Companies looking to succeed in emerging markets must listen to local needs and tailor their proposition accordingly. That’s the message from Affiliate Professor of Strategy Lite Nartey and digital financial services expert Bruno Akpaka in this INSEAD Knowledge podcast, which examines how mobile payments system Mobile Money was successfully introduced in Ghana.

Akpaka, who oversaw the launch of Mobile Money in 2009 as mobile telecom firm MTN’s general manager for Western Central Africa, explains how the company took the time to speak to all stakeholders involved. Alongside banks and regulators, the MTN sent representatives out to speak directly with market traders and their customers, many of whom had never previously had access to financial services. 

This led MTN to eschew the traditional banking route in favour of a distribution model that brought the service to unbanked consumers through a network of agents. This allowed the company to customise their proposition and develop a product that met the needs of local consumers, offering them convenience, security and simplicity. 

What started out as a project with financial inclusion goals, has since evolved into a comprehensive financial system. By the end of 2024, Mobile Money had more than 17.2 million users in Ghana – approximately half the total population.

While such a tailored approach might seem obvious, Professor Nartey highlights how many global firms still try to apply strategies from developed markets without fully understanding local contexts. As the Mobile Money case shows, each market has its own challenges – and requires its own tailored solution.