MoreMagic, Splash expand mobile money system in Sierra Leone

Nov. 13, 2012

Splash Mobile Money Ltd. and MoreMagic Solutions are expanding the Splash Mobile Money ecosystem in Sierra Leone to make it more useful. Now, users will be able to make payments to the country's satellite provider; receive disbursements and make payments through one of the country's largest micro-finance institutions; and receive payments from several multinational organizations including Oxfam, International Rescue Committee and Innovations for Poverty Action.

Additionally, through a network of nearly 50 rural banks jointly established by the United Nations International Fund for Agricultural Development and Sierra Leone's Ministry of Agriculture, residents and workers in 50 provincial areas will have access to basic financial services.

"The continued expansion of the Splash ecosystem means a richer experience for our customers," said Daniel Osei-Antwi, managing director for Splash Mobile Money Ltd. "We are delighted that the flexibility of MoreMagic's platform has not only allowed us to scale, but has also enabled us to expand our portfolio of services by introducing new stakeholders to our ecosystem. Many of these new partners and clients have large regional footprints that present a compelling opportunity for growth beyond Sierra Leone in the near future."

Splash Money was launched in 2009 with MoreMagic providing the technical platform. The mobile money service operates across all mobile networks in Sierra Leone and is designed to provide economic empowerment to that nation's large unbanked population. Currently, around 90,000 registered users of the service are making mobile transactions totaling $2 million per month.

"We're delighted to be the technology provider behind Splash, which represents one of the few examples of a Mobile Money service that is available to all mobile customers across a country, irrespective of their service provider," said Pankaj Gulati, CEO at MoreMagic. "The fact that more than 40 percent of Splash P2P money transfers represent cross-network transactions just reinforces the case for broadening ecosystems or encouraging interoperability, which will benefit not only the consumers, but the mobile operators, banks and merchants."

For more stories like this, visit the money transfer/P2P research center.

Topics: Money Transfer / P2P , Region: APAC

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