By George M.O. Williams
The Acting Bank Governor of the Bank of Sierra Leone (BSL), Dr. Ibrahim Steven has said that the bank is working expeditously to ensure that the instant payment service start operation in July, the system will allow account holders to make instant payment while in marketplaces, commercial vehicles among other accessibility.
He made this statement while addressing participants after a float parade held on Saturday, May 19, 2023, to sensitize the public on the National Payment Switch and the need for financial inclusion.
Participants who were in their white inscripted t-shirt converged at Aberdeen Road in the Westend and Cline Town in the Eastend, respectively, and match using different routes to the Bank of Sierra Leone, Sam Bangura Building on Gloucester Street.
This national payment system enhances inter-operationality and will improve access to financial services, thus making it easier for people to conduct transactions across different banks, without the need for multiple cards or accounts.
It will also reduce the reliance on cash transactions, making payments more secure and convenient for customers.
Presently, customers with cards issued by six commercial banks, including Ecobank, Guaranty Trust Bank, Rokel Commercial Bank, Sierra Leone Commercial Bank, Union Trust Bank, and United Bank for Africa, can use those cards on the Automated Teller Machine (ATM) of any of the other banks listed.
Dr. Stevens added that the float parade was just the start of series of public engagement to popularize the national switch, noting that the switch is a major transformation and game changer in the financial services sector in Sierra Leone.
He said that presently, there is only six banks that are currently operating under the system, adding that within two weeks it is expected the number will increase.