A new digital platform, CloudyPOS, is enabling market traders in Ghana’s vast informal sector to create verifiable business records. This innovation helps small businesses access formal financial services and meet emerging tax compliance requirements. CloudyPOS aims to convert daily transactions into credible financial information for Ghana’s informal economy.
Ghana’s informal sector accounts for about 80 per cent of the national economy. This sector often lacks the formal records needed by banks and microfinance institutions for lending decisions. The inability to prove consistent revenue through structured documentation prevents many successful traders from securing loans or insurance. CloudyPOS directly addresses this critical gap, providing a digital solution for record-keeping.
Ghana’s government is increasingly enforcing new tax and Value Added Tax (VAT) requirements. The Taxation (Use of Fiscal Electronic Devices) Act, 2018 (Act 966), mandates validated receipts for transactions. These transactions must transmit to the Ghana Revenue Authority (GRA) in real time. This creates a challenge for small businesses operating on thin margins using handwritten receipts.
CloudyPOS positions itself as a critical bridge between these new legal demands and the daily operations of informal merchants. “The goal is not only to help merchants sell more efficiently, but also to ensure that what they do can be recognized by formal finance,” stated a spokesperson for the platform’s developers.
The platform functions as a digital bookkeeping and business operating system. It allows merchants to track sales, manage inventory, and generate digital receipts via WhatsApp and SMS. This system creates verifiable and tamper-resistant financial records. These records can then support credit assessments from formal financial institutions.
The current lack of structured records in the informal sector makes it difficult for lenders to confidently underwrite loans. Even consistently profitable businesses struggle to provide the necessary data. CloudyPOS captures transaction information at the point of sale. This converts everyday trade into documented, readable financial data, transforming informal operations into bankable businesses.
For instance, a waakye seller using CloudyPOS can track each sale and expense. Over time, this provides performance insights like weekly earnings, busiest days, and product margins. These summaries function as credible financial statements, providing proof of profitability. Such proof helps hardworking vendors secure financing.
CloudyPOS can be used on low-end and high-end smartphones and tablets. This ease of access avoids the need for expensive hardware or specialised technical support. This design ensures quick onboarding for merchants with limited resources. The platform offers immediate operational benefits by improving inventory visibility. This reduces stock waste and enhances cash flow management for small businesses.
This initiative represents a significant step towards financial inclusion for Ghana’s informal economy. It helps businesses comply with regulatory changes while unlocking opportunities for growth. The move from informal to formal documentation will strengthen Ghana's overall financial system.