Dr. Ibrahim Stevens, Governor of the Bank of Sierra Leone, has announced the launch of the Instant Payment Service as part of the National Payment Switch initiative during the weekly Government Press Briefing at the Miata Conference Hall, Youyi Building Freetown.
This new service will facilitate instant money transfers between banks and mobile money platforms, significantly improving the speed and efficiency of financial transactions across the country.
The Instant Payment Service was officially launched by the Honourable Vice President, Dr. Mohamed Juldeh Jalloh, on Thursday, 13th February 2025. Currently, seven banks—Sierra Leone Commercial Bank, Rokel Bank, Sky Bank, GTBank, Zenith Bank, Access Bank, and Commerce and Mortgage Bank—have connected to the service. Additionally, the two major mobile money operators, Orange Money and Afrimoney, are also onboard.
Citizens are encouraged to register for the service through participating banks or mobile money operators, using their telephone number and national identification card. To ensure full adoption, the Bank of Sierra Leone has set a deadline of 1st April 2025 for all banks and mobile money operators to integrate with the National Payment Switch.
Dr. Stevens reassured the public that necessary support mechanisms are in place to assist banks during the integration process, ensuring a seamless transition to the new system.