Tilgent Pay Mobile Wallet collaboration with Liberian Bank for Development and Investment (LBDI) has unveiled a vision to provide long-term mortgage solutions to support low-income individuals in owning homes in Liberia.
Termed as a transformative initiative, Tilgent Pay, through its mortgage program, plans to provide homes to low-income earners who can pay small, manageable amounts over a period of up to 25 years. By the end of this period, the company revealed that those enrolled in the program would own a home that they might not have been able to afford to build on their own.
"We have been working with LBDI for quite some time now, aiming to establish a system that surpasses the existing mobile money solutions in terms of effectiveness and affordability," Chris Bailey, Tilgent Pay Country Director, said at an outreach program over the weekend. "We have a broader vision, which includes ventures into real estate, particularly through offering long-term mortgage solutions aimed at helping low-income earners secure homes."
Tilgent Pay is a major provider of a secure Mobile Wallet payment technology service. This technology utilizes any mobile device as a secure method to store, send, process, and complete financial transaction requests via a secured network. With its headquarters in Clearwater, FL, USA, the company currently has bases in several countries, including Côte d'Ivoire, the Dominican Republic, and soon to be launched in Liberia, among others.
Bailey emphasized the potential impact of Tilgent's mortgage system on the Liberian housing sector: "This mortgage system will be transformative for Liberia. For instance, we plan to provide homes to low-income earners who can pay small, manageable amounts over up to 25 years. By the end of this period, they will own a home that they might not have been able to afford to build on their own. This long-term mortgage system is designed to help low-income people achieve homeownership."
He expressed his gratitude to Ian Fenwick, Tilgent Pay West Africa Regional Vice President, for his investment in Liberia.
"We are thankful to Fenwick for thinking about Liberia and investing here. As a member of the executive of the Unity Party, I assure you that the government, under Joseph Nyuma Boakai, is committed to development, transparency, and accountability. We guarantee that any investment you make in this country will be fully protected," Bailey assured potential investors.
In remarks, Fenwick reinforced the innovative nature of his company, distinguishing it from existing financial technology platforms.
"This wallet is not only more economical and effective for users, but it also enhances liquidity within the banking system. We have spent six years developing this platform before bringing it to Liberia. It offers users the option to deposit their salaries into the wallet and access loan mortgages," Fenwick explained.
He added that the upcoming launch would also feature a housing mortgage program, allowing users to secure long-term mortgages based on the credibility of their salaries, with repayment terms extending up to 25 years.
Fenwick expressed his appreciation for Christ Bailey's support over the years and hinted at the excitement surrounding the forthcoming launch.
"We are investing in Liberia not just by offering financial services, but by promoting economic growth and job creation. By working with the bank, we aim to create employment opportunities through the construction of affordable housing. We believe that this approach will contribute to reducing unemployment while providing homes for those in need," Fenwick noted.
Angela K. Gerdau, Senior Vice President for Business Development and Marketing at LBDI, highlighted the bank's commitment to serving ordinary Liberians.
"LBDI is where people come to save their Susu money, borrow to start small businesses, or take out loans for essential needs like purchasing a motorcycle. Through our partnership with Tilgent, we are expanding these services to include mortgage loans, enabling more Liberians to build or purchase homes," Gerdau explained.
She outlined a scenario in which a customer could secure a mortgage loan from LBDI to build a house costing US$10,000, with repayment spread over 5 to 10 years.
"If you can afford to pay $100 or $200 every month, you will own your home within 10 years. We have partners who help us raise the necessary funds, so you can trust LBDI to support your homeownership goals," she assured Liberians.
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"The collaboration between Tilgent Pay Mobile Wallet and LBDI promises to bring significant advancements to Liberia's financial sector, particularly in the areas of mobile money services and affordable housing," Gerdau added. "As the official launch approaches, the Liberian public can look forward to innovative financial solutions that cater to the needs of both low-income earners and aspiring homeowners."
As part of its strategic entry into the Liberian market, Tilgent Pay and LBDI embarked on an outreach program that commenced with a community football tournament.
According to Tilgent Pay, the outreach initiative, which was held in Thinker's Village, Paynesville on August 10, marks the beginning of a larger effort to introduce a new and innovative mobile payment system designed to be more effective and economically beneficial for the Liberian populace.
Meanwhile, as part of their corporate social responsibility, Tilgent and LBDI used the football tournament to distribute jerseys to community members, reinforcing their commitment to youth development and community engagement.
