Orange Money Enhances Financial Inclusion
By Mackie M. Jalloh
In a bid to expand financial inclusion, Orange money has forged new partnership with BnB, an institution specialised in money transfer to customers in and out of Sierra Leone. The launch of the new partnership took place in Freetown during a ceremony attended by personalities from various institutions in Sierra and Liberia. The new partnership has led to an innovation, in which customers can receive money overseas directly into their Orange Money wallet and vice versa.
One can dial #144*35# to access the new service. Before now, it was impossible.
Speaking at the ceremony on Wednesday 8th February 2023, the Marketing Manager for Orange Money, Abibatu Baxter, described BnB as an institution that has done much in moving financial inclusion in Sierra Leone. The inclusion strategy is about ensuring that every Sierra Leonean enjoys access to finance by use of their mobile phones. It is a move that seeks to bring financial service to the doorstep of the last man in the last village.
It is also ensures a cashless economy, where one can sit at the comfort of their homes and send money overseas. To realise this dream, Baxter believes that the need to strengthen a partnership, which has existed for years, cannot be over-emphasised. “The launching today is to strengthen a partnership, which started in 2000. With the partnership, customers can now receive money from overseas via Orange Money,” she explained.
She also did not lose sight of the important role Orange Money has played in the financial digitisation, and called on all to use the service.
It is hoped that the people of Sierra Leone will take advantage of the launch of a fantastic product.
Making his contribution, the Country Head, BnB Sierra Leone, Mamodu Billy Kolade, said the launching of the partnership marked a moment of love, as people would put their hearts where their money is. He sees the new digital service as an innovation in the financial inclusion drive.
“It is a great thing that has never happened in Sierra Leone. Our mission is to digitise banking and financial services. The company, BnB, is set to rewrite history,” he said.
The BnB Country Director however built confidence in customers, saying that their activities are directly under BSL (Bank of Sierra Leone) regulations.
In the past, he went on, there were challenges, but the company would create the conducive environment for financial inclusion to thrive.
The deployment of the digital technology testifies of the company’s readiness to ensure that everyone is brought on board.
With the new service, Mr Kolade hopes that customers will be empowered to send money to friends, relatives and loved ones overseas thus promoting trade and commerce in Africa. The Country Director also hopes that the financial inclusion will be taken to higher heights for the benefit of all.
“This is just the beginning, many things are coming,” The BnB Chief assured.
Representative of the Chairman, ‘Sand Box’ Committee at BSL, Ibrahim Conteh, sees the launching as an out-bound remittance, in that any customer can stay anywhere and receive and send money overseas through Orange Money-BnB. Conteh however called on the people of Sierra Leone and other parts of the world to do business with Orange Money-BnB without fear, as the two institutions are law abiding.
“Don’t be afraid to do business with Orange Money and BnB. They are in full compliance with BSL regulations,” he allayed fears.
He also described the new product as a life-testing environment for financial technology.
Representatives from neighboring Liberia also took part in the launching ceremony.
The Deputy Director, Central Bank of Liberia, made it clear that he was thrilled by the Orange Money-BnB innovation, and referred to the launching of Financial inclusion strategy as a global agenda that financial institutions are pursuing.
“Nowadays, we no longer want to go to the bank, and do transaction. It is therefore our duty to ensure that customers are protected,” he pointed out.
The Chief Executive Officer, BnB Liberia, David Ojo, said BnB has brought new hope to Sierra Leone and that the two countries would make history together. He assured Sierra Leoneans that Orange Money and BnB would lead the innovation to digitise payments and receipts of money.
“We also have the same relationship with Orange Liberia,”
Orange Money has gone a long way in the digital financial inclusion.
The company, mid last year, launched a new service that connected Orange Money and non-Orange Money customers.
The process is still on-going and hoping to achieve great strides.
