By George M.O. Williams
The Bank of Sierra Leone (BSL) has mandated all licensed financial institutions operating in Sierra Leone to become and remain participants in the National Switch, as stipulated under Section 5 of the National Payment Switch Directives, 2023.
The directive was issued in a public notice on Tuesday, December 17, 2024.
According to the notice, payment service providers will be required to process all domestic transactions — including Automated Teller Machines (ATMs), Point of Sale (POS), internet, mobile, and other payment services — through the National Switch. This aligns with Section 9(4) of the National Switch Directives, 2023.
Building on the successful pilot of the “Salone Pement Swich” (SaPS) Instant Payment Service (IPS), BSL announced further measures effective April 1, 2025. These measures include:
“All Commercial BankS and Mobile Money Operators in Sierra Leone shall process all domestic instant payment, Card, and Point of Sales (POS) transactions through the ‘Salone Pement Swic (SaPS)’ only; Commercial Banks shall be required to direct ALL domestic card transactions with other banks through the ‘Salone Pement Swich (SaPS)’ card switch only; all Commercial Banks as well as Mobile Money Operators shall be required to direct ALL domestic instant payments with any other Fintech
Organisation through the ‘Salone Pement Swich’ (SaPS) Instant Payment Service (IPS) only.”
The BSL emphasized that compliance is compulsory under Section 37 of the National Payment Systems Act, 2022. Non-compliance will attract financial and other penalties as prescribed under the Act.
The ‘Salone Pement Swich (SaPS)’, launched in May 2023, has been pivotal in enabling seamless card and POS transactions. These latest directives aim to enhance Sierra Leone’s payment ecosystem, fostering efficiency and integration across financial institutions.