Monrovia – TipMe, Liberia’s first licensed electronic payment service provider has officially launched in the country.
The Chief Executive Officer of TipMe Liberia has disclosed that the vision of Tip Me is to lead this digital financial revolution in Liberia.
According to Madam Laureine Guilao, President George M. Weah has declared that his administration intends to reduce the use of paper currency and an enabling of cashless transactions during this year annual address to the nation.
Madam Guilao made the disclosure Monday at the official launch of TipMe Liberia held at its office located on 20th Street, Sinkor.
“We plan to proactively remain ahead of the curve and continuously offering digital financial solutions that benefit all stakeholders” she added.
She explained that TipMe is proud to be the first licensed electronic payment service provider in Liberia and offer a wide range of electronic financial solutions.
Madam Guilao indicated that the app-based mobile money wallet allows customers to send and receive money in US and Liberian dollars as well as safely stores cash on their wallets.
She asserted that the primary goal is to develop TipMe as the most convenient and customer friendly payment method for smart-phone users.
She maintained that the launch of TipMe in Liberia has begun a journey to connect individuals and businesses across Liberia and Africa on a unified platform.
Meanwhile, the Chief Executive Officer of TipMe Global Sarah Tarawallie said the current COVID-19 pandemic has evolved the global economy into a fragile system.
Madam Tarawallie stated that this outbreak has brought all of us to the realization that unforeseen situations can cause distress and discomfort even when we are best prepared for it.
According to her, in countries where digitalization is advanced, we have experienced how money transfers and e-commerce helped ensure that individuals and families received their basic needs delivered at their door steps without any need to take the risk of going out to do direct transfers and purchases.
She then called on governments in the sub-region and the African Continent in general to follow the bright example set by Liberia and encourage their private sectors to tap into this platform.
For his part, the Deputy Governor of the Central Bank of Liberia (CBL), Dr. Musa Dukuly said the macro-economy in Liberia is experiencing challenges due to huge currency out of the banking sector.
Dr. Dukuly stated that currently, 20 billion Liberian dollars are out of banking sector, but the digitalization of the financial sector will prevent the huge Liberian dollars from leaving the banking sector.
He stressed the need to prioritize the value of the Liberian dollars which will go a long way in strengthening the macro economic status of the Liberian economy.
In a related development, Finance Minister Samuel Tweah stated that the digitalization of financial transaction is critical toward improving economic stability.
Minister Tweah asserted that government will be willing to partner with TipMe Liberia to ensure that the country becomes a cashless society in the near future.
He pinpointed that the electronic financial transaction will go a long way in stabilizing the dual currency situation affecting Liberia’s economy.