Sierra Leone’s leading mobile network’s money service, Orange Mobile Finance SL Ltd, has partnered with a Microfinance institution, Empire Solutions, to provide easy access to cash loans for Sierra Leoneans. The partnership now means Sierra Leoneans can easily access loans through Orange Money without any rigorous barrier.
The loan facility dubbed “Orange Money Lajor” is funded by Empire Solution.
Disbursement and repayment of the loan is facilitated through Orange Money’s World Class Operating System reaching over 1.2 million of its customers.
“This facility has proved very vital to the unbanked and underbanked sector by enhancing the promotion of trade and creating an easy access to funds for personal needs of its valued customers,” Orange Money CEO, David Mansaray said.
Orange Money is playing a pivotal role in promoting financial inclusion in Sierra Leone. According to UNCDF report (State of Digital Financial Service Market in Sierra Leone 2019), Orange Money contributed 87% to the share of Digital Financial Services in Sierra Leone.
“This effort has continued throughout 2021, as was made possible through the vast distribution network of over 9000 agents, and creative services to meet the needs of its array of customers,” Mansaray said, adding that “the goal of the institution is to provide access to financial services to every Sierra Leonean, irrespective of their social standing.”
The Orange Money Lajor and Empire Solution’s fund will go a long way to complementing the Bank of Sierra Leone’s vision for digital and financial inclusion. Access to loan has also been made easy with the service, something the central bank has been striving seriously to achieve. Through the service, customers can lend as much as Le 500,000, which is more than a 100% increment in the last two years, during which customers were limited to just borrow as much as Le 200,000. Orange Money said that for customers to be eligible for this service, their Orange Money Wallet must have been very active for at least three months.
Mansaray expressed strong optimism about the future of their services and the importance of partnership. He furthered that in addition to this service, Orange Money will shortly introduce more services that will reshape the digital financial landscape in Sierra Leone.
The Orange Money Boss also singled out praises for the support and advice of the Bank of Sierra Leone in all of this, and the staff and Board Members of Orange for what they have done.