The Bank of Sierra Leone, in an effort to enhance financial inclusion and streamline digital transactions, has mandated all commercial banks and mobile money operators (MMOs) to onboard fully Know Your Customer (KYC) compliant accounts onto the Instant Payment Service (IPS) platform within 90 days. The directive was announced in a circular dated July 16, 2025.

The Bank’s circular, referencing Section 15(7) of the National Payment Systems Act 2022 and the National Switch Directives 2023, stipulates that the onboarding process must occur at no financial cost to customers. The requirement applies to all individual accounts and wallets that meet the full KYC criteria.

To ensure compliance, the Bank has set a 90-day deadline for all financial institutions to complete the onboarding of eligible accounts. Additionally, banks and MMOs are required to submit biweekly progress reports to the National Switch Department of the Bank of Sierra Leone.

The circular warns that failure to comply with these regulations may result in regulatory actions as outlined in the Other Financial Services Act 2001 and the Banking Act of 2019, among other applicable laws. Customers wishing to opt out of the service can do so by contacting their financial institutions, also at no cost.

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The initiative notably aims to facilitate real-time, seamless transactions across financial platforms, thereby supporting the overall efficiency and transparency of the sector.

The Bank of Sierra Leone has expressed its appreciation for the cooperation of all financial institutions in implementing this important initiative, which is expected to benefit the financial system and the people of Sierra Leone.

For further inquiries or technical assistance, institutions are encouraged to contact the National Switch Department at the Bank of Sierra Leone.