Splash Mobile Money

What Splash Mobile Money does

Splash Mobile Money Limited is a private Sierra Leonean fintech founded in late 2007 by Sheka Forna and Ben Farren, with CEO & MD Daniel Osei-Antwi and CTO Shane O'Connor. The company operates Splash (branded SplashCash), the first mobile payment system in Sierra Leone, enabling consumers to send money to other mobile users via SMS/USSD. Users register at physical agents, load funds into a Splash account, and transfer value to recipients on any of Sierra Leone's three active mobile networks — Bharti Airtel (formerly Zain), Africell, and Comium — with recipients cashing out at the agent network or at branches of Guaranty Trust Bank, which acts as the sole issuer of SplashCash.

The technology platform was developed in collaboration with MoreMagic Solutions Inc., a US mobile commerce vendor with deployments across 50+ countries and 120+ mobile operators. Splash's distribution model combines a physical agent network (Afro International, Balani and Sons, D. Assan's, Skaitel Mobile Centre, GTB branches, and others) with mobile network operator integration and banking partnership. By mid-2010 the network had scaled to 150+ outlets and 50,000+ registered customers, described as the largest financial-institution footprint in Sierra Leone. The company has since added adjacent products including payment and payroll services and an online consumer lending module delivered through ASAP Finance.

Revenue is generated primarily through transaction fees on money transfers, though specific pricing is not publicly disclosed. Capital has been sourced from Sierra Leone- and West Africa-focused private equity (Manocap, backed by the Soros Foundation and CDC) and the Africa Enterprise Challenge Fund. The advisory board includes Nick Hughes (creator of M-PESA), Denis O'Brien (founder of Digicel Group), and Pankaj Gulati (CEO of MoreMagic Solutions), giving Splash unusual mobile-money and emerging-markets telecom expertise for a company of 11–50 employees.

Name

Splash Mobile Money

Legal name

Splash Mobile Money Limited

Website

https://splash-cash.com

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

Splash Mobile Money operates SplashCash, Sierra Leone's first mobile payment system, enabling unbanked consumers to send and receive money via SMS across Airtel, Africell, and Comium networks through a 150+ outlet agent network anchored by Guaranty Trust Bank.

Ownership category

akta.pro rank

Product category

Mobile Money Transfer

akta.pro industry

PRIMARYFSAMAEAA

General-Purpose Digital Wallets (P2P + Merchant)

Financial & Insurance/Payments & Transaction Processing/Digital Wallets & Mobile Payments

SECONDARYFSAMAEAD

Carrier Billing & Telco Mobile Money

Financial & Insurance/Payments & Transaction Processing/Digital Wallets & Mobile Payments

Keywords

• Mobile money transfer
• Mobile payment system
• Agent banking network
• Digital wallet services
• Remittance services

Headquarters

HQ city

Freetown

HQ country

Sierra Leone

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Mobile Money Transfer Fees: Splash generates revenue through transaction fees charged on money transfers. Users load money into their Splash account via agents and pay for transfers to other mobile users. The recipient can exchange SplashCash for cash at agents or GTB branches, with fees likely embedded in the transaction spread.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

Splash Mobile Money operates SplashCash, Sierra Leone's first mobile payment system, enabling consumers to send money to other mobile phone users via SMS/USSD across three mobile networks (Airtel/Zain, Africell, and Comium). Users register with physical agents, load cash into their Splash account, and transfer funds to any mobile number; recipients redeem SplashCash for cash at agents or Guaranty Trust Bank branches. The company also offers payment and payroll services, and partners with ASAP Finance to provide online consumer loans.

Product overview

Splash Mobile Money offers a single unified mobile payment product (SplashCash) as Sierra Leone's first mobile money transfer service. Users load funds via agents and transfer money through SMS to recipients on partner mobile networks (Airtel/Zain, Africell, Comium). Recipients withdraw cash through the agent network or GT Bank branches. The service also includes an online loans module delivered through ASAP Finance partnership.

Differentiator

Problem solved

Functional benefit

Products and services

• SplashCash (Mobile Money Transfer) Sierra Leone's first mobile payment system, allowing users to register with an agent, load money into their Splash account, and transfer funds to any mobile phone user on Airtel/Zain, Africell, or Comium networks via SMS/USSD. Recipients exchange SplashCash for cash at any Splash Agent or Guaranty Trust Bank branch. Designed for unbanked and underbanked individual consumers in Sierra Leone.
• Splash Payment and Payroll Service Mobile-based payment and payroll service enabling employers and merchants in Sierra Leone to disburse salaries and make/receive payments using the Splash mobile money platform.
• Online Loans (via ASAP Finance) Online consumer loan service offered through Splash's partnership with ASAP Finance, providing quick approvals, no hard credit checks, and acceptance of applicants with bad credit scores. Targeted at Sierra Leonean consumers with short-term financing needs.

Segments2 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered core, flagship and minor.

• MoreMagic Solutions Inc.coreTechnology or Integration · 1 January 2009Splash's technology solution was developed in collaboration with MoreMagic Solutions Inc., a US company with deployments in more than 50 countries worldwide. MoreMagic provides transaction platforms for mobile operators, financial institutions, content providers, and distributors, enabling consumers to purchase goods and services on demand using a mobile phone, POS, or web.
• Guaranty Trust BankcoreChannel Partner/ Reseller/ DistributorGTB is the third largest bank in Nigeria with operations in UK, Gambia, Liberia, Ghana and Sierra Leone. GTB's Sierra Leonean subsidiary provides banking and distribution services to Splash, acting as the sole issuer of SplashCash and forming the backbone of the distribution network.
• Bharti Airtel (formerly Zain)flagshipTechnology or IntegrationAirtel offers telecommunication services in 19 countries and is the largest cellular service provider in India with 141+ million subscriptions. In June 2010, Bharti completed acquisition of Zain Telecom's businesses in 15 African countries including Sierra Leone. Airtel is one of the three mobile networks supported by Splash.
• AfricellflagshipTechnology or IntegrationAfricell is a subsidiary of Lebanese telecommunications company Lintel Holdings, with GSM operations in The Gambia and Sierra Leone. Africell is one of the three mobile networks supported by Splash.
• ComiumflagshipTechnology or IntegrationComium is present in over fifteen countries, with GSM operations in Cote D'Ivoire, Liberia, Sierra Leone and Gambia, servicing over three million customers. A press release documents a formal Splash partnership with Comium.
• ASAP FinanceminorStrategic or Co-development PartnerASAP Finance provides online loans for consumers in Sierra Leone through the Splash platform. Loans are available for consumers with bad credit scores, no hard credit checks required, with near-instant approval decisions.

Scale indicators4 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Orange Money: Mobile money service operated by Orange across multiple West and Central African markets, offering P2P transfers, bill pay, and merchant payments via USSD. Closely comparable business model, customer base (unbanked Africans), and agent distribution.
• EcoCash (Econet Wireless / Cassava Smartech): One of Africa's largest mobile money services, operated by Econet in Zimbabwe and expanding regionally. Comparable mobile money transfer service for unbanked populations using USSD and an extensive agent network.
• M-PESA (Vodafone / Safaricom): Original and largest mobile money service globally, launched in Kenya by Nick Hughes (Splash's advisory board member) using an agent-based USSD model. Directly comparable as a telco-partnered mobile money transfer service targeting unbanked populations in Africa.
• MTN Mobile Money (MoMo): Mobile money service operated by MTN Group across 16+ African markets with tens of millions of active users. Closely comparable as a telco-led, agent-distributed mobile money platform serving underbanked consumers.
• Wave (mobile money): Mobile money operator active in Senegal, Côte d'Ivoire, Mali, Burkina Faso, Gambia, and Uganda, offering P2P transfers via USSD and app. Highly comparable as a low-cost mobile money provider targeting unbanked West African populations.
• Tigo Cash / Tigo Pesa (Millicom / Axian): Mobile money services operated by Millicom across multiple African countries including Sierra Leone-adjacent markets. Comparable telco-led, agent-distributed model serving similar unbanked customers.
• Moov Money (Atlantique Telecom / Maroc Telecom): Mobile money service operated by Moov Africa (Maroc Telecom) across West and Central Africa. Comparable agent-distributed mobile money service for unbanked populations in markets neighboring Sierra Leone.
• Airtel Money (Bharti Airtel): Mobile money service of Bharti Airtel, which acquired Zain's African operations including the Sierra Leone network that Splash integrates with. Direct competitive threat and direct peer in mobile wallet / P2P transfer space.

Emerging players

• Mukuru: Africa-focused digital remittance and mobile wallet platform with strong presence in Southern and West Africa. Comparable in serving underbanked consumers with cross-border money movement, though more remittance-focused than P2P transfers.

Broad incumbents

• PayPal: Global digital payments incumbent with digital wallet and P2P transfer capabilities. Comparable product functionality but operates in a fundamentally different (banked) customer segment and geography.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/splash-mobile-money-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Splash Mobile Money