Liberia: MTN’s Momo Service Expands Beyond Liberian Borders

BnB, a leading FinTech company dedicated to transforming financial services across Africa, has teamed up with Lonestar Cell MTN’s MoMo (Mobile Money™) to launch an innovative initiative aimed at enhancing international transfer services. The official launch ceremony took place in Monrovia on August 1, where the companies introduced an outbound international transfer service that allows customers to send money securely and conveniently to several countries, including Ivory Coast, Ghana, Sierra Leone, Guinea, Uganda, Rwanda, Mali, and Senegal. This new offering enables Liberians and other MTN MoMo customers to easily send funds abroad through mobile money services.

The event highlighted a significant advancement in financial inclusion and connectivity within the community, showcasing the collaboration between two industry pioneers committed to empowering young people and improving their lives through better financial opportunities. Manju Konneh, Manager of Product and Services at MTN, announced that the new service would be offered free of charge for the first three months, emphasizing its potential to make international transfers accessible to all users.

Powered by BnB's state-of-the-art technology, the service simplifies the process of sending money abroad. Users can transfer funds internationally using a straightforward USSD code directly from their mobile phones. Konneh further explained that both United States dollars and Liberian dollars can be sent, with the latter being exchanged for the currency of the recipient's country. The maximum amount that can be sent per transaction is US$250.00 or its equivalent, with a daily limit of US$500.00.

David Ojo, Managing Director at BnB, described the launch as a groundbreaking initiative that marks a significant milestone in the mission to revolutionize financial services and empower communities in Africa and beyond. He expressed excitement about collaborating with Lonestar Cell MTN to bring this essential service to the people of Liberia, aiming to provide a fast, reliable, and affordable way to send money overseas.

Ojo reiterated BnB's commitment to leveraging cutting-edge technologies to create innovative solutions that meet customer needs, emphasizing that the new service would enable a seamless and secure international money transfer experience for users in Liberia and across Africa. He noted that the initiative would foster economic growth and development on the continent, ensuring more people have access to reliable and affordable financial services regardless of their location.

The BnB Manager praised MTN for its support and collaboration, emphasizing that their partnership represents a movement toward greater financial inclusion and development across Africa. He also expressed gratitude to the Central Bank of Liberia (CBL) for creating an enabling environment that encourages innovation within the financial ecosystem, instilling optimism about the potential for a more connected world where everyone has the opportunity to thrive.

BnB's mission focuses on empowering the unbanked and promoting cashless transactions across the continent, leading efforts to digitize Africa's financial sector through innovative solutions, such as integrating remittance capabilities into mobile wallets. The company is dedicated to driving economic growth and supporting small businesses in the financial ecosystem, ensuring secure and reliable services for all users.

Lonestar Cell MTN, recognized for its commitment to providing cutting-edge communication solutions, has significantly contributed to Liberia's digital development. By diversifying its services in financial service delivery through MoMo, a secure mobile money platform, MTN has made financial services accessible to a broader population, including those in rural and underserved areas. This initiative not only enhances financial inclusion but also contributes to the overall economic development of Liberia.