By Amin Kef (Ranger)
Metro Cable SL Ltd, a leading open-access Fiber-to-the-Home infrastructure company, digital wallet ,known as Vult, designed to enhance online transactions, money transfers and bill payments was launched by the Chief Minister, who also doubles as the country’s Chief Innovation Officer, Dr David Monina Sengeh. The launch event took place on Friday June 28, 2024 at the company’s Head Office on 37 Wilkinson Road, marking a significant milestone in the business entity’s journey to provide secure and convenient digital financial services. The groundbreaking digital wallet solution is aimed at transforming financial services in Sierra Leone.
According to an official of Metro Cable SL Ltd, Vult is a digital wallet that caters to both individuals and businesses, providing a seamless experience for handling online payments. He revealed that the platform supports a wide range of payment methods, including credit and debit cards, prepaid cards and mobile payments adding that it also offers an innovative app that facilitates seamless transactions, robust security and unparalleled convenience on a user-friendly platform.
He went on to highlight how Vult provides both virtual cards for online shopping and physical debit cards for everyday use, ensuring secure, convenient and versatile payment options.
Also disclosed was that the innovative solution is part of the Bank of Sierra Leone Sandbox program, guaranteeing its compliance with the Central Bank’s regulations and policies designed to safeguard customers’ interests.
“By integrating Vult into its service offerings, Metro Cable SL Ltd aims to empower users with a feature-rich and secure digital wallet that meets the evolving needs of the digital age,” the company’s official intimated.
In his keynote address during the launch, the Chief Minister, Dr. David Moinina Sengeh, expressed gratitude for the opportunity to speak and introduce their intention to discuss the intersection of Government actions, technology and its significance in Sierra Leone. He shared an experience about the Minister of Communication’s recent trip to Koindu, highlighting a situation where local knowledge was initially preferred over technology for navigation, but technology ultimately proved more accurate.
Expanding on the theme, the Chief Minister recounted a personal experience in Kenya where reliance on Google Maps led them to the wrong destination due to elevation differences stating that the stories illustrate the necessity of combining technology with human critical thinking and local knowledge for effective decision-making. He argued that technology alone is not infallible and must be complemented by human input.
The Chief Minister spoke about the recent launch of Starlink in Sierra Leone, making it the hundredth country to adopt that service. He addressed concerns among local telecom operators about potential business impacts, reassuring them that Starlink has not displaced any mobile network operators in other countries but instead improves connectivity in previously underserved areas, which can drive demand for mobile services and foster partnerships between telecoms and Starlink.
He emphasized the transformative potential of enhanced connectivity, supported by a new $50 million investment in fiber infrastructure. The Chief Minister stressed that this improved connectivity will revolutionize service delivery in Sierra Leone. He also highlighted the importance of shaping these technological advancements with appropriate policies and regulations to maximize their positive impact on society.
He underscored the impact of these innovations on financial inclusion, particularly benefiting women and small enterprises furthering that laws like the GEWE Act and the Land Rights Act have revolutionized access to financial services, enabling women to obtain loans and other financial products more easily. The Chief Minister emphasized that these legal changes are critical in transforming the economic lives of women and thereby lifting the entire country.
He also mentioned the challenges faced by creatives and startups in the past, particularly the difficulty in accessing financial services and making digital payments. However, he said, the advent of mobile money and other fintech solutions has started to alleviate those issues, making it easier for people to save, invest and pay for services digitally stressing how there has been a shift from a cash-heavy society to one embracing digital financial services.
Dr David Moinina Sengeh commended the efforts of the team at Vult for their contributions to financial inclusion saying Vult’s focus on women, SMEs and inclusion aligns with the broader goal of radical financial inclusion.
He expressed optimism about the future, recognizing the unique opportunities within Sierra Leone’s expanding digital infrastructure and supportive policies and encouraged continued innovation and participation from young people, entrepreneurs and creatives.
The Minister of Communications, Technology and Innovation, Salima Bah, expressed excitement for the progress and potential of Sierra Leone in the tech and innovation sector also highlighting the significance of the Ministry’s recent convening of a Tech Summit that showcased the innovative capabilities of over 4000 young innovators in the country. She stated that the event served as evidence that Sierra Leone is ready to position itself as a leader in the tech industry, despite skepticism from some quarters.
She emphasized the substantial investments made by the Government and private sector to develop the necessary infrastructure key initiatives that include the installation of fiber cables, which have significantly improved network infrastructure and extended internet access to 14 out of 16 districts. She said this expansion is considered a basic human right, and private sector partners have played a crucial role in achieving that goal.
She dilated on the importance of financial inclusion, noting the rollout of mobile money services as a transformative development for Sierra Leone stating that such has made financial services more accessible and convenient, reducing the reliance on cash transactions.
The Minister said the introduction of digital wallets, developed locally, is a significant step toward integrating Sierra Leone into the global financial system and moving towards a cashless economy.
She concluded by underscoring the Government’s role in creating a conducive environment for private sector innovation rather than doing everything themselves.
The C Technology and Innovation Minister expressed optimism about the future, inviting more private sector participation and creativity in the tech space, reiterating the positive impacts such will have on various sectors of the economy.
Chairman and CEO of Zoodlabs,, Davar Fazaeli, in his statement emphasized that their aim extends beyond profitability to positively impact lives. He highlighted that empowering Sierra Leone and realizing the potential of its educated population is a collective responsibility, urging the private sector and other key stakeholders to collaborate in achieving that vision.
Davar Fazaeli stressed the importance of collective strength in effecting widespread change, asserting that collaboration can catalyze transformation not just within nations but globally. He acknowledged the pivotal contributions of partners and staff in the project’s development, expressing gratitude to all who have contributed to improving internet services and transforming lives in Sierra Leone.
Chairman of the Parliamentary Oversight Committee on Communications & Technology, Hon. Boston Munda, expressed his enthusiasm for being part of the program.
In his closing statement, Pierre Johnson, Chief Operating Officer at Metro Cable SL/Vult, added, “This initiative marks a significant step forward for Sierra Leone. We believe Vult will have substantial ripple effects, boosting economic growth and financial inclusion. We are grateful to our partner, Velmie, for their invaluable support and expertise.”
Metro Cable, Sierra Leone’s foremost provider of high-speed internet, and Velmie, a leading banking technology firm jointly launched Vult, an advanced digital wallet solution aimed at revolutionizing financial transactions nationwide.
Slava Ivashkin, CEO of Velmie, expressed excitement about the collaboration, emphasizing, “We are delighted to partner with Metro Cable to introduce Vult, empowering individuals and businesses across Sierra Leone with innovative financial technology solutions.”
The launch of Vult marks a significant milestone for Sierra Leone’s financial sector,” says Pierre Johnson, Chief Operating Officer at Vult. “This innovative platform empowers users with secure and convenient financial tools, fostering inclusion and driving economic growth within the country.”
It must be noted that Vult integrates secure online transactions, bill payments and multi-currency management into a single, user-friendly platform. Utilizing state-of-the-art encryption, Vult ensures utmost security for users, allowing them to conduct transactions and manage finances with confidence.
Key features of Vult include:
1. Multi-Currency Capability: Facilitating seamless international transactions with support for multiple currencies.
2. Secure Transactions: End-to-end encryption safeguards sensitive financial data.
3. Flexible Funding Options: Users can link multiple bank accounts, utilize mobile money or any Visa-issued card for easy fund management.
In addition to the digital wallet, Vult introduces the Vult Card, a globally accepted payment card for online and in-store purchases, ensuring the same high level of security as the wallet.
Beyond its feature-rich wallet, Vult provides a comprehensive ecosystem aimed at simplifying financial processes:
1. Vult Pay: Seamlessly integrate Vult with existing business applications for efficient payment processing, cash management, and detailed reporting.
2. Vult Pay Point: Businesses can use secure point-of-sale terminals for payments, cash deposits, withdrawals and streamlined financial operations.
4. Driving Inclusion and Growth
Metro Cable, a product of Metro Cable d.o.o, has expanded its FTTx fiber broadband network to cover over 85% of Freetown’s urban and rural communities. With a capacity exceeding 360G (scalable to terabytes), Metro Cable supports over 16 registered ISPs, delivering fiber broadband to more than 5,000 homes.
For more information, contact: Email: info@vultme.io
Address: 37A Wilkinson Road, Freetown
Vult leverages the security and global acceptance of Mastercard and Visa, ensuring unparalleled transaction protection and user confidence.
The official launch included a ceremonial unveiling and a plenary session featuring the Vult Product Team and the Press, chaired by Master of Ceremony, Stella Bangura.
