The Acting Bank Governor, Ibrahim Stevens has announced that Sierra Leone’s Central Bank will start using a National Payment Switch (NPS) system.
The new system is geared towards assisting banks bridge gaps by building inter-connectivity and also allow digital vendors to transfer cash.
The Central Bank announced that the first phase will introduce automated teller machines (ATM) and point-of-sale (POS) terminals.
Bank of Sierra Leone said that the new system will be introduced in six commercial banks including Sierra Leone Commercial Bank and Rokel Commercial Bank.
The Bank said that the new system will be introduced in just under 10 days.
The new system is set to allow customers from the six banks to use the new ATMs and POSs through their credit and or debit cards.
With regards fees, the Deputy Bank Governor II, Sheikh Alhaji Yayah Sesay said that fees will be shared to partners. He said the Central Bank is careful to operate the new system on a level playing field.
The Central Bank noted that the Switch will allow accounts to be settled in a centralised manner while keeping records digitally.