By: Saidu Jalloh
In a strategic move to enhance digital financial integration, the Bank of Sierra Leone has issued a directive requiring all commercial banks and mobile money operators to onboard fully Know Your Customer (KYC)-compliant accounts and wallets onto the national Instant Payment Service (IPS) platform.
The circular, dated 16th July 2025, is part of the Central Bank’s broader efforts to strengthen financial inclusion, improve real-time transaction capabilities, and enforce regulatory compliance within Sierra Leone’s financial ecosystem. The order is backed by the National Payment Systems Act of 2022 and the National Switch Directives of 2023, following the successful launch of the IPS platform.
According to the Bank, the on-boarding will be carried out at no financial cost to customers, focusing solely on individual accounts and mobile wallets that are fully KYC-compliant. All financial institutions have been given a 90-day deadline from the date of the circular to complete the on-boarding process.
To ensure compliance, all affected institutions must submit bi-weekly progress reports to the Bank of Sierra Leone’s National Switch Department. The directive warns that failure to meet the stipulated deadlines may lead to regulatory penalties under the Other Financial Services Act of 2001 and the Banking Act of 2019.
The Bank has also clarified that customers who do not wish to participate in the on-boarding process can choose to opt out through their respective financial institutions without incurring any charges.
This initiative is expected to significantly advance the Bank’s goal of nationwide financial inclusion, facilitate seamless real-time transactions between banks and mobile money platforms, and enhance the transparency and operational efficiency of Sierra Leone’s financial system.
The Bank of Sierra Leone expressed appreciation for the continued cooperation of financial service providers and underscored that the success of this initiative will yield direct benefits for both the financial sector and the broader population.
For technical assistance or further clarification, institutions are advised to contact the National Switch Department of the Bank of Sierra Leone.