Mobile money companies have praised the Central Bank’s initiative to launch an instant payment system. The system is part of the national switch system, which allows automatic transaction from devices like mobile phone or computer direct into bank accounts and vise verca.
Bank Governor, Dr Ibrahim Stevens, said they have been working on the initiative since 2008, but only got the necessary backing in 2023 to develop the system.
“A system that will allow you to send money instantly from one mobile operator to another operator. It will also allow transactions from your mobile operator directly to your bank account,”
Mobile money services like Orange Money and Afrimoney have praised the system and say business will be better with it.
Chief Executive Officer of Afrimoney, Martison Obeng-Agyei, said the new instant payment system is good for the financial sector and will now increase the speed and efficiency in doing business.
“Today I have a system that is connected to the banks directly, with interoperability, I am going to shut that system down, that is one more cost removed,” he said, noting the impact this will have on their service to customers.
“When our cost of business is reduced that means we can be able to translate it and give the customer a better service,”
CEO of Orange Money, David Mansaray, remarked that currently a lot of people cannot access loans because they don’t have any credit history. He said that in the long run, banking and transaction between companies and businesses will be made easier.
“Not many small economies in Africa have adopted the switch system, so if Sierra Leone is adopting it, it is a big deal. We must be proud of what we are trying to achieve here,” Mansaray said.
The Bank Governor announced that there will be a formal launch of the service, and already seven banks have been enrolled in the system, including the two leading mobile money companies. He said the goal is to enroll all the financial institutions to the national switch by the end of March.