The recently launched ‘Bank to Wallet, Wallet to Bank Service on Afrimoney system by the Sierra Leone Commercial Bank (SLCB) and Africell Sierra Leone has gained momentum in transforming and boosting electronic banking system in Sierra Leone.
The innovative Bank to Wallet, Wallet to Bank service allows Afrimoney subscribers with Bank Accounts at the Sierra Leone Commercial Bank to be able to transfer money from their Bank Accounts to their Mobile Money Wallet and from their Mobile Money Wallet to their Bank Accounts.
The Service is a solution or one of many to digital financial inclusiveness, and will directly drive financial inclusion and growth of the country’s GDP.
A National Financial Inclusion Strategy released by the Bank of Sierra Leone states that 80% of Sierra Leoneans do not have access to financial services in the country and further studies have also shown that there is a direct correlation between the rate of financial inclusion and a country’s GDP.
With the system, subscribers will be able to move money from their Sierra Leone Commercial Bank accounts directly to their Afrimoney money accounts and vice versa.
Afrimoney subscribers holding a SLCB Bank Account will have to visit the nearest SLCB Branch to link their Afrimoney Money Account to their SLCB Account.
After a successful linkage the subscriber will dial *161#, Select Option 9 “Bank”, Select Option 1 “SLCB” and then
Choose: 1 Bank to Wallet Transfer, Enter the Amount of money in Le he or she wants to transfer.
The other step, she said, is to enter a pin code to confirm the transfer of Le xxxx Leones
With regards Wallet to Bank, a subscriber must enter the amount of money in Le he or she wants to transfer.
The next stage is to enter the individual’s pin code to confirm the transfer of Le xxxx.
In order to check Bank Account Balance the subscriber must enter his or her Afrimoney money Pin to confirm his or her request to check the bank account balance.
The System will help to move Sierra Leoneans to join the electronic payment systems cashless era.