Thelia Production in collaboration with the Ministries of Trade and Finance, and the Bank of Sierra Leone has on Thursday March 18th, 2021 ended a one day digital economy conference in exploring and enhancing alternative payment system in Sierra Leone at Sierra Light House Aberdeen Freetown.
The conference, which attracted representatives of civil society organisations, banks and the media, was aimed at changing the narrative of using paper or liquid cash to that of digitalized way of using money across all sectors which will help in the informal sector by creating more jobs for Sierra Leoneans.
The Chief Executive Officer of Thelia Production, Daniel Moore alluded to last December’s Cash crunch, adding that and it exemplified the fact that it is high time Sierra Leone started the need to embark on digital cash transaction.
He added that with all that had been said during the training, it is left with the will of the Government to open up the platform for banks to create digital payment platforms which will save government lots of money from printing less cash.
He stated that it will hasten faster transactions, and faster and better financial audits, better financial records keeping for the nation, and greater financial inclusion and Penetration in the Country.
“We want to look at the nation’s readiness and development of other payment platforms (apart from cash) so as to avoid heavy dependence on cash for payments in transactions,” CEO stated.
Representing the Finance Minister Mr. Jacob Jusu Saffa, the Deputy Director, Public Desk Management Division, Ministry of Finance, Santigie Charles Conteh, said Africa is now awaking to the importance of alternative payment system to promote financial inclusion and financial sector development. “Cash based economies are gradually accommodating mobile point of sale, mobile money operators, internet banking and commerce, and other financial technologies commonly referred to as Fintech to promote financial settlement,” he said.
He furthered that Financial technology and alternative payments system are now a crucial necessity for economies to integrate with the global economy and match the pace of innovation and development in the financial sector and payment industry.
The Conteh went on to assure every Sierra Leonean that “we shall not be left behind in diversifying its financial settlement platform,” emphasizing that that was the very reason why that conference was timely and welcoming by Government and particularly the Ministry of Finance whose responsibility is to introduce and promote financial sector development policies.
He further stated that President Dr Julius Maada Bio has committed to support the development of the financial and banking sector in all its shape and form, and to provide the required support through Government led investment in the sector to create the enabling environment for the digital economy to thrive. “The digital economy is a game changer if well tapped into,” he concluded.
He added that the beauty of the payment platform is the synchronization it provides with all other sectors to achieve their goals, and added that it would support payment to and from farmers in the Agriculture sector.
He concluded that very soon Government will address the situation that deals with NATCOM distributing the USSD code to banks, noting as of now the mobile companies are the only one using the Unstructured Supplementary Service Data (USSD), which will help to regulating it work efficiently.
Kezia Salakole, the Head of Rokel Sim Kopor, a digital means cash payment, opined that digitalizing the economy will help Sierra Leone as a nation especially in the 21st century when everything is being modernized. She said that it will usher in total inclusion and create new jobs in the field of Banking and Finance.
In her statements Att Massa Mayson Dennis, Head of Afrimoney, said that mobile company is changing banking slowly globally. She added that over four million people in Sierra Leone access Africell, saying that this is a signal that mobile is moving to another level and called for coordination between the private and public sectors.
By Desmond Tunde Coker
23/03/2021. ISSUE NO: 8026