The Bank of Sierra Leone has launched an Instant Payment Service under the National Switch. This new initiative marks a significant advancement in the country’s financial sector aims at enhancing banking efficiency and the promotion of cashless transactions in the country.

Dr. Ibrahim Steven, Governor of the Bank of Sierra Leone made the announcement in Freetown and highlighted the phased implementation of the National Switch, which began with card interoperability, followed by point-of-sale transactions, and the introduction of the instant payment service. The new system enables real-time transactions between banks and mobile money operators, eliminating the need for cheques and long processing times. 'This service will make transactions faster and more convenient for customers,' Dr. Steven assured.

Currently, no less than seven banks and two mobile network operators have integrated into the system, with full participation expected by April 1, 2025. Dr. Steven urged citizens to register for the service using their national identification cards and. phone numbers through participating banks and mobile money operators.

Sierra Leone’s adoption of instant payments aligns with global financial trends, following in the footsteps of countries like Nigeria. The Bank of Sierra Leone remains committed to addressing any technical challenges that banks may face and ensuring a smooth transition.

With this system in place, the country is poised for greater financial inclusion and digital transformation, reinforcing its commitment to a modern, efficient payment infrastructure.