The Bank Governor, Dr. Ibrahim Stevens, has announced that seven commercial banks in Sierra Leone are now connected to the Instant Payment Service. These banks include Sierra Leone Commercial Bank, Rokel Commercial Bank, Access Bank, Guaranty Trust Bank, Commercial and Mortgage Bank, Sky Bank, and Zenith Bank. Additionally, several mobile money companies have also joined the service.
Dr. Stevens explained that the Instant Payment Service allows for payments to be made instantly between banks or mobile operators. He emphasized that many countries in the region already have similar systems in place, and after three months of preparation, Sierra Leone’s system is now in a restricted testing phase.
He further noted that the banks have already integrated their systems, while mobile companies are in the process of doing the same. This collaboration will enable banks to offer innovative financial services. The system, Dr. Stevens added, will operate 24 hours a day, with significant investments made to ensure it is secure, fast, convenient, and cost-effective.
The Bank Governor also mentioned that discussions are ongoing with mobile companies and banks to agree on a pricing structure, which he assured would be more affordable than previous systems.
“This system is incredibly useful and vital,” he said, highlighting that it will eliminate the need for people to carry large amounts of cash, making transactions safer and more efficient.
Velma Labor, representing the banks, affirmed the Governor’s statements and promised that by the end of March 2025, the Instant Payment Service would be fully operational.
“This service allows banks to operate 24/7, facilitating continuous business transactions,” Velma added.
David Mansaray, Chief Executive Officer of Orange Money, described the launch as “the biggest and most impactful activity” about to be rolled out in the country.
Martinson Obeng-Ageyi, CEO of Afrimoney, emphasized the significance of this development, noting that for the first time, banks have acknowledged that mobile money services and traditional banking are not in competition but can complement each other.
This new system promises to revolutionize the way financial transactions are conducted in Sierra Leone, ensuring greater convenience, security, and accessibility for all users.
