The importance of the Bank to Wallet and Wallet to Bank mobile service is that it helps to bring financial inclusion to people.
Mr. Abass Bangura added that the service will directly drive financial inclusion and the growth of the country’s Gross Domestic Product (GDP).
The service according to Mr. Bangura will be working alongside Africell for subscribers holding an SLCB bank account, adding that subscribers will have to visit the nearest SLCB branch to link their Africell Money Account to their SLCB account.
“Subscribers will be able to move money from their bank account directly to their Africell Money account and vice-versa,” he said.
Studies have shown that there is a direct correlation between the rate of financial inclusion and a country’s GDP.
Managing Director of Sierra Leone Commercial Bank, Fidelis Turay stated that their collaboration with Africell to launch the Bank to Wallet and Wallet to Bank account mobile service is geared towards financial inclusion in the country, citing that they have broken the barrier by brining on board many of the population to the formal financial sector.
“We are pleased to bring to the general public our Bank to Wallet and Wallet to Bank account mobile service with Africell Money partnership,” Mr. Turay said.
He maintained that they and Africell have a common strategy to improve on the financial inclusion strategy in the country, adding that the Bank to Wallet and Wallet to Bank account mobile service will help bring people to financial inclusion.
Aside from Bank to Wallet and Wallet to Bank account mobile service according to Mr. Turay, they have other services with Africell like the Government to people that beneficiary government employees across the country can access their salaries from their private accounts through their mobile phones.
The launch of this Bank to Wallet and Wallet to Bank account mobile service will help broaden the scope of financial inclusivity for Africell subscribers holding SLCB bank accounts.