By: Alimatu Kargbo
In a press conference held at the Miatta Conference Hall on Tuesday 11th February 2025, Dr. Steven the Bank Governor of the abandoned of Sierra Leone announce the launch of the National Instant Payment Switch, set to be formally unveiled on February 13, 2025, by the Vice President on behalf of the President of Sierra Leone.
In his address, the Governor highlighted the significance of this milestone, which will revolutionize the country’s financial landscape by enabling instant, secure, and cost-effective transfers between banks and mobile operators. Seven leading banks and two major mobile network operators, Orange and Africell, are already on-board, with their systems opening on February 12, 2025.
Participating Banks include: Sierra Leone Commercial Bank, Rokel Commercial Bank, Zenith Bank, Sky Bank, Access Bank, Guarantee Trust Bank, Commas and Mortgage Bank
The new service allows customers to transfer funds seamlessly between bank accounts and mobile wallets without delays. All that is required to register is a mobile number and a national identity number. Customers can visit their bank or mobile operator to join the service.
“The National Instant Payment Switch will reduce the need for carrying cash and promote financial inclusion,” the Governor assured. He emphasized that the system is highly secure and user-friendly, providing peace of mind for all users.
The Governor also announced that Qcell and several other banks would soon join the switch. He reiterated that starting April 1, 2025, all transactions must be conducted through the National Payment Switch, eliminating bilateral agreements between financial institutions and mobile operators. The journey to this achievement was not without challenges. The project was initially introduced in 2008 but only gained significant momentum in 2023, when President Bio launched the Cash Switch and POS Switching systems.
The launch of the Instant Payment Switch marks another step toward a modernized and efficient financial infrastructure.
