Ceedee Investments has launched a new USSD banking service in Sierra Leone to make accessing financial services in Freetown and other areas more accessible. This is important because many people in Sierra Leone and Sub-Saharan Africa do not use banks. According to Statista, 45% of adults in Sub-Saharan Africa are unbanked, and the World Bank says only 28.85% of adults in Sierra Leone have a bank account.
The new USSD banking service from Ceedee Investments brings a wave of convenience to Sierra Leone. With this service, people can perform banking tasks like money transfers and bill payments without the need for an Internet connection. This is particularly beneficial in areas with limited internet access. The service, initiated by the leaders of Ceedee Investments’ Fintech Department, Femi Cole, Omotayo Alimi, and Chuks Valentine Ogochukwu, marks a significant shift in banking in Sierra Leone, even extending to payments for services like electricity through the Electricity Distribution and Supply Authority (EDSA). The service has commenced with codes *966# for Zenith Bank and *984# for Sierra Leone Commercial Bank.
Omotayo Alimi, the CTO, has exciting plans to expand the USSD service by adding First Bank Sierra Leone and Access Bank Sierra Leone to the service by the end of the year. This expansion will open doors for more people in Sierra Leone to access mobile banking, fostering a sense of financial inclusion. Despite the growing competition from mobile money services like MTN MoMo, Ceedee Investments remains committed to introducing more financial products in the coming year, further enhancing the financial landscape of Sierra Leone.
This USSD banking service is a big step towards making financial services available to more people in Sierra Leone. It shows how technology can help overcome significant challenges. With each USSD transaction, Sierra Leone moves closer to universal financial inclusion. This sets an example for other countries facing similar challenges.
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