Introducing HerVenture’s new learning track on mobile money

HerVenture is designed for women entrepreneurs in the startup or growth phase of their business. Mobile money provides an opportunity for these women, many of whom may not have easy access to a bank account, to transfer, receive and save money necessary for starting  their business. 

It is also useful for existing business owners to expand their customer base, for both in-store and online shopping. Offering mobile money as a payment option, which is more accessible than bank accounts, allows more customers to access and buy their products or services.  

Mobile money enables increased efficiency, and therefore profitability, of a business, by simplifying transactions, reducing time spent visiting a bank, and removing the potential risks of carrying and paying by cash.   

We learned from our partners in Guyana, telecom company GTT and their mobile money branch, MMG, that despite the opportunities mobile money presents, use by women entrepreneurs is currently very limited. In fact, the quickest adopters of mobile money have tended to be educated men who live in an urban area.  

Alongside GTT and ActionINVEST Caribbean Inc, we recognised a need to engage more women with this emerging payment form, and together developed a new learning track for our HerVenture app. The aim of this new track is to inspire women entrepreneurs living in urban areas, but also those in rural areas who have less access to traditional bank accounts, to utilise mobile money for their personal and professional lives. The app can be downloaded for free from the Google Play Store or App Store. 

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