A new digital payment initiative aimed at increasing the use of cashless fare payments among commercial drivers has been launched by MobileMoney Fintech Limited (MMFL).
Dubbed “Ride with MoMo”, the initiative, launched in collaboration with the Ghana Interbank Payment and Settlement Systems Limited (GhIPSS), enables drivers to receive fares through dedicated mobile money merchant accounts using the Ghana Quick Response (GHQR) payment system.
It targets ride-hailing drivers, trotro operators, haulage businesses, tricycle riders and other commercial transport operators, with the stated objective of promoting digital payments and improving the management of business transactions.
Speaking at the launch on Wednesday, Chief Executive Officer of Mobile Money Fintech Limited, Haruna Shaibu, said the initiative was developed after the company identified common financial management challenges faced by drivers who receive business payments through personal mobile money wallets.
“Cash has no memory. It doesn’t tell the full story but MoMo does. Digital does all the time,” he said.
He noted that using one mobile money account for both business and personal transactions often creates difficulties in tracking earnings and managing expenses.
“Sometimes you get mixed up in terms of what money did you make from your business and what money do you have for your own personal self. It becomes very complicated for you as a driver if you have one SIM card that receives your payment for your business as well as your personal spend,” Mr Shaibu said.
He added that the campaign was intended to bring every commercial driver in Ghana into the MoMo merchant ecosystem.
According to him, the initiative would create a digital ecosystem that enables drivers to receive payments transparently while using the funds to pay for fuel, spare parts, tools and other operational expenses without carrying large amounts of cash.
Mr Shaibu said the company had partnered with the Digital Transport Workers Union to encourage organised participation and was working with GhIPSS to make the payment experience seamless through the interoperable GHQR platform.
Under the system, passengers can scan a GHQR code displayed in a vehicle and make payments instantly using the MTN MoMo app or any banking or mobile money application that supports GHQR.
“What we want to do is to make sure that the whole payment experience for them is a lot more simple and fluid. By using the QR code, the GHQR, we can scan and make payment to you without the need for all complexities of what is your number and all the details,” he said.
To encourage adoption, Mr Shaibu announced a rewards programme under which drivers who sign up, actively use the service and record high transaction volumes would qualify for monthly incentives and prizes.
Chief Commercial and Operations Officer of Mobile Money Fintech Ltd, Abdul Razak Isaka Ali, said the initiative was designed to encourage transport operators to migrate from personal wallets to merchant accounts, which attract lower transaction charges tailored for businesses.
“One of the reasons we are trying to move them into the merchant space is that the charges on the merchant space are much lower, which is essentially designed for businesses because we know businesses need that level of reduced charges to be able to operate profitably,” he said.
He explained that drivers only need a Ghana Card to register for the service at any MTN office or through designated registration agents, adding that registration and the merchant account are provided free of charge.
Addressing concerns about fraud, Mr Ali said customer trust remained central to the company’s operations.
“We are in the business of trust. Fraud is always at the core of everything that we do,” he said, adding that MMFL would continue to educate customers on fraud prevention while working with law enforcement agencies to investigate reported cases and prosecute offenders.
Chief Business Officer at GhIPSS, Akosua Blay said the GHQR platform allows customers from different banks and mobile money providers to make payments using a single QR code, regardless of the financial institution they use.
She added that digital payments improve drivers’ cash flow by giving them immediate access to their earnings, enabling them to pay for fuel and other operational expenses without delay
