Mobile money services have been launched in Nigeria by Lonestar Cell GSM, a member of the MTN Group. The service is being offered in partnership with Ecobank Liberia.
Mobile financial services have been adopted in several African countries as although many Africans have mobile phones, a relatively small percentage have bank accounts. Liberia reflects this discrepancy; around 40% of its population has a mobile phone, while just 10% hold a bank account.
Mazen Mroue, Chief Executive Officer (CEO) of Lonestar Cell MTN, said that the launch showed the firm’s “commitment to working with the Liberian government, with the Central Bank of Liberia through our partnership with Ecobank Liberia to improve the lives of the Liberian people.”
The Managing Director of Ecobank Liberia, Kola Adeleke, expressed his hope that the launch of mobile money services would play a role in modernising the country’s banking and financial sector.
The services will offer cash management as well as bill payment, international remittances, and the ability to purchase air time.