Orange Money last Friday announced a significant reduction in its cash-out fee to just 1%, a move aimed at alleviating the financial burden on customers whilst promoting financial inclusion.
“We understand that rising costs of living have made life challenging for many Sierra Leoneans,” said David Mansaray, CEO of Orange Money. “We have listened to our customers and their concerns about high transaction fees, and we are committed to making their lives easier.”
By reducing the cash-out fee from a higher rate to just 1%, Orange Money is making it more affordable for customers to access their money without excessive charges. This move not only positions Orange Money as the most affordable mobile money operator in the country but also significantly lowers the cost of withdrawing funds.
“This decision reflects our commitment to making financial services more accessible to the masses,” emphasized Mansaray.
Joseph Saffa Tengbeh, head of Strategic Marketing and Partnerships, said the reduction was made as a way of responding to the needs of their customers. “The 1% fee is specifically designed to facilitate cash-outs of foreign currency, addressing a key demand from our customers for cost-effective services.”
Haffie Haffner, chief commerce officer, highlighted the company’s commitment to improving the lives of Sierra Leoneans through enhanced financial inclusion. She said the substantial reduction in fees represents a remarkable 54% decrease, and it’s a pivotal step toward ensuring that financial services are within reach for all.
With this announcement, Orange Money aims not only to retain its customer base but also to attract new users by making mobile financial services a viable option for all Sierra Leoneans. The implementation of the new cash-out fee is expected to have a transformative impact on the accessibility of financial services in the country, enabling more people to engage with the mobile money ecosystem.