Orange Money has formally launched its extremely anticipated ‘Kotoku’ initiative.
The launching ceremony was held on Friday, 18th October 2024, at Orange’s workplace, Rawdon Street in Freetown.
The initiative purpose to help and empower small companies throughout Sierra Leone, and the launching was met with pleasure, particularly from market girls who sang in unison, “Kotoku na wan word oh, oh yah, Kotoku na wan word oh, oh yah,” reflecting their enthusiasm for this new cell cash answer.
The ‘Kotoku’ product, named after the Krio phrase for “pocket,” is a cell cash service designed to boost monetary transactions for small enterprise homeowners, significantly within the casual sector. It gives a safe, accessible, and user-friendly platform for merchants to save lots of, ship, and obtain cash. This will assist them higher handle their funds, conduct funds, and develop their companies.
In his remarks, Joseph Saffa Tengbeh, Head of Marketing, Strategy, and Partnership at Orange Money, defined that ‘Kotoku’ is tailor-made for small and medium-scale companies. He famous that previously, when prospects needed to pay by way of Orange Money, merchants would usually ask for funds to be made to their private numbers, resulting in further prices, comparable to cash-out charges.
The ‘Kotoku’ initiative addresses these points by making a separate enterprise pockets for merchants, permitting them to handle each private and enterprise transactions on the identical quantity. “With ‘Kotoku,’ business owners now have a designated business wallet. This system not only makes their transactions more professional but also eliminates the need for additional cash-out fees and even offers commissions on payments received,” Tengbeh acknowledged.
He added that ‘Kotoku’ is not only for enterprise homeowners but additionally caters to Keke riders, bike riders, taxi drivers, and different small-scale entrepreneurs.
He inspired small enterprise homeowners to enroll in ‘Kotoku’ by dialing #144810# or registering with Orange Money subject gross sales brokers, who’re offering free enrollment providers. One of the important thing advantages of the initiative is that companies don’t want formal registration to qualify for the service, a departure from the earlier service provider system.
Additionally, Tengbeh highlighted that ‘Kotoku’ customers is not going to want separate passwords for his or her enterprise pockets, as it would function with the identical credentials as their private pockets.
He additional emphasised some great benefits of the initiative, noting that enterprise homeowners who use ‘Kotoku’ will obtain commissions on funds made by way of their pockets, take pleasure in free cash-outs, and be capable of switch funds to different ‘Kotoku’ wallets with out incurring any expenses. Traders utilizing ‘Kotoku’ are additionally eligible for loans of as much as NLE 5,000.
David Mansaray, Chief Executive Officer of Orange Money, pressured the importance of ‘Kotoku’ in empowering small companies. “Small businesses are the backbone of Sierra Leone’s economy. With ‘Kotoku,’ we are ensuring that these businesses, many run by women, have access to modern financial services that will support their growth and sustainability,” Mansaray mentioned.
Mansaray famous that ‘Kotoku’ is a part of Orange Money’s broader technique to empower companies in a rustic the place many small-scale merchants lack entry to formal banking providers. He highlighted that ‘Kotoku’ customers will profit from commissions on transactions and guaranteed enterprise homeowners that funds made into their ‘Kotoku’ wallets are safe, with no risk of fee reversals, in contrast to common Orange Money accounts.
“Kotoku is built for Sierra Leone, and our goal is to help small business owners earn more and grow their enterprises. Join ‘Kotoku’ today, and remember, Orange Money is here to stay today, tomorrow, and forever. Orange Money Kotoku ‘tay go’,” Mansaray concluded.
The Chief Commercial Officer at Orange Sierra Leone, Haffie Haffner, described the launch as historic, marking the primary time such an initiative has been launched in Sierra Leone.
She counseled the Orange Money workforce for his or her efforts in empowering small companies and urged enterprise homeowners to take full benefit of the alternatives offered by ‘Kotoku.’
Matty Kanu, Chairlady of the Vegetable Sellers Association, expressed her pleasure in regards to the potential advantages of ‘Kotoku.’ “This is the kind of support we need to grow our businesses. With ‘Kotoku,’ we can now save money, make payments to suppliers without leaving our shops, and even apply for loans without incurring extra charges,” she mentioned.
She inspired all small enterprise homeowners to enroll within the ‘Kotoku’ pockets initiative, which she described as a big enhance to their enterprises.
The ‘Kotoku’ initiative is a part of Orange Money’s ongoing dedication to leveraging expertise to drive financial growth and enhance the standard of life for Sierra Leoneans. With the vast majority of the inhabitants depending on small-scale companies, ‘Kotoku’ gives an revolutionary answer to the monetary challenges entrepreneurs face in accessing dependable providers, finally empowering them to develop and thrive.
