UTB Digital Financial Services (DFS) Remodelling

Project Description

Union Trust Bank's Digital Financial Services (DFS) remodelling initiative aims to expand financial inclusion through mobile banking, agency banking, and agent networks, targeting the unbanked and underbanked segments of the Sierra Leonean population. With mobile penetration at 97% but low debit card penetration, and only 12% of adults in the banking population, the opportunity is significant. UTB offers UTB Self Redeem, a digital financial service at the core of the bank's strategy to be future-fit. Products include current accounts and transactional banking, foreign currency accounts, and cross-border remittances via Western Union, MoneyGram, and Ria. The initiative leverages SWIFT and the National Switch system for extended deployment of digital payment solutions.