For the first time in the history of mobile money in Liberia, Lonestar Cell MTN subscribers can now exchange US Dollars for Liberian dollars within their mobile money wallet.
Manju Konneh, Project Lead for Lonestar Cell MTN Mobile Finance Services, said that the company is solving a problem for customers. Some Agents that do not have sufficient USD to transact usually give a lower exchange rate while converting MoMo customers’ USD to LRD to cash out.
“Together with our implementing partner, BnB Transfer, and with the Central Bank’s alignment, we solved that problem by enabling- foreign exchange right within the mobile money wallet,” he said.
BnB Transfer is an international remittance and tech company. They partnered with Lonestar Cell MTN to design the software that enables the mobile money wallet foreign exchange.
BnB Country Manager David Ojo said that this new feature also solves other problems for mobile money subscribers receiving international remittances.
“When people receive their international remittances, it comes in USD. When agents offer to cash out the USD to Liberian dollars at a higher rate the customer loses money. So, customers tell their family members not to send the remittance to the mobile money wallet,” he said.
“MoMo Forex exchange brings about convenience, transparency, and value. Customers can exchange money using their mobile money directly without losing money because the rate is very suitable,” said Mr. Ojo.
After dialing *156*8#, subscribers can access MoMo Forex Exchange by going to the “Manage Account” option and following the subsequent prompts. A long string, *156*58# can also be used to access the service.
Rahul De, CEO of Lonestar Cell MTN, said Lonestar Cell MTN is committed to ensuring everyone has access to a modern and connected life.
“With our launch of mobile money foreign exchange facility, we are tearing down the barriers to digital financial inclusion. Providing our subscribers, the ability to exchange USD for LRD just with your fingertips is simply phenomenal. We are not stopping. We will continue to innovate more solutions to ensure our subscribers have convenience and mobility.