An Interview with Orange Money CEO, Maxwell Dodd
1. Can you describe what Orange Money did to disrupt the market on June 1st? On June 1st, Orange Money Liberia made a bold move to disrupt the market by revamping our tariffs. We introduced several free services, including sending money to Orange Money users, paying bills, paying merchants, transferring money to banks, subscribing to Pay TV, and paying for LEC subscriptions. Additionally, we reduced the fee for withdrawing money to just 1%. For example, if a customer withdraws 1,000 LRD, they will only be charged 10 LRD. This initiative is designed to make financial services much more affordable and accessible, promoting greater digital and financial inclusion.
2. What motivated Orange Money Liberia to introduce these new changes in tariffs and services? The motivation behind these changes is our dedication to improving financial inclusion and affordability for all Liberians. We recognized the need to make financial services more accessible and cost-effective, especially during challenging economic times. By reducing costs and offering free services, we aim to empower our customers and support their financial well-being. This move aligns with President Joseph Nyumah Boakai’s digital plan presented on May 1st, where financial inclusion is key for the country. We were also inspired by the success seen in top countries such as Kenya, where mobile money is massively adopted, demonstrating its sustainability and positive impact on financial inclusion.
3. How does Orange Money Liberia’s new strategy differ from previous promotional offers? Our new strategy differs from previous promotional offers as it is not a temporary measure but a long-term, sustainable revamp of our services. We are committed to making these changes permanent to ensure that our customers consistently benefit from more affordable and accessible financial services.
4. What impact do you expect these changes to have on the financial behavior of your customers? We expect these changes to significantly impact our customers’ financial behavior by encouraging more frequent use of mobile financial services. With lower costs and free services, customers can save more money, make transactions more confidently, and better manage their finances, leading to improved financial health.
5. Can you elaborate on how the 1% withdrawal fee aligns with your goal of financial inclusion? The 1% withdrawal fee aligns with our goal of financial inclusion by making it more affordable for customers to access their cash. This reduced fee lowers the cost barrier, encouraging more people to use our services and participate in the digital economy. It ensures that even those with limited financial resources can benefit from our offerings. This approach is similar to when SIM cards were reduced from $65, which made them more affordable and popular, demonstrating the effectiveness of lowering cost barriers.
6. How is Orange Money Liberia addressing the digital divide in rural and underserved areas? To address the digital divide in rural and underserved areas, we are expanding our agent network and investing in infrastructure to improve connectivity. We are also conducting outreach programs to educate people about our services and how they can benefit from them. Our goal is to ensure that everyone, regardless of location, has access to affordable financial services.
7. What are some success stories or positive outcomes you have seen since implementing these changes? Since implementing these changes, we have seen numerous success stories. For instance, small business owners have reported increased savings and more efficient transactions. Families are able to manage their finances better, and there is a growing sense of financial empowerment among our customers. These positive outcomes reinforce our commitment to financial inclusion.
8. What role do you see Orange Money Liberia playing in the broader economic development of the country? Orange Money Liberia plays a crucial role in the broader economic development of the country by providing essential financial services that enable economic participation. By making financial services more accessible and affordable, we support entrepreneurship, job creation, and overall economic growth. Our efforts contribute to a more inclusive and robust economy.
9. How can customers provide feedback or suggestions to help Orange Money Liberia improve its services? Customers can provide feedback or suggestions through our customer service channels, including our social media platforms and customer care centers. We value their input and use it to continuously improve our services.
10. What message do you have for Liberians about Orange Money’s commitment to their financial well-being? Our message to Liberians is that Orange Money is fully committed to their financial well-being. We are dedicated to providing affordable, accessible, and innovative financial solutions that empower individuals and businesses. Together, we can build a more inclusive and prosperous financial future for all.
11. What is the impact on agents with your new tariffs? We understand the critical role our agents play in the success of our services. With the new tariffs, we have ensured that the amount of commission for agents remains unchanged. We are committed to continuing our partnership with them, creating job opportunities, and fostering a collaborative environment that benefits everyone involved.
