In May 2023, ahead of the general elections of that year, President Julius Maada Bio launched the National Payment Switch at the inauspicious Bank of Sierra Leone Complex at Kingtom. Many at the time thought it was just an ordinary campaign strategy, since the President was facing a reelection just a month ahead.
True to his words and devoid of the usual campaign deceits that are common in Africa, the Bank of Sierra Leone has begun implementing the National Payment Switch. The implementation rollout details were explained at the usual government press conference on Tuesday February 11th 2025, held at the Miatta Conference Center.
The Governor of the Bank of Sierra Leone, Dr. Steven, explained in granular details how the Switch operates and how many financial institutions have already connected to the system.
A “national switch” refers to the launch of a centralized payment system that allows for seamless transactions between different banks and financial institutions within a country, enabling users to access services like ATM withdrawals or fund transfers, regardless of their bank, essentially creating a unified payment network across the nation; this is often facilitated by a dedicated platform operated by a central authority like a central bank.
The Governor disclosed that the official rollout and start of implementation will be launched on Thursday February 13, 2025, by the Vice President of the Republic of Sierra Leone, Dr. Mohamed Juldeh Jalloh. Since the launch by His Excellency the President Dr. Julius Maada Bio in May 2023, lots of work have been going on behind the scenes to get the system up and running. Thursday was the official implementation of the National Payment Switch, bringing into fruition the President’s vision of easing financial transactions in the country through digital operations.
It’s a milestone achievement for a small economy like Sierra Leone. Beyond the implementation of the switch, it is a testament to President Bio’s promise of digitizing the country, and its people catching up with the demands of the 21st century.