By Foday Moriba
In a well-attended ceremony on Friday, 18th October 2024, at Orange’s office on Rawdon Street, Freetown, Orange Money officially launched its highly anticipated ‘Kotoku’ initiative.
The program, aimed at supporting and empowering small businesses across Sierra Leone, was met with excitement, especially from market women who sang in unison, “Kotoku na wan word oh, oh yah, Kotoku na wan word oh, oh yah,” reflecting their enthusiasm for this new mobile money solution.
The ‘Kotoku’ product, named after the Krio word for “pocket,” is a mobile money service designed to enhance financial transactions for small business owners, particularly in the informal sector.
It provides a secure, accessible, and user-friendly platform for traders to save, send, and receive money. This will help them better manage their finances, conduct payments, and grow their businesses.
In his remarks, Joseph Saffa Tengbeh, Head of Marketing, Strategy, and Partnership at Orange Money, explained that ‘Kotoku’ is tailored for small and medium-scale businesses.
He noted that in the past, when customers wanted to pay via Orange Money, traders would often ask for payments to be made to their personal numbers, leading to additional costs, such as cash-out fees.
The ‘Kotoku’ initiative addresses these issues by creating a separate business wallet for traders, allowing them to manage both personal and business transactions on the same number. “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 stated.He added that ‘Kotoku’ is not just for business owners but also caters to Keke riders, bike riders, taxi drivers, and other small-scale entrepreneurs.
He encouraged small business owners to enroll in ‘Kotoku’ by dialing #144*8*10# or registering with Orange Money field sales agents, who are providing free enrollment services.
One of the key benefits of the initiative is that businesses do not need formal registration to qualify for the service, a departure from the previous merchant system.
Additionally, Tengbeh highlighted that ‘Kotoku’ users will not need separate passwords for their business wallet, as it will operate with the same credentials as their personal wallet.
He further emphasized the advantages of the initiative, noting that business owners who use ‘Kotoku’ will receive commissions on payments made through their wallet, enjoy free cash-outs, and be able to transfer funds to other ‘Kotoku’ wallets without incurring any charges.
Traders using ‘Kotoku’ are also eligible for loans of up to NLE 5,000.David Mansaray, Chief Executive Officer of Orange Money, stressed the significance of ‘Kotoku’ in empowering small businesses. “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 said.Mansaray noted that ‘Kotoku’ is part of Orange Money’s broader strategy to empower businesses in a country where many small-scale traders lack access to formal banking services.
He highlighted that ‘Kotoku’ users will benefit from commissions on transactions and assured business owners that payments made into their ‘Kotoku’ wallets are secure, with no possibility of payment reversals, unlike regular 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 first time such an initiative has been introduced in Sierra Leone.She commended the Orange Money team for their efforts in empowering small businesses and urged business owners to take full advantage of the opportunities presented by ‘Kotoku.’
Theresa Kanu, Chairlady of the Vegetable Sellers Association, expressed her excitement about the potential benefits 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 said.She encouraged all small business owners to enroll in the ‘Kotoku’ wallet initiative, which she described as a significant boost to their enterprises.
The ‘Kotoku’ initiative is part of Orange Money’s ongoing commitment to leveraging technology to drive economic development and improve the quality of life for Sierra Leoneans.
With the majority of the population dependent on small-scale businesses, ‘Kotoku’ offers an innovative solution to the financial challenges entrepreneurs face in accessing reliable services, ultimately empowering them to grow and thrive.
