By Mabinty M. Kamara
As part of efforts to ensure digital financing system, Metro Cable Sierra Leone Limited last Friday 28th of July 2024 introduced a new digital payment platform dubbed Vult.
The platform which is not a bank but operates through local and international banks using Master Card, according to officials, enables user’s access to digital platform for online transaction, money transfer, payment of bills among others.
“Metro Cable SL’s new offering, vult is part of the Bank of Sierra Leone Sand Box programme ensuring its compliance with the central bank’s regulations and policies. These guidelines are there to ensure the safety and protection of our customers,” a statement from Metro reads in part.
Speaking at the event, the Chief Executive Officer of Metro, Davar Fazaeli said the launch of their product is a response to a long call from the public to enable them manage their monies. He said the platform enables individuals and businesses as well as those conducting international transactions to do business with ease and comfort.
He assured of his institution’s commitment to lead digital financing in the country.
In her statement, the Minister of Communication, Technology and Innovation, Salima Bah expressed the government’s desire to transform the country into an innovation hub, assuring that the stage is already set with the necessary infrastructure and ecosystem ready to achieving that dream. She said 14 out of the 16 districts of Sierra Leone now have the fiber optic network to ensure access to internet. She also expressed optimism that the country is moving in the right direction in terms of accessing cashless financials services and internet facilities. She said that the country is also moving to join the global financial village. She spoke of the burden it renders the government in managing a cash based economy, noting the resources involved in printing notes and the lack of transparency and corruption activities associated with such a system. She said she is looking forward to more investors coming into the country to invest in digital and innovative financial system of the country.
Speaking at the event before he officially launched the platform, Sierra Leone’s Chief Minister David Moinina Sengeh expressed optimism over Sierra Leone’s digital transformation drive, saying the country and its population are fast accepting the cashless transaction system, citing mobile money which is now predominant among the population. He noted that technology and human effort work together to complement each other. The Chief Minister also emphasized the importance of Starlinks that was recently launched in the country in terms of access to internet connectivity.
Metro Cable is an open-access Fiber-to the home-infrastructure company operating in Sierra Leone that is currently leveraging the MasterCard and Visa Card for the new product launched through which individuals and businesses can access point of sale terminals to accept payment, facilitate cash deposits and withdrawal.
The Central bank of Sierra Leone in their recent strategic plan covering 2024-2028 highlighted the strengthening of payment system infrastructure as one of their key strategies to facilitate digital payment systems and promote a cashless economy in the country.
The cashless system is to “enhance efficiency and integration of payment system and the national payment switch, including the introduction of a variety of modern payment instruments and support for Fintech innovations through the BSL Sand Box,” the document reads in part.
Copyright © 2024 Politico (03/07/24)
