By: Saidu Jalloh
In a major step toward modernizing the financial sector, Dr. Ibrahim Steven, Governor of the Bank of Sierra Leone, has unveiled plans for the official launch of the Instant Payment Service, which promises to streamline transactions across the country.
The announcement was made at a government press conference on Tuesday 11th February 2025, at the Miatta Conference Center.
The Instant Payment Service, set to launch on Thursday, February 13, 2025, will allow individuals to transfer money seamlessly between mobile money accounts and bank accounts. Dr. Steven highlighted that seven banks have already been integrated into the payment switch, marking a significant milestone in Sierra Leone’s financial evolution.
“This system will make business operations faster and more efficient, easing the burden of carrying large sums of cash,” Dr. Steven explained. He emphasised that the service is a culmination of years of effort, noting that while the initiative was first proposed in 2008, various challenges delayed its implementation until now. Thanks to President Julius Maada Bio’s prioritisation of the project in 2023, the instant payment system is now a reality.
The Bank Governor expressed confidence that the service would not only benefit businesses but also enhance the accessibility of financial services across the country. “By harmonising mobile money systems with bank infrastructures, we are making it easier for the informal sector to access banking services,” he said, adding that mobile money operators and banks will be able to reach more customers, further strengthening the nation’s financial ecosystem.
Moreover, Dr. Steven noted that government agencies, including the National Revenue Authority (NRA), would benefit from the Instant Payment Service, which will help reduce long queues in public offices. “This service will be particularly useful for the government in streamlining payments and improving public service delivery,” he stated.
Dr. Steven assured the public that the system is both secure and efficient, designed with robust protections to prevent fraud and hacking. “We have put in place a 24-hour monitoring system to ensure the integrity of the service,” he said, addressing concerns about potential security breaches. He further emphasised that the service would be cost-effective, with a pricing structure considerably lower than previous transaction fees.
With the launch of the Instant Payment Service, Sierra Leone is set to witness a transformative shift in its financial landscape, making transactions more accessible, efficient, and secure for all citizens.
