Micro, small, and medium enterprises are central to Ghana’s economy, yet many business owners continue to face major barriers to financial inclusion. Although MSMEs generate most of the country’s employment and economic activity, many operate informally, lack financial literacy, and cannot access traditional financial services. As a result, they frequently rely on high-interest digital loans or informal borrowing, creating further financial strain. These challenges are especially pronounced for rural and women-owned enterprises.
Artificial intelligence is emerging as a powerful tool to bridge the gap between MSMEs and financial service providers. AI can improve access, reduce costs, and strengthen trust by enabling more accurate assessment of borrowers, expanding the reach of digital financial services, and supporting small business owners with better decision-making tools. The UN Capital Development Fund is leading a major initiative in Ghana to explore how AI can enhance MSME productivity through the Leveraging Digital Ecosystems for Increased MSMEs’ Productivity project, in partnership with UNDP and UNCTAD. The project aims to catalyze and de-risk investments in innovative AI-driven solutions that can address longstanding obstacles in the financial sector.
On the supply side, financial service providers in Ghana are already integrating AI into key operations. Digital lenders, microfinance institutions, and mobile money providers are using AI to improve onboarding, automate underwriting, detect fraud, and streamline customer engagement. Fido Credit, a key UNCDF partner, has developed sophisticated AI models for document verification, fraud detection, KYC processes, and financial forecasting. These tools allow the company to make faster and more reliable lending decisions and to serve customers with limited documentation or no formal credit history. AI-powered credit scoring is especially transformative, enabling lenders to draw on alternative data—such as mobile money transactions or business location—to evaluate risk and extend credit to microenterprises previously excluded from traditional systems.
Despite these innovations, challenges remain with alternative data, which can be incomplete, inconsistent, or difficult to standardize. Privacy and consent requirements also limit how much data can be used. FSPs continue to balance fraud prevention with customer experience, as fraud tactics evolve. At the same time, the ecosystem is exploring new uses of AI such as predictive tools for cash flow forecasting, conversational assistance for borrowers, and automated support for loan officers. These emerging solutions could lower operational costs and allow lenders to reach even smaller businesses.
On the demand side, AI holds significant promise to directly support MSME owners. While many still rely on basic phones, smartphone use is growing rapidly across Ghana, particularly among young entrepreneurs. Some business owners are already experimenting with AI tools to analyze records, improve data quality, and generate business insights. Others could benefit from simple digital systems for tracking daily sales and expenses, with AI layers that assist users who are not literate or numerate by using voice, images, and translation features. Conversational AI could also provide business guidance, market intelligence, and tailored advice in local languages, helping MSMEs make better financial and operational decisions.
AI chatbots offer opportunities to strengthen digital and financial literacy, personalize business support, and help entrepreneurs understand when and how to seek loans. Such tools could guide users on loan terms, repayment strategies, and alternative solutions such as finding new suppliers. They could also protect consumers from fraud by flagging suspicious messages and calls, offering real-time alerts, and educating users about common scam tactics.
The greatest potential lies in connecting supply and demand-side innovations, creating a cycle in which better AI tools for MSMEs generate higher-quality business data for financial service providers. This, in turn, improves credit scoring models and expands lending to underserved groups. Increased access to affordable credit supports business growth, making MSME owners stronger customers and reinforcing trust in digital finance across the ecosystem.
UNCDF plays a catalytic role by supporting regulatory development, fostering industry collaboration, and providing early-stage investment to test human-centered AI solutions. With targeted funding and technical assistance, the agency is helping financial service providers develop tools that serve vulnerable groups, including translation technologies, consumer-focused fraud prevention systems, and simple business management platforms for informal enterprises. Such support accelerates inclusive innovation and enables further investment from development partners and the private sector.
AI is unlocking new opportunities to advance digital financial inclusion in Ghana. Progress will depend on continued collaboration across public institutions, private industry, and development actors, each contributing to a supportive environment where AI solutions can scale and deliver lasting benefits for MSMEs.
