By Alvin Lansana Kargbo
In a move aimed at alleviating the financial burdens faced by customers, Orange Money has announced a reduction of its cash-out fee to just 1%. This decision, revealed at the company’s headquarters on Hill Station, Regent Road, is part of a broader strategy to enhance the affordability and accessibility of financial services in Sierra Leone.
David Mansaray, the CEO of Orange Money, expressed his enthusiasm for the new fee structure during the announcement, emphasizing its alignment with the needs of ordinary citizens grappling with rising costs of living. “Over the years, we have witnessed how increasing prices have made life more challenging for our customers,” he noted. He acknowledged the frequent complaints regarding high transaction costs, stating that the company felt compelled to respond to these concerns. “By reducing our cash-out fee from a higher rate to just 1%, we are making it more feasible for our customers to access their money without the burden of excessive fees,” he added.
This new fee not only positions Orange Money as the most affordable mobile money operator in the country but also marks a significant shift in the financial landscape, allowing customers to withdraw funds at a considerably lower cost. The CEO highlighted that this move reflects the company’s commitment to making financial services more accessible to the masses.
Joseph Saffa Tengbeh, Head of Strategic Marketing and Partnerships, further elaborated on the rationale behind the fee reduction. He stated that the change was directly influenced by customer feedback requesting more economical pricing options. “We are dedicated to respecting and responding to the needs of our customers,” he assured. He pointed out that the 1% fee is especially designed to facilitate customers looking to cash out foreign currency, positioning it as a response to the demand for cost-effective services.
In her remarks, Haffie Haffner, Chief Commerce Officer, reinforced the company’s commitment to improving the lives of Sierra Leoneans through enhanced financial inclusion. She recognized the economic hardships faced by many in the country and underscored the importance of making financial services available to everyone, not just a privileged few. She also articulated the goal of addressing high cash-out fees that have deterred many from using Orange Money, pushing them to rely on cash transactions instead.
“This substantial reduction, a remarkable 54% decrease in fees, is a pivotal step towards ensuring that financial services are within reach for all,” she stated, highlighting the company’s dedication to listening to its customers and responding to their evolving needs.
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 region, enabling more people to engage with the mobile money ecosystem.
