New partnership aims to boost Liberia’s mobile money transfer services

Details: Vaughan O'Grady; Category: Mobile Finance; 05 August 2024; 12598 views

BnB, a fintech company that says it is committed to revolutionising financial services in Africa, has launched an initiative that seeks to expand international money transfer services in collaboration with operator Lonestar Cell MTN’s MoMo (a mobile money service).

Late last week the companies launched an outbound international transfer service that, they say, allows customers to send money easily and securely to countries including Ivory Coast, Ghana, Sierra Leone, Guinea, Uganda, Rwanda, Mali and Senegal.

This means, say the partners, that Liberians and other MTN MoMo customers can now send money abroad through mobile money services with ease and convenience.

Quoted by the Liberian Observer news service, Manju Konneh, manager, product and services, at MTN, says: “Users can now transfer funds internationally with ease and convenience, directly from their mobile phones using a simple USSD code.”

He adds that both United States dollars and Liberian dollars can be sent. Liberian dollars sent abroad will be exchanged for the currency of the receiving country – at a maximum of US$250 or its equivalent per transaction or US$500 per day.

For the first three months, this service is apparently going to be offered free of charge.

BnB provides international money transfer and payment services to individuals in multiple countries around the world, with a focus on sending and receiving money transfers to, from, and within Africa.

Lonestar Cell MTN’s MoMo is described as a secure and convenient mobile money platform that allows users to send and receive money, pay bills, and conduct other financial transactions directly from their mobile phones.

Like many such services in sub-Saharan Africa it has made financial services accessible to a large portion of the population, including those in rural and underserved areas.

Mobile money has been a hotter than usual topic in Liberia lately. This announcement comes only two weeks after we reported that regulator the Liberian Telecommunications Authority (LTA) had introduced a new set of regulations designed to empower fintech companies and foster a more competitive mobile market.

This move was described as significant for fintech companies, as it grants them the ability to develop mobile financial products without having to follow rules set by MNOs.