The oldest government owned banking institution, Sierra Leone Commercial Bank (SLCB) and one of the country’s leading mobile telecommunications network, Orange yesterday 12th August launched the “Bank to Wallet Service” at the bank’s head office at Siaka Stevens Street. With this new service offering, subscribing SLCB customers can now move or transfer funds from their bank accounts to an Orange Mobile Money wallet and vice versa (from Orange Mobile Money wallet to SLCB account also).
“Today Sierra Leone Commercial Bank and Orange Money now have a partnership that is formidable and far reaching to our institutions. This alliance is designed to reach the large customer bases in the formal and informal sectors of both businesses,” SLCB’s Managing Director, Abdulai Fidelis Turay remarked. He explained that SLCB and Orange Money Bank to Wallet and Wallet to Bank service ensures that SLCB customers have access to their accounts 24/7 and avoid the rigours of walking to and queuing at banking halls.
“Customers no longer need to travel long distances to get to banking halls to do transactions; at least, at the comfort of their homes they can now do transfers as they wish, at their own time.” As the financial institution, the SLCB M.D. said, “We encourage everyone to be safe and use this service especially at this pandemic period they need to stay home and conduct their businesses…” He added that this new service is also part of the bank’s strategy to broaden its “financial inclusion” ethos.
“As the people’s bank, Sierra Leone Commercial Bank is committed to supporting government’s effort to ensure that citizens’ monies are safe. This new service supports government in that direction,” he averred. Orange Money CEO, David S Mansaray, explained that it took three years to develop the product, adding “Finally we are here to celebrate the moment.” He said this is the first step towards a wider objective that is the goal for a much broader and wider financial inclusion in Sierra Leone. “This partnership is a step toward that direction,” he said.
The Orange Money CEO explained, “You will all agree with me, if you look at the financial inclusion rate in Sierra Leone it is 20%. The average inclusion rate across sub-Sahara is 40%. It tells us that we are halfway through. It means we have a long way to go, and it is institutions like the Sierra Leone Commercial Bank, Orange Money that would make that happen. And I’m very excited that we are taking the right steps.”
CEO Mansaray said, “This is one of the products for the time being. In the future we are going to partner to come up with more innovative products.” He said the Bank to Wallet service saves the customer time, transportation and carbon footprint on the environment. “In as much as we are looking at a product point of view, it comes with ancillary support in the wider economy,” the Orange Money CEO pointed out.
To be part of the service customers need to do a one-time registration with the bank and also have a Mobile Money account. They should then dial #144*6# and follow the instructions to access their accounts.
By Ophaniel Gooding