By George M.O. Williams
Bo and Kenema, Sierra Leone – On January 24, 2025, the Bank of Sierra Leone (BSL) held a float parade to popularize the National Switch SAPS Instant Payment System in Bo and Kenema cities, simultaneously. This initiative is part of the Bank’s financial inclusion project, aimed at educating the public about the seamless transfer of funds across all payment platforms.
The parade featured participating banks and Mobile Money Operators (MMOs) from both Bo and Kenema, showcasing the wide array of institutions supporting the SAPS system. As part of the National Switch initiative, SAPS aims to make instant payments accessible to all, enabling users to transfer funds quickly and efficiently between different banks and payment platforms.
Among the distinguished attendees were the Governor of the Bank of Sierra Leone and several members of the Bank’s board. Their presence highlighted the importance of the SAPS Instant Payment phase, which is set to revolutionize the financial landscape of Sierra Leone by simplifying financial transactions and improving access to digital payment solutions across the country.
The instant payment system, central to the National Switch initiative, will allow Sierra Leoneans to transfer money seamlessly between various platforms—whether between different banks or across different Mobile Money Operators. This will foster greater financial inclusion and provide the public with greater control and flexibility over their money, contributing to the nation’s economic development.
Speaking after the float parade in Kenema, the Bank Governor, Dr. Ibrahim Stevens, emphasized that the Instant Payment service will allow inter-operability among banking institutions, enabling transactions to be done instantly from and to any other banks or mobile money platforms. He added that the Instant Payment will bring efficiency to transactions, reduce unnecessary handling of physical cash, and allow banks to go beyond basic account-to-account transactions.
Dr. Stevens also highlighted that the payment service would improve the business environment due to its efficiency, leading to business growth and development.
“After the launching of the Instant Payment, the international gateway will be opened that will enable individuals to make payments to international banking platforms,” he said. He advised the public to get a National Identification Number (NIN) and a registered telephone number to participate in the Instant Payment platform.
Dr. Stevens encouraged commercial banks to provide their customers with QR Codes.
The Representative of Mobile Money Operators, Saffa Tengbeh, encouraged mobile money operators to embrace the financial inclusion strategy of the Central Bank for a more digital and inclusive banking system.
Public Engagement and Awareness
The float parade served not only as an entertaining spectacle but also as a platform to engage the public, educate them about the benefits of instant payments, and promote the wider adoption of the SAPS system. As Sierra Leone continues to embrace digital payment solutions, the Bank of Sierra Leone’s efforts in raising awareness are an important step towards building a more inclusive and modern financial system.
Future Impact
The SAPS Instant Payment system is a crucial element of Sierra Leone’s efforts to modernize its financial infrastructure, and events like the float parade are helping to accelerate its adoption nationwide.