YOCO basic needs screening
The basic needs screening essentially assesses if there is a demand for a good or service within the
desired target market based on gaps in the market with potential, global trends, socioeconomic
factors, infrastructure, and the current needs of the market. YOCO provides customers with card
machines, online payment services, solutions for point of sale, as well as flexible funding. This is what
separates them from competitors because they offer a diverse range of services that meet diverse
needs within their industry.
Spike in demand
Following the removal of its E-Levy, they have had a substantial increase in mobile money
transactions; the number of transactions reached a staggering amount of GH₵649.2 billion very early
in 2025 (first 2 months) (Agambila, 2025) (YOCO, n.d.). A more sophisticated and efficient means of
electronic payments is required, which is where YOCO comes into play.
SMEs
The informal sector in Ghana accounts for over 80% of the nation's unemployment; it consists of
micro and small-scale enterprises, producers, wholesalers, and retailers. And according to the UKGhana Chamber of Commerce, SMEs have limited access to point of sales systems due to a lack of
(digital) infrastructure and the high costs required related to implementation. However, he had
stated that there had been a large increase in digital payments in 2021 and an instant pay volume
increase of 400% over the amount in 2020 (Dr. Ernest K. Y. Addison Governor, 2021). This shows high
demand in the market for fast and efficient payment solutions. Companies like YOCO have a huge
opportunity to provide affordable and accessible point of sale solutions within the Ghanaian financial
market.
Barriers
SMEs in Ghana struggle to overcome barriers such as access to finance due to the fact that the
banking system in Ghana need for collateral, high-interest rates, and the need for established track
records. Platforms have been established to provide funding options that enable growth, but more
work is needed, and services that are curated to solve the unique needs of SMEs in the country still
need to be introduced. Lack of managerial skills makes it challenging to run operations efficiently and
enhance operations, thus leading to issues such as waste and lower profitability. Many businesses
are still relying on outdated technology, thus missing out on the ability to leverage recent financial
and business solution developments and productivity (Mitchell, 2024).
YOCO’s service offerings
YOCO provides the tools required to overcome these barriers via their fast and reliable payments,
smart features, affordability, a wide range of card machines to cater for various types of businesses,
and free payment software that allows businesses to manage stock and staff performance. YOCO
Capital provides customers with a “fast, flexible cash advance” and has provided their customers
with 3 billion rand. The app evaluates if you are eligible, then allows you to apply and get approval
instantly, and you have the option to pay it back through YOCO, taking a small % of each sale you
make (YOCO, n.d.). And unlike the banks in Ghana, it does not require any paperwork or difficult
administration tasks.
Based on the evaluation of the Ghanaian economy, lack of competitors with YOCO due to their
comparative advantage in the industry, size of the informal economy, support for digital solutions
and infrastructure in the country, the basic needs potential for YOCO in Ghana is favourable.
Bibliography
Agambila, D. (2025, April 1). Business Insider Africa. Retrieved from Mobile money transactions
increase to GH¢649.2bn: https://africa.businessinsider.com/local/markets/mobile-moneytransactions-increase-toghcent6492bn/w7ecxjp#:~:text=Recent%20data%20from%20the%20Bank%20of%20Ghana%
20reveals,of%202025%2C%20marking%20a%20substantial%2064.7%25%20year-onyear%20increase.
Dr. Ernest K. Y. Addison Governor, B. o. (2021). BOG. Retrieved from Payment Systems Oversight :
https://www.bog.gov.gh/wp-content/uploads/2022/07/Payment-Systems-Oversight-AnnualReport-2021.pdf?utm_source=chatgpt.com
Good Governance Africa. (2023, July 26). GGA. Retrieved from Integrating Ghana's informal sector for
growth and development: https://gga.org/integrating-ghanas-informal-sector-for-growthand-development/
Mitchell, F. (2024, August 2). Farrelly Mitchell. Retrieved from Barriers to SME development in Ghana
and how to overcome them: https://farrellymitchell.com/institutional-development/smedevelopment-in-ghana/
UKGCC. (2021, May). Retrieved from Assessment of Digital Readiness of : https://ukgcc.com.gh/wpcontent/uploads/2023/11/Digital-Readiness-Survey-Final-Report-Revisedfinally.pdf?utm_source=chatgpt.com
World Bank Group. (2024, October 16). World Bank Group. Retrieved from The World Bank in Ghana:
https://www.worldbank.org/en/country/ghana/overview