Sierra Leone’s Bank Governor, Dr. Ibrahim Steven, provided an update on the country’s new Instant Payment Service on Tuesday, 11 February 2025, at the weekly government press briefing.
He highlighted the evolution of the National Switch, starting with card interoperability and point-of-sale transactions, now advancing to instant payments. According to Dr. Steven, seven banks and two mobile network operators have already connected to the system, which enables direct transfers between banks and mobile networks.
“This system eliminates the need for writing cheques and waiting for clearance,” he explained, emphasizing its convenience. He noted that similar systems are in use across various countries, including Nigeria, adding that Sierra Leone has been operating the service on a limited scale for the past three months.
Encouraging citizens to register, he advised them to sign up through participating banks and mobile money operators using their national identification cards and phone numbers.
He further revealed that all banks and mobile money operators must be fully integrated into the system by April 1, 2025, adding that the Bank of Sierra Leone remains committed to resolving any challenges during the transition and urged financial institutions to complete their integration before the deadline.
