BNB, a fintech firm dedicated to revolutionising financial services in Africa, has partnered with Lonestar Cell MTN’s MoMo to expand international money transfer services.
Last week, the companies unveiled an outbound international transfer service, enabling customers to send money securely to countries such as Cote d’Ivoire, Ghana, Sierra Leone, Guinea, Uganda, Rwanda, Mali, and Senegal.
According to the partners, this new service allows Liberians and other MTN MoMo customers to transfer money abroad conveniently through mobile money services.
Manju Konneh, manager of product and services at MTN, told the Liberian Observer, ‘Users can now transfer funds internationally with ease and convenience, directly from their mobile phones using a simple USSD code.’
Both United States dollars and Liberian dollars can be transferred, with Liberian dollars converted to the recipient country’s currency. The maximum limit is US$250 per transaction or US$500 per day.
For the first three months, this service will be free of charge.
BnB specialises in international money transfer and payment services across multiple countries, focusing on Africa.
Lonestar Cell MTN’s MoMo is a secure mobile money platform that facilitates sending and receiving money, paying bills, and other financial transactions directly from mobile phones. It has significantly increased financial accessibility, especially in rural and underserved areas in sub-Saharan Africa.
This development in mobile money comes just two weeks after the Liberian Telecommunications Authority (LTA) introduced new regulations to empower fintech companies and promote a competitive mobile market. This regulatory change is seen as a significant step for fintech companies, allowing them to develop mobile financial products independently of mobile network operators’ rules.
