By Hassan Osman Kargbo
To modernize Sierra Leone’s financial landscape, Afrimoney-Sierra Leone has introduced a revolutionary digital savings and payments system aimed at fostering financial inclusion. With the rise of mobile money solutions globally, Afrimoney is positioning itself as a leader in providing secure, seamless, and accessible financial services for individuals and businesses alike.
The Chief Executive Officer of Afrimoney, Martison Obeng-Agyei, was speaking at the Ministry of Information and Civic Education press conference at Miatta Conference Hall Freetown.
He emphasized the critical need for digital transformation in financial services, noting that Sierra Leone still faces significant gaps in banking accessibility, with many individuals and small businesses struggling to engage with traditional financial institutions. This digital system, he explained, will bridge that gap by offering an efficient and user-friendly platform for savings and transactions.
One of the key highlights of the new system is its impact on small-scale entrepreneurs who rely on daily sales to sustain their businesses. According to Obeng-Agyei, traditional banking processes can often be intimidating and inconvenient for business owners, requiring them to leave their shops to visit physical banks.
“This system provides a solution for entrepreneurs who handle daily sales but face difficulties managing their funds effectively. Now, they can transfer their money from their mobile phones directly into their bank accounts without stepping out of their businesses,” he explained.
The integration of digital payments into daily transactions reduces cash dependency, enhances security, and fosters better financial management among business owners.
Financial technology has become an essential tool in fostering financial inclusion, especially for populations with limited access to traditional banking infrastructure. The CEO emphasized how the system removes barriers by allowing individuals to send and receive money effortlessly using a single mobile phone number, regardless of their network provider.
“This system provides us with adequate data, enabling individuals to access their money from the bank and disburse it conveniently,” Obeng-Agyei stated. “With just one phone and a single registered number, users can send and receive money, breaking the limitations set by traditional financial institutions.”
By leveraging technology, the initiative aims to integrate the unbanked population into the formal financial system, promoting economic growth and financial security.
Security and convenience are at the heart of Afrimoney’s digital transformation agenda. The newly introduced system reduces the risks associated with carrying cash, ensuring that users can safely conduct transactions without fear of theft or loss. The CEO underscored that digital transactions not only offer ease of access but also provide accountability and transparency in financial dealings.
During successful pilot tests at local shops, users experienced first-hand how digital payments can replace cash transactions, simplifying their financial management and record-keeping. “The feedback we have received from local businesses has been overwhelmingly positive. This system will change how people handle money, making savings and payments effortless,” Obeng-Agyei remarked.
As Sierra Leone moves towards a more digitized economy, the role of fintech in development cannot be overstated. Afrimoney’s initiative aligns with broader efforts by the government and financial institutions to modernize banking and promote digital payments. Policymakers have been advocating for increased investment in financial technology to improve accessibility and efficiency in transactions.
Industry experts believe that the success of this system could inspire further advancements in fintech, encouraging more partnerships between telecommunications companies, banks, and financial service providers. This will not only enhance the digital economy but also create new employment opportunities within the sector.
For the new system to achieve its full potential, public adoption is key. The Afrimoney CEO has urged citizens to embrace the digital platform, emphasizing its potential to revolutionize financial transactions, savings, and creditor interactions.
“The world is moving towards digitalization, and Sierra Leone must not be left behind. This system offers an efficient, secure, and convenient way to manage money. We encourage everyone to take advantage of this innovation,” he stated.
As Sierra Leone continues to develop its financial infrastructure, Afrimoney’s digital transaction system represents a major step toward greater economic empowerment. With enhanced financial inclusion, increased security, and improved efficiency, this innovation is poised to redefine how people in the country save, spend, and manage their finances.
