefinition of active subscribers from one of the operators, competition has resulted in lower Average Revenue Per User (ARPU) and pressure on revenue. The country ranks high in BuddeComm's Telecom Maturity Index, a testament to ongoing developments in network upgrades among operators as well as efforts by the government and regulator to expand services to underserved rural areas.

The  Social Security  and National Insurance Trust, is an  agency  of the government of  Ghana . Its "job description", according to its website, is to administrate the National Pension Scheme.

There are other private companies receiving social security contributions.

Currently the telephone companies are offering social security products targeted at the informal sector to make contributions using their mobile phones. However this is limited to certain areas and most people are not aware of or do not trust the scheme.

Our innovation is to proactively meet the informal sector at their work places, their associations, religious gatherings, schools, market places, local FM radio and television stations, and other media to inform, educate, and encourage the informal sector to take advantage of the technology and contribute to social security and also make savings using their mobile phones.

Here in Ghana, commercial banks offer mobile phone banking services either through USSD applications, smartphone apps or both. .

Mobile phone banking gives users some level of financial control, wherever they are, and whenever they need it. .

With mobile phone banking service, a user:

• Gets SMS alerts on transactions;
• Check own account balances;
• Access a mini bank statement;
• Can buy phone credit;
• Perform money transfers;
• Perform mobile money transactions and;
• Make bill payments.

Mobile phone banking in Ghana evolved with the growth of the mobile money services. Indeed, Ghana has a very high mobile phone subscription per capita.  

Nine out of every ten persons you meet have mobile data subscriptions and therefore can access the internet on a mobile device such as a smart phone or a tablet. 

It's everywhere:  It's widely available wherever consumers can access signals of their mobile phone networks. The minimum requirement for mobile phone banking through USSD applications is a simple GSM phone.

It's available 24/7:  Mobile phone banking services are always accessible round the clock. Users can access their accounts anytime of day and night.

No Internet needed:  It doesn't always require internet connection, so you mustn't necessarily have a smartphone to access the service.

It's very convenient:  You can access your many from the comfort of your bedroom, from the pub and from the mall. It's so convenient.

The Global Findex Database 2017 of the World Bank states that 

Financial services can help drive development. They help people escape poverty by facilitating investments in their health, education, and businesses. And they make it easier to manage financial emergencies - such as a job loss or crop failure - that can push families into destitution. 1 Many poor people around the world lack the financial services that can serve these functions, such as bank accounts and digital payments. Instead, they rely on cash - which can be unsafe and hard to manage. That's why the World Bank has made it a key priority to promote financial inclusion - access to and use of formal financial services.

A growing body of research reveals many potential development benefits from financial inclusion - especially from the use of digital financial services, including mobile money services, payment cards, and other financial technology (or fintech) applications.

The benefits from financial inclusion can be wide ranging. For example, studies have shown that mobile money services - which allow users to store and transfer funds through a mobile phone - can help improve people's income-earning potential and thus reduce poverty. A study in Kenya found that access to mobile money services delivered big benefits, especially for women. It enabled women-headed households to increase their savings by more than a fifth; allowed 185,000 women to leave farming and develop business or retail activities; and helped reduce extreme poverty among women-headed households by 22 percent.

Digital financial services can also help people manage financial risk - by making it easier for them to collect money from distant friends and relatives when times are tough. 

In addition, digital financial services can lower the cost of receiving payments. In a five-month relief program in Niger, switching the monthly payment of government social benefits from cash to mobile phones saved the recipients 20 hours on average in overall travel and wait time to obtain payments.

 West Africa has become a force in Africa's mobile money revolution. The sub-region witnessed the highest increase in number of registered accounts (14.5%) and transaction value (34.9%). Also, there are now more live mobile money services offered in West Africa (59) than in any other region in the world. 

In Nigeria, a foremost example is  Paga , the fintech that serves 15 million users through a consumer channel and agent network of over 24,000 agents.

MTN and Airtel Tigo have helped drive a  six-fold growth in Ghana  between 2012 and 2017, making it an exemplary fast-growing market. In Côte d'Ivoire, MOOV, Orange and other players have leveraged a 2015 regulation which authorized non-banks to issue electronic money, spurring a  20% increase  in financial account ownership across the country.

In West Africa, where mobile money is growing fast but still used by only about one in four adults, industry experts and analysts said the COVID 19 outbreak could be an opportunity to increase usage and include more people in the digital economy.

But mobile money arrived later in West Africa, where barriers include low literacy and lack of trust as well as lack of necessary documents and a preference for cash, according to the  telecoms industry group GSMA .

The infrastructure and technology are already available. We will inform, educate, and encourage the informal sector to take advantage to contribute to social security and to make savings.

Mobile phone banking gives users some level of financial control, wherever they are, and whenever they need it. .

With mobile phone banking service, a user:

• Gets SMS alerts on transactions;
• Check own account balances;
• Access a mini bank statement;
• Can buy phone credit;
• Perform money transfers;
• Perform mobile money transactions and;
• Make bill payments 

It's everywhere:  It's widely available wherever consumers can access signals of their mobile phone networks. The minimum requirement for mobile phone banking through USSD applications is a simple GSM phone.

It's available 24/7:  Mobile phone banking services are always accessible round the clock. Users can access their accounts anytime of day and night.

No Internet needed:  It doesn't always require internet connection, so you mustn't necessarily have a smartphone to access the service.

It's very convenient:  You can access your many from the comfort of your bedroom, from the pub and from the mall. It's so convenient.

It can be used by both the literate and illiterate, young and old, male and female.

Communicating and educating the informal sector in their native languages will go a long way to make them understand the benefits of using their mobile phones to make savings and contribute social security.

Mobile Money Interoperability (MMI (is the Service Allows Direct and seamless transfer of funds from one mobile money wallet to mobile wallet Reviews another money across networks. In addition to this, you need to know more about it. Prior to the introduction of MMI, mobile money operators largely operated as closed platforms. Users of one network could not directly transfer money to users of other networks. This required mobile money users to join multiple mobile networks to enable them send money directly to other users of those networks.

MMI will therefore enable mobile money users of one network to directly and seamlessly send money to other mobile money users on other networks.

• Create convenience for mobile money users
• Drives financial inclusion
• Lower cost of transaction
• Increase service reach
• Reduces reliance on cash
• 24/7 Access to funds in wallets and bank accounts
• Ease of moving funds between wallets and bank accounts
• Ease of receiving and making payments for goods and services

Simply dialing your existing mobile money short code to access the service. 

The service is available to ALL existing and future mobile money subscribers

Here in Ghana, commercial banks offer mobile phone banking services either through USSD applications, smartphone apps or both. .

Ghana has a wide connectivity coverage.

Most mobile phone users are familiar with mobile money transfers in Ghana.

Mobile phone banking gives users some level of financial control, wherever they are, and whenever they need it. .

With mobile phone banking service, a user:

• Gets SMS alerts on transactions;
• Check own account balances;
• Access a mini bank statement;
• Can buy phone credit;
• Perform money transfers;
• Perform mobile money transactions and;
• Make bill payments.

In addition to this, you need to know more about it.

The working population of Ghana is estimated at 13 million people. Using a minimum of 80% of those in the informal sector gives a target market of 10.4 million potential informal market share.

In a year we will target a minimum to reach a minimum of 2 million informal sector workers. Maintaining a minimum of 2 million informal workers per annum gives us a minimum potential market share of 10 million informal workers within 5 years.

We will visit the work places of the informal sector to educate them on the convenience and benefits of contributing to social security and making savings using their mobile phones.

We will also use the local FM radio and television stations to deliver the information and education.

Using the face to face and the mass media will enable us reach a minimum of 10 million informal sector workers.

Benefits they will get when they contribute to social security and make savings using their mobile phones include:

• Gets SMS alerts on transactions;
• Check own account balances;
• Access a mini bank statement;
• Can buy phone credit;
• Perform money transfers;
• Perform mobile money transactions and;
• Make bill payments 
• Make and receive social security payments 

It's everywhere:  They can contribute anytime anyThe legal frame work in Ghana encourages financial literacy and inclusion. The government is encourwhere there there is mobile phone service.

It's available 24/7:  Mobile phone banking services are always accessible round the clock. Users can access their accounts anytime of day and night.

No Internet needed:  It doesn't always require internet connection, so you mustn't necessarily have a smartphone to access the service.

It's very convenient:  You can access your many from the comfort of your bedroom, from the pub and from the mall. It's so convenient.

It can be used by both the literate and illiterate, young and old, male and female.

Communicating and educating the informal sector in their native languages.

The legal framework in Ghana encourages financial literacy and inclusion. The government is promoting digitization of the economy and working towards a cashless Ghana. There are no market barriers. The Telephone companies have made substantial investments in infrastructure and technology to expand the use of  mobile money services.

Mobile handsets are readily available at affordable prices that could be used to send and receive money.

The obstacle to us achieving our objectives is financial. We need money to hire staff and procure logistics and to meet administrative costs to be able to effectively deliver the information and education of the benefits of contributing to social security and making payments using mobile phones by the informal sector.

We have dedicated staff and volunteers totaling 120 who are ready to to go to the field to deliver the message and education.

We have a working relationship with some of the local FM radio and television stations.They will use their media to broadcast the information and education.

However we need cash to hire more field workers and pay administrative expenses. 

We will engage the mobile telephone operators and insurance companies to pay us commission on our services.

We will also appeal to donors and philanthropists to fund portions of our operations.

Not applicable

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We have been working in rural communities and with the informal sector for more than 20 years.

The team members are all working in rural communities.

Richard Okoe is the founder and Team Lead. He holds a National Diploma from the University of Ghana. He trained as a veterinarian and worked with the Ministry of Food and Agriculture for 10 years before joining the rural banking sector where he worked for 20 years working at senior management positions. Currently he works full time in the administration of the NGOs, National Beekeepers Association and Community Development Challenge.

Joshua Antwi is a director of training. He holds Bsc in Agribusiness from the University of Development Studies in Ghana. He trains many farmers and others in agribusiness quarterly.. He is also a master beekeeper and trainer foir BeesAbroad of the United Kingdom. He has 10 years experience working with the informal sector.

Hannah Tackie-Otoo holds a Bsc in Agriculture Education from the University of Development Studies.She is a specialist in education and a trainer of the women and youth. She has 5 years experience working with farmers.

Agnes Pokua is a retired primary school teacher. She is a trainer and women organizer. She has over 40 years experience working with farmers and farming herself. She is a trainer in cottage industr establishment.

We intend partnering the 3 major telephone companies in Ghana namely MTN Ghana, Vodafone, and Airtei Tigo.

We will also reach out to social security companies such as Social Security and National Insurance Trust established by the government of Ghana.

We will also hold partnership talks with the local FM radio and television stations.

90% of the estimated 13 million working force are in the informal sector. They are usually poor and run businesses that are mostly not registered. They have no social protection and they become very miserable immediately after their working life.They do not have any social security benefits and savings accounts. 

We will inform and educate them on the benefits of savings and contributing to social security towards their retirement from active work.

We will educate the to use their mobile phones to make regular savings and contributions to their social security.

We will come to an agreement with the mobile telephone operators and the social security operators to pay us commission on our service delivery to the over 10 million workers in the informal sector in Ghana.

We will come to an agreement with the mobile telephone operators and the social security operators to pay us commission on our service delivery to the over 10 million workers in the informal sector in Ghana.

We will also apply for donations to support our services.

Not applicable

We wish to raise $500,000 in grants to support our work

1. Airtime     $100,000

2. Logistics     $ 50,000

3. Salary and Allowances     $ 120,000

4. Rents and rates   -  $8,000

5. Utilities 2,000

6. Printing and stationery  $ 2,000

7. Repairs and maintenance   $5,000

8. Other expenses    $ 15,000

Total $300,000

Winning the Mission Billion Challenge will give us the opportunity to receive funding to support our activities.

Our main challenge is funding to reach out to the informal sector.

We will partner MTN Ghana, Vodafone Ghana and AirtelTigo, formed from the merger of Airtel Ghana and Tigo Ghana.

We will also partner the government institution Social Security and National Insurance Trust, and other licensed social security companies in Ghana.

This will be done so they pay commission to us for reaching out to milliongs of informal workers in Ghana to patronize their services.

We will partner MTN Ghana, Vodafone Ghana and AirtelTigo, formed from the merger of Airtel Ghana and Tigo Ghana.

We will also partner the government institution Social Security and National Insurance Trust, and other licensed social security companies in Ghana.

This will be done so they pay commission to us for reaching out to milliongs of informal workers in Ghana to patronize their services.