The Deputy Finance Minister in the Ministry of Finance, Mr Sheku Fantamadi Bangura has on Thursday, February 17, 2022 introduced the Bill entitled “The National Payment System Act, 2021”, in the chamber of Parliament.
The bill seeks to regulate the national payment system and to provide other related matters.
Presenting the Bill, the deputy minister said the bill aims at repealing and replacing the National Payment System Act 2009, adding that the bill’s legal framework relating to the payment systems contain in various legislations. He said the current law on the payment system contains several flaws. He noted that the Bank of Sierra Leone does not have the power to license payment vendors’ systems before they entered the market.
He also said the proposed bill seeks to remedy all flaws contained under the current law and covers every aspect of the National Payment System.
After the minister has fulfilled the second reading of the bill, the Acting Leader of Government Business Hon. Bashiru Silikie moved that debates on the bill be suspended for a later date. His motion was seconded by Hon. Dr. Mack- Mamoud Kalokoh
By Sallieu S Kanu