The CEO of Afrimoney Sierra Leone Limited has acknowledged the launch of the Instant Payment Service, a transformative financial solution aimed at reducing the cost of doing business in the country.According to Martison Obeng-Agyei for the first time, mobile money services and banks are collaborating rather than competing to enable seamless financial transactions.
The Instant Payment Service allows individuals and businesses to transfer money instantly between banks and mobile money platforms. For businesses, this innovation eliminates the delays associated with bank clearance, ensuring they receive payments in real time.
With this new service, customers can easily transfer funds from their mobile money accounts to bank accounts and vice versa. This development is expected to significantly cut down on human interaction and operational costs for small businesses. Previously, business owners had to endure transportation expenses and long queues at banks to deposit or withdraw small amounts. Now, transactions can be completed within seconds from a mobile device.
Obeng-Agyei emphasized that the system addresses common challenges faced by users, such as the embarrassment of repeatedly transferring small amounts of money. The new payment framework allows individuals to deposit and withdraw between platforms seamlessly, using a single phone number and banking network.
“This innovation will not only ease transactions for individuals but will also lower operational costs for mobile money operators. Ultimately, this cost reduction will translate to more affordable services for customers,” he stated.
The launch of the Instant Payment Service is a significant milestone in Sierra Leone’s financial landscape, paving the way for a more inclusive and efficient digital economy.
