Access to affordable financial services is critical for poverty reduction and economic growth. Countries with deeper, more developed financial systems have higher economic growth and larger reductions in poverty and income inequality. For poor people, access to and use of basic financial services can improve incomes, increase resilience and improve their lives. Women especially benefit. 

According the World Bank Digital Financial Services Report 2020. Far too many people—65 percent of adults in the developing world—lack access to even the most basic transaction account that would allow them to send and receive payments safely and easily, much less the savings, insurance, and credit services that would help them expand their businesses, mitigate risks and plan for their futures.

Digital financial services, powered by fintech, have the potential to lower costs by maximizing economies of scale, to increase the speed, security and transparency of transactions and to allow for more tailored financial services that serve the poor. The report describes the tools of digital finance, the successful business models and policies for encouraging their growth. It explores risks and challenges of new types of services and the legal and regulatory frameworks needed for confronting them. It includes country experiences with promoting the expansion of digital financial services and the obstacles along the way.

Access to affordable financial services is critical for poverty reduction and economic growth. Countries with deeper, more developed financial systems enjoy higher economic growth and larger reductions in poverty and income inequality. Access to financial services also increases opportunities and resilience for the poor, particularly women. Despite this, 65 percent of adults in the world’s poorest economies lack access to even the most basic transaction account that would allow them to send and receive payments more safely and efficiently.

To ease the access to affordable financial services is critical for poverty reduction and economic growth, Orange Money has opened the digital financial space to meet business transaction in Sierra Leone. It is against this background that Orange Money has recently lunched the Orange Money, to efficiently enhance electronic financial services delivery in the country via Orange Money.

Orange Money, has on Wednesday 10^th August 2022, officially signed a partnership deal with the Commercial Motorbike Riders’ Union of Sierra Leone. The partnership deal between Orange Money and BRUSL is geared towards the completion of the Union’s office building, and enable (top-bottom), bike riders have agents that will assist them to cash in/out. The partnership also covers the ‘Close User Group calls (CUG) for all bike riders for a minimum cost of Le. 15.

On the expectations of Orange Money, they urged all bike riders to accept Orange Money as a means of payment from customers. The bike riders are also expected to join Orange Money in all of their adverts, and all bike riders must have a registered Orange Money sim-card.

There’s also a Le. 150m cash prize if they can achieve the 10% mark of members with Orange Money registered sim by the end of the year. Another le.150m will be given to the riders if they can get majority of the bike riders to accept Orange Money as means of payment. Orange Money also promised to organize a ‘Bike riders Cup’ by the end of the year.

The Acting CEO, Orange-SL, Madam Haffie Haffner welcomed the delegates and acknowledged their support to society and the people of Sierra Leone. “It’s a glorious and important day in the history of Orange-SL despite the challenges that the nation is being faced with,” observed the Acting CEO, Orange-SL. She recalled that when Orange-SL started operations in Sierra Leone in 2016, they promised to provide affordable and reliable network service to customers.

“We are the largest network in Sierra Leone, they have made a tremendous commitment to provide effective service to the people and it is important to have more inclusiveness, as it is their responsibility to have digital inclusion no matter your status in society, age or gender,” the Acting CEO affirmed.

She expressed her profound delight for the partnership, and acknowledged that the bike riders as a force to be reckoned with in society. She urged other commercial institutions to follow up on the footsteps of the bike riders, as Orange is sets to do more and improve on the partnership to higher heights for mutual benefits.

Orange Money Financial Director, David Mansaray, asserted that a lot of commitments have been made into making the relationship fruitful. Adding that they are showing solidarity and support to the bike riders as they are seen as an integral part of economic transformation in the country.

“We hope to provide an easy way to see that bike riders have an easy way to go about their business and hoped that the relationship will be long lasting and profitable,” said Mr Mansaray.

The BRUSL president, Umaru Bah acknowledged the tremendous effort of Orange Money and Orange-SL in introducing such a lucrative partnership with them.

“The decision of Orange Money to complete our union office building is a great way to start a relationship and we are grateful,” reaffirmed president, BRUSL.

He expressed hope that the partnership will yield profitable fruits and it will be long lasting and that the 1,258, 000 bike riders in Sierra Leone will fulfil their partnership agreements for as long as the partnership lasts.

The event was climaxed with the official signing of the partnership deal between Orange Money and the Bike Riders’ Union Sierra Leone.