Sierra Leone’s transition toward a digital economy has taken a major leap forward with the rollout of the Salone Payment Switch a modern financial infrastructure that enables real-time transactions across banks, mobile money platforms, and fintech providers.
Launched in 2022 with support from the World Bank, the Switch is not only simplifying digital payments but also laying the foundation for the growth of online businesses and the informal economy.
Banking experts say the interoperability offered by the platform is a game-changer for the country’s financial ecosystem.
“It will expand the digital payments space, and for online businesses, it creates a more secure and seamless environment for transactions. This is a big step toward formalizing parts of our economy we haven’t been able to track before,” one expert noted.
The innovation is especially impactful for small-scale traders and informal business owners, allowing them to access formal financial services, track transactions, and build credit histories tools that were previously out of reach for many.
As more people gain access to digital financial services, Sierra Leone is moving toward a more inclusive, data-driven, and resilient economy.
“The more digital our transactions become, the better we can plan and grow as a country,” the expert added.