CBL Licenses Fintech Company eWallie
A one hundred percent Liberian-owned financial technology (fintech) company, called eWallie, has been licensed by the Central Bank of Liberia (CBL) to operate a mobile money platform as a legal registered business entity in the country.
eWallie is an electronic wallet platform that allows users to send and receive money, pay bills, buy goods and services, do online shopping, and pay salaries.
The platform is also an innovative and secured e-commerce platform that facilitates trade and commerce through electronic payments.
Abdullah L. Kamara, Chief Executive Officer (CEO) of eWallie, told reporters that the fintech mobile company is prepared to do long-term development services in the financial industry of Liberia.
He said the financial electronic wallet payment platform is 100% Liberian-owned and determined to have a positive impact in the electronic wallet money transfer and exchange space, with the potential to create hundreds of jobs for several Liberians here.
According to him, banks around the world today are moving towards digital and adopted systems or technology as Liberia needs to graduate as well.
Kamara explained that the company also aims to have a much stronger grip on the Liberian economy before allowing international investment partnerships to have a shared collaboration in the fintech industry.
“Our software takes care of the financial inclusion issues which are our primary objective. Our older people, who don’t have knowledge of the banking system with this, can just sit and do their banking transactions on our platform without stress.”
Kamara also noted that this was the first phase of which they have to inform the public through the media. “We have finally gotten approval from the CBL to now start our operations in Liberia. We have been given the guidance on what to do to become an effective player in the market,” Mr. Kamara indicated.
"This mobile fintech company will engage in hospital bills and school fees payment services across the country. However, we will also support resellers and distributors including SATCON and other utility bills, so as to enable key services of financial transactions to have the opportunity of complete cash flow management," Kamara noted.
Kamara pointed out that the transaction is easy and fast, noting that the registration process is in five steps that enable clients to download the eWallie App from the Google Play Store or Apple App store to create a client account.
“We go beyond transfer because most of the mobile money transactions are done only for transfer but we go far beyond that and so we are reliable and convenient and we will give you your eWallie card with your photo attached,” Kamara said.
“People need to carry their cash safely. So, we can assure you that with our platform, your finances will be safe and convenient. We have three levels of security authentication that allow people, even without their mobile phone, to have access to their accounts but they only need to have all of their credentials, passwords, and pin.
“If an individual downloads the App, all the person needs to do is to click on the business and personal details and follow the instructions," he stated.
Kamara noted that eWallie will also engage in a dual currency exchange program, instead of only dealing with point of sale (POS) payment on its App.
He disclosed that since 2009, eWallie has been operating on a small scale since its operational license was being processed at the Central Bank of Liberia until September 2021, when the Government of Liberia through the Central Bank decided to grant the go-ahead for an operational license.