BnB, a leading FinTech company committed to revolutionizing financial services in Africa, in collaboration with Lonestar Cell MTN's MoMo (short for Mobile Money™), has launched an innovative initiative that seeks to expand international transfer services.
The companies at a colorful ceremony in Monrovia on Thursday, August 1, launched an outbound international transfer service that allows customers to send money easily and securely to countries including Ivory Coast, Ghana, Sierra Leone, Guinea, Uganda, Rwanda, Mali, and Senegal.
This means Liberians and other MTN MoMo customers can now send money abroad through mobile money services with ease and convenience.
The official launch event took place on Thursday, August 1, at a local resort in Monrovia. The initiative marks a significant step forward in enhancing financial inclusion and connectivity for the community.
The collaboration between BnB and MTN brings together two industry pioneers who are not only dedicated to ensuring financial inclusion across Africa but also empowering and improving the lives of young people, many of whom yearn for opportunities to better their lives.
"For the first three months, this service is offered free of charge," Manju Konneh, Manager, Product and Services at MTN, said.
The innovative solution, powered by BnB's cutting-edge technology, simplifies the process of sending money abroad, making it accessible to all.
"Users can now transfer funds internationally with ease and convenience, directly from their mobile phones using a simple USSD code," Konneh.
He disclosed that money can be sent through both United States dollars and Liberian dollars. "With this service, you can also send Liberian dollars abroad and it will be exchanged for the currency of the receiving country," he said. "You can send a maximum of US$250.00 or its equivalent per transaction and the maximum that can be sent per day is US$500.00 or its equivalent."
David Ojo, Managing Director at BnB, described the launch as a momentous and groundbreaking initiative.
"We are excited to collaborate with Lonestar Cell MTN to bring this essential service to people in Liberia," Ojo said. "Our goal is to provide a fast, reliable, and affordable way to send money overseas."
The collaboration, Ojo noted, marks a significant milestone in the journey to revolutionize financial services and empower communities in Africa and beyond. "I'm glad to share our vision of a more connected and financially inclusive world."
He noted that BnB is committed to cutting-edge technologies aimed at creating innovative solutions that address the needs of our customers -- and today's launch is a testament to that commitment.
With the new initiative, Ojo indicated that both companies are enabling a seamless and secured international money transfer experience for Liberia and other African countries.
"This means that our customers can now send money to their loved ones from their mobile phones with ease and convenience. This will drive economic growth and foster development on the African continent," he said "We can assure you that more people will have access to reliable and affordable financial services regardless of their location."
The BnB Manager lauded MTN for its support and collaboration.
"We are not only working as a team, but we are launching a movement for greater financial inclusion and the development of our beloved Africa," he said. "We are committed to providing quality services to meet your needs."
To the regulator, the Central Bank of Liberia (CBL), Ojo said, "Thank you for providing an enabling environment that supports and encourages innovation to strive within the financial ecosystem. As we embark on this chapter, I'm filled with optimism that we can create a brighter and more connected world where everyone has opportunities to strive."
Meanwhile, BnB's mission is to empower the unbanked and promote cashless transactions throughout the continent. We are at the forefront of digitizing Africa's financial sector, offering innovative solutions like integrating remittance termination into mobile wallets. We are committed to driving economic growth and supporting small businesses in the financial ecosystem, ensuring a secure and reliable service for all our users.
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BnB provides international money transfer and payment services to individuals in multiple countries around the world, with a focus on sending and receiving money transfers to, from, and within Africa.
Lonestar Cell MTN, on the other hand, is renowned for its dedication to providing cutting-edge and dependable communication solutions. It is no secret that Liberia's digital development has been greatly aided by MTN.
Lonestar Cell MTN diversifies its services and offerings in the area of financial service delivery, popularly referred to as "MoMo" -- a secure and convenient mobile money platform that allows users to send and receive money, pay bills, and conduct other financial transactions directly from their mobile phones.
MoMo has made financial services accessible to a large portion of the population, including those in rural and underserved areas, thereby integrating more people into the financial system and contributing to the country's economic development.
