Sierra Leone on Thursday introduced its instant payment service through the national switch, enabling citizens to send money instantly between banks, mobile carriers, and bank accounts. This is part of the government’s effort to boost cashless economy.
By April 1, all participants in the industry must integrate the system, which is already being used by seven banks and two mobile money service providers.
“Today we have a system that is directly connected to the banks. Through interoperability, we are removing an additional cost, which reduces our operating costs. This allows us to improve the quality of service offered to customers,” explained Martison Obeng-Agyei (pictured, right), Managing Director of Afrimoney Sierra Leone (Africell).
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According to David Mansaray, CEO of Orange Money Sierra Leone (Orange), this project will make it easier for people to get loans and, in the end, make banking and business-to-business transactions more efficient.
BSL’s goal to boost cashless economy
The Bank of Sierra Leone’s (BSL) goal is to create a cashless economy by revolutionising the nation’s payment system.
The central bank has progressively introduced bank card interoperability and then point-of-sale interoperability after the national payment switch was introduced in April 2023. To enable Liberians to use payment cards issued in Sierra Leone abroad, the international gateway would be opened in the next phase.
Recall that the central bank of Sierra Leone reported that as of December 31, 2023, there were 8.2 million mobile money accounts in the country, with only 1.7 million of those accounts being active.
Additionally, the latter found 22.3 million bank accounts, but it did not specify how many individuals owned them. But according to the BSL, 29% of people over the age of 29 had an account with a financial institution or a mobile money service provider as early as 2022.