Sank money: an African money transfer solution

2023-06-19 07:41:47

• Objective, make a money transfer with or without connection

• Innovations to conquer the sub-regional market

• And create jobs for young people

On June 7, 2023, the promoters of Sank Business held a press conference in Ouagadougou. The objective was to announce the arrival of new partners in its catalog and reveal the innovations it has undertaken for the benefit of the population.

Dramane Tiendrébéogo, co-founder and CEO of Sank Business. (Ph: Yvan SAMA)

Dramane Tiendrébéogo, Managing Director of Sank Business, informed that Sank Business had experienced the accession of new shareholders and this will allow the company to embark on new challenges. “If in the meantime, some have bet on the disappearance of this company, we tell you today more than ever, Sank Business is alive and well, with the capital contribution of the new partners”, he declared. “Here and now, we inform you that the best is yet to come,” he reassures.

Sank Business innovations

In its new Burkinabè and pan-African dynamic, the national owners of Sank Money want to offer an innovative service adapted to the needs of the clientele.

Indeed, aware of the difficulties of access to the Internet connection by the people of Burkina Faso, especially those in the countryside, Sank Business wants to launch a new application in the coming days. It will work with or without an Internet connection through a USSD (Unstructured Supplementary Service Data) messaging system, which is a global mobile communication system allowing text messages to be sent without the need for an Internet connection. It is a system that is integrated with the Sank Money platform. This will allow customers to perform operations without the Internet connection. Already, an operational team is working hard to put the new application into service with the USSD service, according to Sank officials, declaring that they have received from Orange Burkina, the partnership contract for the supply of the service. USSD (Unstructured Supplementary Service Data), Thursday, June 8, 2023.

Also, according to the promoters, with Sank, there is the possibility of paying taxes, salaries, FONER. In addition, Sank intends to reduce the cost of withdrawing money if the objectives it has set are realized. “In principle, the cost of withdrawal can drop. We can even go to 0.5%, if not even 0%, it all depends, since it is the supply that makes the demand,” said Sada Zougmoré, the majority shareholder of Sank Business.

The new management team of Sank Business. (Ph: Yvan SAMA)

Another innovation, the promoters of Sank Money intend to go beyond the regions of Burkina. Thus, in the medium or long term, “we will conquer the sub-regional market by establishing ourselves in countries such as Côte d’Ivoire, Mali, Togo, etc. » ; hence the redesign of the logo which now contains the map of Africa to give a pan-African dimension, faith of Dramane Tiendrébéogo, co-founder of Sank Business. “Today, Sank’s logo has changed to a map of Africa, because Sank is becoming an African money transfer app. The current objective is to go beyond Burkina Faso and reach all of Africa,” said Dramane Tiendrébéogo, CEO of Sank.

According to Sada Zougmoré, Sank intends in the coming days, in Ouagadougou, to create 50 direct jobs, through the establishment of 13 agencies. Agencies will also be set up in the 45 provinces of Burkina, and this will generate employment. According to him, the company offers the possibility of supporting the government in the employability of young people. It has projects on which it is working with the government which, since 2020, has been committed to the dematerialization of the Administration. Also, the company has designed platforms for the Ministry of Agriculture, on the fertilizer distribution project and many other projects.

framed

The expectations of Sank Business vis-à-vis the Burkinabè authorities

“We are an anonymous company with share capital of 1 billion entirely owned by Burkinabè. This is to say that we participate in the economy of Burkina Faso and to do this, we necessarily need the authorities at several levels, “suggested Dramane Tiendrébéogo, Director General of Sank Business. According to him, there is a political problem that the Burkinabè state must review to encourage those who dare. The Burkinabè authority must protect small local businesses, because in the competitive market, big companies tend to stifle them, a cry from the heart of Mr. Tiendrébéogo.