The Lonestar Cell MTN and the Central Bank of Liberia (CBL) have launched Mobile Money Service at the Guaranty Trust (GT) Bank Liberia Limited in Monrovia.
The new service, initiated at the GT Bank is a special product designed to engender financial inclusion for all Liberians, both in rural and urban areas of the country.
The service is also intended to bridge the gap between the banked and unbanked populations as part of GT Bank’s contribution to the financial inclusion strategy of the Central Bank of Liberia.
Speaking at the launch Wednesday, Lonestar Cell MTN CEO Tebogo Mogapi said Mobile Money is a new century innovation service successfully used in emerging markets, including many other countries where MTN operates.
The Lonestar CEO said Mobile Money was officially launched commercially in Liberia in partnership with Ecobank with full approval of the CBL a year ago.
He noted that since the launch of the service, MTN subscribers and non-subscribers have hailed the service as excellent, pragmatic and useful to the average Liberians, especially businessmen and women in rural communities.
According to Lonestar Cell MTN CEO, statistics show that just about only 10% of Liberians have bank accounts, while over 40% of the population has mobile phones.
So, with difficult roads and limited formal banking facilities around the country, mobile money service provides the opportunity for more Liberians, particularly in rural areas to have access to cash, transfer money, pay bills, do business and improve their lives economically.
“As we extend this partnership with GT Bank, we opine that mobile money is indeed a usable product that clearly supports the Liberian economy and provides a cashless environment, safe and secure for all subscribers to service. We encourage individuals as well as institutions to subscribe to the service which will greatly improve the efficiency in their payment process to employees and vendors,” Lonestar pointed.
For his part, the Managing Director of GT Bank Dan Orogun said a distinctive feature of the GT bank mobile money service is its capacity to allow subscribers send cash to recipients that do not have bank account.
All that a recipient needs is a mobile phone to experience the service. The products operates on a user-friendly platform, specially designed to enable multi-level services such as phone to phone transfer of funds, airtime purchase, and bank account to mobile phone wallet transfer of funds, amongst others. Dan commended President Ellen Johnson-Sirleaf for providing the enabling security and economic environment for business activities.
He also thanked the Executive Governor, Management and staff of the Central Bank of Liberia (CBL) for proving the necessary regulatory guidance and support towards the roll-out of the product as well as their continuous effort towards strengthening the financial service sector.
“May I finally use this opportunity to urge other banks and telecommunication companies to join in this drive for financial inclusion and bridge this critical gap as it will contribute significantly to the growth of the country’s Gross Domestic Product (GDP) and the poverty reduction strategy of the government,” the GT Bank boss concluded.