One of the leading commercial banks in the country, GN Bank-Liberia, in partnership with telecommunications giant Lonestar Cell MTN, has officially launched a Mobile Money services platform for their customers.
Joseph K. Anim, Chief Executive Officer of GN Bank Liberia, said it is a fact that digitization of the economy is non-negotiable. Whether Liberia is ready or not, the global trends require that everyone wake-up to electronic and digital opportunities such as Mobile Money, he said.
He said the current challenges with Liquidity in the economy make this direction more imperative, noting that digital money or Mobile Money, will improve Financial Inclusion by bridging the gap between the banked and the unbanked.
“It will also allow the banked and unbanked to interact at the same level. Today therefore marks a major landmark in our financial landscape. I recall that on a few occasions when I have had the forum to make remarks, I had mentioned that, as a bank, our strategy has been in two fold — to stabilize the bank we took over in June 2016 and thereby provide a good base for an exponential growth in the Liberian economy, as well as to prioritize technology and introduce products and services driven by technological innovations,” he said.
He further stated that: “Today, we are thankful to Lonestar Cell MTN Mobile Money for giving us the platform to move a step further in delivering our promise. Our focus as a bank is in the retail sector and, therefore, we plan to be one of the key agents for Lonestar Cell MTN Mobile Money in Key Counties such as Sinoe, Lofa, Margibi, Bong, Grand Bassa, Rivercess and Montserrado counties.”
He mentioned that in the world today, mobile telecommunication subscribers use the platform for transactions and services including domestic and international remittances, bill payments, payroll deposit and purchases of goods and services ranging from prepaid airtime to groceries.
He said the bank, collaboration with Lonestar Cell MTN Mobile Money, aims to provide the deserving people of Liberia with the convenience of transacting business wherever they are.
The GN Bank Liberia CEO noted that over the last year, as the bank pursued the second phase of its strategy, they (GN Bank) have improved its products and services by providing customers with E- Alerts Services, E- Statements, SMS–Alerts and Internet Banking Services.
He said in the first quarter of 2019, the bank looks forward to adding to its package ATM Services and Mobile Van Banking Services.
“GN Bank is the People’s Bank and our overarching aim is to bring Banking to the doorsteps of the Customer and I wish to thank Lone Star for giving us a Platform to serve our customers. Permit me to thank our talented, dedicated and committed employees who wake-up every day, determined to serve the people of Liberia. Regardless of the challenges it is an absolute honor to work along with you,” he disclosed.
Proxying for Lonestar Cell MTN CEO, Atty. Massa M. Dennis said the launching of the service will afford mobile money users do business with the bank to use the service.
Atty. Dennis described GN Bank as one of Liberia’s most reliable banks and urged customers to take interest in the mobile money service being launched at the bank.
“We are glad to partner with you in the launching of this service at the bank, it will afford mobile money users to be more efficient in their operation at the bank,” she noted.
Mobile Money is an electronic wallet service. This is available in many countries and allows users to store, send, and receive money using their mobile phone.
The safe and easy electronic payments make Mobile money a popular alternative to bank accounts. It can be used on both smartphones and basic feature phones.
Most mobile money services allow users to purchase items in shops or online, pay bills, school fees, and top-up mobile airtime. Cash withdrawals can also be carried out at authorized agents.
To pay a bill or send money to another person, the user selects the relevant service from their phone’s mobile money menu. Paying with mobile money is as simple and easy as sending a text message.
As mobile money is a similar concept to a bank account, funds held in a mobile money account are protected by local financial regulations. Mobile money providers and partners such as Lonestar Cell MTN or GN Bank are required to check the identity of each user, making it much harder for fraudsters and criminals to use these services illegally.
Mobile money services store a record of every transaction and account balance, so even if the phone or SIM card is lost or stolen, the user’s money is kept safe. Additionally, every transaction requires identification in the form of a secret PIN.