Sierra Leone: President Bio launches new inter-banks cash payment system

FREETOWN — President Julius Maada Bio has launched Sierra Leone’s first banking payment national switch service, funded by the World Bank.

The new $12 million World Bank-funded national banking payments switch service would increase cash transfers among banks in the country, beginning with six banking institutions.

The integrated system allows ATMs and Ecobank, Guarantee Trust Bank, Rokel Commercial Bank, Sierra Leone Commercial Bank, Union Trust Bank, and United Bank of Africa cardholders to safely access their cash.

“Today, we are taking another major step forward in this era of the fourth industrial revolution.

“We are deploying and leveraging the power of technology to ease the rapid flow of millions of financial transactions within and across borders in seconds through a single interface. This new technology facilitates interconnection and interoperability among the channels of various players in the financial landscape. This would include commercial banks, microfinance institutions, mobile money operators, and financial technology firms (FinTech),” said President Bio.

The President also noted that, as a result of banks issuing more cards and other digital financial instruments including point-of-sale systems, ATMs, online commercial portals, and others, the new payment system is both affordable and may result in an increase in commercial activity.

The new system will allow people in rural areas, where there are no banking services, to have access to financial services through electronic card payments or other digital financial tools.

The World Bank Representative, Gayle Martin, who was present during the historic event said: “The official launch marked an important milestone in addressing the very short but detailed probability of the electronic payment system, and users experienced focus and customer advancement. Due to the effort of the government and Bank of Sierra Leone, the World Bank is calling on key financial institutions to take advantage of the services, while the World Bank is committed to financial inclusion in Sierra Leone.”

The country’s Acting Bank Governor, Dr Ibrahim Stevens, said
the new system will create access to new markets and increase efficiency, enhanced security and improved customer experience.

“The government is moving towards a digital society and the Bank of Sierra Leone is spearheading the migration, especially for the financial system to be technology driven. With the modern payment system, the problem of delayed transactions is addressed with rapid forms of transactions involving billions of local and international currencies,” he said.