Orange Money Reduces Cash-Out Fees to 1%
By Lamin Bangura
On Friday 1st November, 2024 at Orange Money head office, the company, in a significant move to ease financial pressures on its customers, announced a reduction in cash-out fees to 1%, effective immediately. This initiative, unveiled by Orange’s Marketing and Strategy team, aims to address growing customer demands for more affordable and accessible financial services.
According to Mr. Tembeh, this fee reduction is a direct response to customer feedback, with many calling for reduced transaction costs to make digital financial services more accessible. “We are here today to listen and respond to the voices of our customers,” said Mr. Tembeh. “Reducing the cash-out fee to 1% reflects our commitment to providing affordable options and showing appreciation for our loyal customers.”
This move comes as Orange Money acknowledges the impact of inflation and rising costs on essential goods, including rice, pepper, and other staples, which has placed significant financial strain on Sierra Leonean households. The CEO of Orange Money highlighted the struggles faced by many citizens, including those in remote areas, who have expressed difficulty in accessing digital financial services due to the high costs associated with cash-out fees.
“Inflation has made life more challenging for the ordinary person,” said the CEO. “Our customers have voiced their concerns, particularly regarding the expense of cash-out fees, which have deterred many from participating in the digital economy. We want everyone, regardless of their location or means, to have access to affordable financial services.”
Previously, the standard fee for cashing out Le 1,000 was Le 30, but as of today, this fee has been reduced to Le 10 under the new 1% tariff. This change establishes Orange Money as the most affordable mobile money operator in Sierra Leone, a step the company hopes will not only alleviate the financial burden on customers, but also encourage broader adoption of mobile money services.
The company assures that the new rate is transparent and straightforward: customers will pay a flat 1% fee on any cash-out transaction, allowing users to calculate charges easily and eliminate the risk of overcharging by agents. “We are committed to improving lives across Sierra Leone,” adding, “Our goal is for everyone to be able to use Orange Money with confidence and ease.”
This reduction represents Orange Money’s dedication to supporting the needs of its customers, especially in challenging economic times, and highlights the company’s commitment to fostering financial inclusion across Sierra Leone.