These days, it seems like there are so many ways to transfer money using just a handy device, which is terrific. Mobile money transfer services have made it easier and safer for people to send money to Sierra Leone, without even going to the banks.
Today, there are around 75% of sub-Saharan adults who don’t rely on the banks. Millions of Africans are using their mobiles to pay bills, transfer money, and to buy basic daily needed items. Mobile money is revolutionizing retail banking in Sierra Leone.
How Inward Remittance through Mobile Money is Building Economy in Sierra Leone
Today, there are so many people from Sierra Leone that are working or studying abroad, and they send a huge amount of money back home every year. Last year alone, there was around $3 billion sent from outside of Sierra Leone, to people in Sierra Leone by their loved ones. Money coming from abroad to Sierra Leone is playing a big role in the economy. The money is sent using inward remittance and mobile money.
Inward remittance through mobile money, people are using various means to send money or mobile money to Sierra Leone. Money coming from abroad has become an important factor in shaping the economy of Sierra Leone.
Mobile money is an important factor in the modern economy, as now, there is nearly half the population using mobile money apps. These mobile money apps aren’t just useful for transferring money from one country to another; they come in handy for domestic transactions too. People can pay bills, buy stuff, and send money to others using just one app. Thanks to the different mobile money apps, like EziPay in the market.
Sierra Leone government is very focused on making the nation a completely cashless country. They have also become a part of ‘better than cash alliance’, which focuses on making most nations cashless. Going cashless has many benefits for both the government and the people because transactions can easily be monitored. Both, the users and the governments can easily monitor transactions.
The economy of Sierra Leone is largely dependent on inward remittance through mobile money, as nearly $3 billion comes to the country just by inward remittance and mobile money transfers from abroad.