By Sward Conteh
Freetown, Sierra Leone – Metro Cable SL Ltd, an open-access Fiber-to-the-Home infrastructure company, has introduced Vult, a revolutionary digital wallet platform designed to transform financial services in Sierra Leone. This innovative technology aims to provide secure and convenient solutions for online transactions, money transfers, bill payments, and more.
Vult, part of the Bank of Sierra Leone Sandbox program, ensures compliance with central bank regulations, prioritizing customer safety. The platform offers a suite of features for enhanced financial management:
- Combined Wallet and Card Functionality: Vult integrates a digital wallet for online transactions and in-store purchases with a secure Visa card.
- Multi-Currency Management: Users can manage and transact in multiple currencies, ideal for international transactions.
- Multiple Top-Up Options: Vult allows linking of multiple bank accounts, adding funds via mobile money, or topping up using any Visa card.
- Unparalleled Security: Vult prioritizes user safety with robust end-to-end encryption, ensuring the protection of sensitive financial data.
In addition to the digital wallet, Vult offers services to streamline financial processes:
- Vult Pay: Integrates with business applications for efficient payment processing, cash management, and insightful reporting.
- Vult Pay Point: Businesses can utilize secure point-of-sale terminals to accept payments, facilitate cash deposits and withdrawals, and enhance financial operations.
Pierre Johnson, Chief Operating Officer of Vult, highlighted the platform’s potential impact: “The launch of Vult marks a significant milestone for Sierra Leone’s financial landscape. This innovative platform empowers users with secure and convenient financial tools, fostering financial inclusion and propelling economic growth within the country.”
Vult leverages the security and global acceptance of MasterCard and Visa, providing users with unparalleled transaction protection and confidence.
Hon. Boston Munda, Chairman of the Parliamentary Oversight Committee on Communication and Creative Technology, praised the initiative for helping to bridge the gap for unbanked areas in Sierra Leone. He affirmed the parliament’s support for innovations that benefit the people.
Minister of Communication and Creative Technology, Madam Salima Bah, emphasized the importance of innovative solutions for Sierra Leone to lead in the sub-region. She noted the government’s efforts in creating an environment conducive to investment, particularly in the financial sector.
“The government has increased access to the internet, which is a basic right for Sierra Leoneans,” Bah stated. “We call on other players to come and occupy the financial space created by this innovation.”
Chief Minister Dr. David Sengeh, in his keynote address, underscored the synergy between technology and human efforts. He highlighted the opportunity for fintech players to enter Sierra Leone, thanks to favorable government policies.
“Technology and humans have to work together,” Sengeh said. “This new technology will shape the industry, providing better access to loans and financial services. The government has opened the space for fintech players to come in and partake.”
With the introduction of Vult, Metro Cable SL Ltd is poised to revolutionize financial services in Sierra Leone, driving economic growth and fostering greater financial inclusion.
