BNB, a licensed fintech (financial technology) company that specializes in remittances, has officially launched a new online money transfer service that aims to revolutionize the way people send money home to friends and relatives in Africa including Liberia.
People using the service can send money either through its network of agents or directly to the mobile phone accounts of the recipients.
The Financial Technology Company, which is headquartered in Canada, says it is determined to extend its operations to all African Countries, with Liberia now joining Sierra Leone and Guinea as a third subsidiary.
“This new fintech company will support the Central Bank of Liberia’s vision of financial inclusion,” BNB said in a statement.
BNB is led by a team of professionals with expertise in software development and remittance business management. The company’s chairman, Brian Fox, is a former Executive VP of Western Union and its CEO/Co-Founder, Dr. Oumar Rafiou Barry, holds a Ph.D. in Engineering from the University of Toronto and has been a Professor of Engineering at some of the best universities in the USA, the statement added.
“BNB is here to partner with all relevant stakeholders (banks, Telco and wallet operators) in the financial industry to revolutionize remittance business by enabling customers have access to their funds digitally. We are a technology driven company with wide range of solutions for an efficient financial sector.”
The service, which was launched on Friday, November 7, 2020, currently has about 100 plus employees, 80% of them are based in Sierra Leone, Guinea and Liberia and the other 20% are based in North America.
In Canada, BNB is a 100% cashless remittance company used by thousands of customers to send money to their loved ones in 17 African countries including Liberia.
“In Africa, we are not only a licensed remittance company, but we are also an aggregator of Money Transfer Companies, Telecommunications Companies, and Banks. Some of our strategic partners include MoneyGram, RIA, Small World, GT Bank, MTN, Orange, UBA, OMNEX, Transfast, Wari and so on,” Alpha Ousmane Barry, BNB Group COO disclosed.
In Sierra Leone and Guinea, BNB has about 400 locations where customers can send and receive money.
This does not include the banks and Telcos that BNB has partnered with such as UBA, GT Bank, Orange, MTN, and others.
According to Barry, BNB as a Fintech Company that focuses on innovation and takes into consideration the needs of customers and partners, thus offering them new innovative products and services.
He said BNB was successful in becoming the first Financial Technology Company to develop and launch an app that enables customers to digitally pick up their remittances and deposit it in a bank account or mobile wallet, from anywhere in the world.
“The BNB Cash App is an amazingly easy-to-navigate platform that is found on Apple and Google Play Store for download,” Barry noted.
GT Bank Liberia’s General Manager and CEO, Ikenna Anekwe, hailed the BNB manager for the partnership in fostering a free digital economy in Liberia.
Mr. Anekwe told the gathering that Liberia is a cash-based, free economy and hopes that, with the coming of BNB into Liberia, they will work together to expand the dream of the Central Bank of Liberia in making the Liberian economy a cashless society.
For his part, the Products and Services Manager at Lone Star Cell MTN said they were very excited to partner with BNB in integrating their services with the mobile money system.
At the same time, the Head of the Digital Banking at the United Bank for Africa (UBA), David Ojo, said UBA is pleased to partner with BNB in driving the Liberian digital economy.
Meanwhile, BNB Liberia remittances can be accessed on the first floor in the DITCO Building on Randall Street, Johnson Street, Clara town, Old Road, and Kakata respectively.