By Mary Kabay
The Chief Executive Officer of Orange Money, David Samba Mansaray, has said that it was a key milestone in the history of Orange Money as they partnered with Empire Solution, a Micro Finance Institution, to launch “Orange Money Lajor” which for short is called OM Lajor.
“OM Lajor is a digital micro lending facility to support individuals, Micro and Small Businesses gain access to finance and it is a key step towards improving Financial Inclusion in Sierra Leone,” he disclosed.
David underscored that Financial Inclusion rate in Sierra Leone is 20% (UNCDF Report), well below Sub -Saharan average of 44%.
He noted that only 15% of men and 8% of women own bank accounts and just 5% of the adult population gain access to credit facility (World Bank Report).
The CEO also highlighted that with the ravaging impact of COVID-19, OM Lajor comes in handy to provide support to vast majority of the population and the retail end of the business community.
He told the audience that the solution does not require collateral or the administrative burden customers face in securing loans from the traditional financing sectors.
“With access to a phone and an operating mobile money account for more than 90days customers can access finance to carry on with their daily lives,” he revealed adding how the challenges around gender bias has been eliminated with a big advantage for citizens residing in the most remote end of the country.
He extended appreciation to the staff and Board Members of Orange Mobile Finance (Orange Money) and Empire Solution who worked tirelessly to bring the new product to fruition. David also expressed gratitude to the Central Bank for their efforts in creating the enabling environment and their push to expand the digital economy.
Jeneba Dorcas Sacky, Human Resource/Admin Manager of Empire Solution Sierra Leone Limited, expressed delight for partnering with Orange Money Salone in order to meet the financial needs of people who are in need of money by offering loans to them without guarantors or collateral securities as traditional commercial banks do request before granting loans. She also buttressed the rationale for launching the new product and the attendant benefits for subscribers.
The Assistant Marketing Manager of Orange Money, Alfred Kamara did a presentation on the loaning scheme.
Orange Money Lajor is a small loan scheme that allows KYC (Know Your Customer) to take place. To be eligible to benefit from the scheme one should be known as a registered subscriber of Orange Money. Also the subscriber should have been frequently using Orange Money, meaning that the customer’s name and other details must have been in the Orange Money system.
It other words, customer registration and active money transactions ,using Orange Money are key determinants for subscribers to be able to access loans using their mobile phones via their Orange Money accounts.
These customers or subscribers must have been actively using the Orange Money platform for 90 days and above.
This loan scheme is available on a 24 hours basis as long as customers are qualified to take loans.
The loan amounts issued are within the range of Le15, 000, Le30, 000, Le 50, 000, Le100, 000 and Le200, 000.
To obtain this loan, customers must first register for the service and accept the terms and conditions. After successful registrations customers will be qualified to access loans.
To register always dial #144# and select option7or you directly dial #144*7#. You can do your transaction through Orange Money Lajor easily. Don’t forget that there are charges allocated for each loan transaction and it is affordable for the least person’s use. The charges are 12% fee on any loan amount applied for.
Customers have an option to pay at any time within 30 days.
If it happens that customers do not pay within 30 days, the customers’ Orange Money Accounts will be blocked and they will be only allowed to cash in. The account will only be opened after customers pay.
Added penalties on customers will be 5% interest if payment is done within 31-60 days and 10%interest if it is done after 60 days.
Reminder SMS will be sent to all customers before the expiration of the duration.
Customers can repay loan by dialing#144# and select option 7 or directly dial #144*7#. Customers can also repay in bits as long as it is within 30days.
The Orange Money Lajor makes room for a specific help line for its service which could be accessed by dialling *747# and 111 for any information or complaint regarding the service.
However, this service does not make room for taking loan on behalf of another customer or even pay on behalf of another customer.
The Orange Family is encouraging Sierra Leoneans to embark on this new loan offer as it requires no long process.
Abibatu Turay, Assistant Manager, Other Financial Institutions Supervision Department (OFISD) of the Bank of Sierra Leone joined the CEO of Orange Money to launch the promotion.
It could be recalled that Orange Money Sierra Leone launched Orange Lajor on the 24th September 2020 at its Rawdon Street Office during a brief ceremony.
