By George M.O. Williams
In a bid to enhance financial inclusion and ease financial access, the Bank of Sierra Leone (BSL) will on Saturday, April 29, 2023, launch the National Payment Switch at the Bank Complex in Freetown.
This disclosure was made during a press conference on Wednesday, April 19, 2023, at the Bank auditorium, Sam Bangura Building in Freetown.
The establishment of the National Payment Switch is part of the World Bank US$ 12 million support programme to undertake different financial transformation programme.
The switch, which will be owned and managed by the Bank of Sierra Leone, is a platform that facilitates interconnection and interoperability between payment channels of various players in the financial landscape.
The System will comprise commercial banks, microfinance institutions, mobile money operators and a host of Fintechs. All debit and credit cards, currently being used would be used on the National Payment Switch.
In his statement, the Acting Bank Governor, Dr. Ibrahim Stevens said that once the switch is launched it will ensure direct transactions between accounts of different banks; between wallets of different mobile money operators; transactions between wallets of different mobile money operators and bank accounts; and Settlement of funds for transactions across schemes, between schemes and banks.
He added that the Switch makes provision for buyers (users) and sellers of financial products and services to make transactions across access channels such as Automatic Teller Machines (ATM), Points of Sale (POS), among other systems.
“The Switch will route all transactions irrespective of the cards used to a central national payment switch for settlement at the bank of Sierra Leone,” Dr. Stevens said.
He explained that after the launching the switch will be operationalized in three phases, namely interoperability of ATMS and POSS, instant payment, this phase will interoperate Mobile Money Operators (MNOS), other fintech and bank accounts such that customers can make instant payments and international payment using the national card.
Dr. Stevens assured citizens that the system is going to be sustainable and financially viable, adding that once the system is strengthened, they will divest the system to the private sector for operation.
The Managing Director of Premier Media Group, Dr. Julius Spencer said that sensitization on the National Payment Switch will be done within six months, using different medium of communication.