By George M.O. Williams
Freetown, January 15, 2025—The Governor of the Bank of Sierra Leone (BSL), Dr Ibrahim Stevens has called on commercial banks and mobile money operators to engage in sensitization and effective marketing of the Instant Payment system.
This call was made during a float parade at the Central Bank Frontage on Siaka Stevens Street in Freetown.
The Instant Payment system, a component of the National Payment Switch and part of the Bank’s financial inclusion project, allows the transfer of funds between all payment platforms. This includes transactions from Mobile Wallet to Mobile Wallet, Mobile Wallet to Bank Account, Bank Account to Bank Account, and Bank Account to Mobile Wallet.
The float parade was organized to inform the public about the importance and efficiency of the Instant Payment system. Similar events will be held in Bo, Kenema, Portloko, and Makeni before the official launch of the Instant Payment system on February 13, 2025.
The Governor emphasized that the Instant Payment system is a part of the Bank’s transformative efforts to digitalize and promote inclusive banking in Sierra Leone. He noted that with the support of all commercial banks, this vision could be achieved.
Ade Adebiyi, a representative of the Sierra Association of Commercial Banks, remarked that the implementation of the Instant Payment system would be historic. He explained that the system would enable commercial banks to attract more customers as part of the BSL’s financial inclusion drive. Adebiyi added that the Instant Payment system would be efficient, easy to use, secure, and cost-effective for transactions.
Mamadu Karna Barrie, a representative of Mobile Money Operators, stated that the Instant Payment system would facilitate seamless money transfers, attracting more customers to their platform.