Solomon Islands operator Our Telekom has launched its “highly anticipated” mobile money service, M-SELEN.
Funded by the Government of Australia and supported by the United Nations Capital Development Fund (UNCDF), M-SELEN is now available in all Our Telekom offices around the country, bringing banking services to previously underserved areas and providing thousands of Solomon Islanders with access to affordable, reliable and secure financial services.
The Australia-UNCDF-Our Telekom project is the result of a feasibility study carried out in 2019 that aimed to solve the challenges around financial inclusion.
Not too surprisingly, Our Telekom suggests that M-SELEN is expected to have a transformative impact on the lives of Solomon Islanders, unlocking economic opportunities, promoting financial literacy, and empowering communities to build a more prosperous future.
The service can be accessed through any type of phone. To activate the service, customers only need to present a valid ID at any Our Telekom office.
There were many supportive comments about the launch from Our Telecom executives, the Australian High Commissioner and the UNCDF, but it was the Governor of the Central Bank, Dr Luke Forau, who added some interesting context when he said: “The National Financial Inclusion Strategy’s mission is to increase financial services access points from 870 to 1,115 while increasing the number of individuals with a formal financial services account from 283,000 to 400,000, of which 50% must be women. We therefore need innovative solutions like mobile money to achieve this strategic intent.”
