MICROCAPITAL BRIEF: US-based MoreMagic, Splash Expand Mobile Money Services in Sierra Leone

Splash Mobile Money Limited, a mobile financial service provider based in Sierra Leone, and MoreMagic Solutions, a US-based technology provider that developed Splash’s service platform, have extended the Splash network in Sierra Leone with the addition of DStv, a satellite television network in the country; Access Bank and Ecobank Microfinance, two commercial banks; and a network of 50 rural banks set up by both the United Nations International Fund for Agricultural Development (IFAD) and the Ministry of Agriculture. For instance, DStv customers can now pay for their satellite subscriptions via mobile phones as opposed to going to a designated DStv agent location. The rural bank partnership will allow Splash to increase its outreach to the unbanked population in approximately 50 provincial areas in Sierra Leone. According to the managing director of Splash, Daniel Osei-Antwi, “the flexibility of MoreMagic’s platform has not only allowed [Splash] to scale, but has also enabled [Splash] to expand [its] portfolio of services by introducing new stakeholders to the ecosystem. Many of these new partners and clients have large regional footprints that present a compelling opportunity for growth beyond Sierra Leone in the near future.”

Founded in 2007, Splash allows individuals to transfer funds, pay bills and receive money via their mobile phones even if they do not have a bank account. Customers can convert the electronic money into cash through approximately 150 Splash agents across the country. As of 2012, Splash has approximately 90,000 registered users with monthly transactions worth USD 2 million.

MoreMagic, a subsidiary of Oberthur Technologies of France, offers commerce and financial services technologies intended to enable “a global mobile financial ecosystem that links mobile operators, financial service organizations, retail distributors, NGOs and other business.” MoreMagic partners with approximately 120 mobile operators in 60 countries with 250,000 retail distribution agents worldwide as of 2012.

By Sarah Benali, Research Associate

About Splash Mobile Money
Founded in 2007, Splash Mobile Money provides a mobile payment system that allows users of three of Sierra Leone’s mobile networks, Zain, Africell and Comium, to load cash to their phones, send money, pay bills, withdraw cash and buy goods. Any Zain, Africell or Comium mobile phone can receive money through Splash, and the electronic money received can be converted into cash via approximately 150 Splash agents across the country. Users do not require a bank account to use Splash Mobile’s service. Splash transactions include “person-to-person money transfers, corporate payroll and other business disbursements, microfinance loan disbursements and repayments, retail point-of-sale purchases, airtime top-up, and remote payments for various bills and fees.” As of 2012, Splash has approximately 90,000 registered users with monthly transactions worth USD 2 million.

About MoreMagic Solutions
MoreMagic Solutions, a US-based subsidiary of Oberthur Technologies of France, offers commerce and financial services technologies intended to enable “a global mobile financial ecosystem that links mobile operators, financial service organizations, retail distributors, NGOs and other business.” It offers such services as cloud wallets, remote and proximity payments, phone credit top up, cross-border value exchange, coupons and loyalty programs. MoreMagic partners with approximately 120 mobile operators in 60 countries with 250,000 retail distribution agents worldwide as of 2012.

Sources and Additional Resources

Oberthur Technologies Press Release: “Splash and MoreMagic Continue to Expand Mobile Money Ecosystem in Sierra Leone,” November 2012, http://www.oberthur.com/press_page.aspx?Id=488

MicroCapital.org story: “MICROCAPITAL BRIEF: Sierra Leone Association of Commercial Banks, Central Bank of Sierra Leone, Sasikom Capital Partner to Promote Financial Inclusion,” August 4, 2012, https://www.microcapital.org/microcapital-brief-sierra-leone-association-of-commercial-banks-central-bank-of-sierra-leone-sasikom-capital-partner-to-promote-financial-inclusion/

MicroCapital.org story: “MICROCAPITAL BRIEF: Sierra Leone-based Microfinance Institution (MFI) Hope Micro Partners with KopoKopo and Splash Mobile Money,” March 9, 2011, https://www.microcapital.org/microcapital-brief-sierra-leone-based-microfinance-institution-mfi-hope-micro-partners-with-kopo-kopo-and-splash-mobile-money/

MicroCapital Universe Profile: Splash Mobile Money
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Splash+Mobile+Money

MicroCapital Universe Profile: MoreMagic Solutions
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=MoreMagic+Solutions

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