Lonestar Cell-MTN, which is majority-owned by South Africa’s MTN Group, has signed a partnership agreement with the Liberian Bank for Development and Investment (LBDI) to officially launch a mobile money programme in Liberia. The two firms hope the tie-up will allow them to reach out to customers by using existing technology at ‘the lowest shared cost’. The move follows a long gestation period in which the bank has been monitoring the progress of mobile banking in the country. The bank’s CEO John Davies said that five years ago, the Liberia Bankers Association (LBA) was informed about Lonestar Cell-MTN’s mobile money programme, but a review a year ago showed the progress of mobile money, where transactions now exceed USD30 million.
‘I am pleased to inform you that Lonestar Cell-MTN [has] tapped into 23 locations across Liberia. Today you also tapped into 234,000 additional customers and tapped into an unlimited supply of liquidity,’ Davies said. ‘Again, you tapped into a brand that has been a symbol of progress and pragmatism as it relates to banking and access to finance in Liberia,’ he added.