During the 2024 Sierra Leone Innovation and Tech Summit, Dr. Ibrahim Stevens, the Governor of the Bank of Sierra Leone, outlined the bank’s commitment to advancing digital finance infrastructure to combat poverty and foster economic growth.

Speaking to a diverse audience of innovators, tech enthusiasts, and policymakers, Dr. Stevens highlighted the bank’s strategic role in enhancing the payment system architecture to facilitate seamless financial transactions across the country.

“Payment system architecture is run and managed by the Bank of Sierra Leone,” Dr. Stevens explained. “When you make payments over the counter, when you make payments through your cash or through your phone, all of these transactions run on systems that are situated and hosted and managed and run by the Bank of Sierra Leone. So we are investing huge resources in making sure that these systems are robust, are secure, so that you are able to operate in an economy seamlessly, but with a lot of work at the background to support these activities.”

The governor emphasized the significance of a secure and efficient digital payment infrastructure in creating an eco-system that supports small businesses. By facilitating easier access to credit and other financial services, the Bank of Sierra Leone aims to empower entrepreneurs and small enterprises, which are crucial for economic development and poverty alleviation in the country.

Dr. Stevens detailed several initiatives under the bank’s digital finance strategy, including upgrading existing systems and implementing cutting-edge technologies to ensure the security and efficiency of digital transactions. These efforts are part of a broader vision to integrate digital finance into everyday economic activities, thereby promoting financial inclusion and reducing the barriers that small businesses often face in accessing credit facilities.

The summit provided a platform for key stakeholders to discuss the future of digital finance in Sierra Leone and explore collaborative opportunities to drive innovation. Dr. Stevens’ address underscored the bank’s proactive approach in leveraging technology to build a resilient and inclusive financial ecosystem. By investing in robust digital infrastructure, the Bank of Sierra Leone aims to support sustainable economic growth and improve the livelihoods of its citizens.

The Sierra Leone Innovation and Tech Summit continues to be a pivotal event for fostering dialogue and partnerships that drive technological advancements and economic progress in the region.