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During the weekly press briefing by the Ministry of Information and Communication (MOIC), Dr. Ibrahim Stevens, the Governor of the Bank of Sierra Leone, revealed a significant development for citizens: the imminent launch of an instant payment system on the National Payment Switch (NPS).
Dr. Stevens announced that soon, citizens will enjoy the convenience of conducting transactions seamlessly across all mobile networks and banks. Anticipating an official announcement in four months, he emphasized the Bank’s vision to transition into the digital realm, aiming for financial inclusion and the realization of a cashless society.
The National Payment Switch (NPS), inaugurated by President Julius Maada Bio on May 3, 2023, at the Bank of Sierra Leone Staff Recreation Complex, Kingtom, Freetown, marks a transformative stride in the country’s financial landscape. This platform enables customers to make swift payments across various banks and financial institutions, eliminating the need for prolonged transaction processing times.
The NPS not only enhances the convenience of making payments but also establishes an additional layer of security for customers engaging with their financial institutions. By interconnecting diverse financial entities through a unified network infrastructure, the NPS facilitates online payments and money transfers with unprecedented speed.
As Sierra Leone advances towards a more digitally inclusive future, the Bank’s commitment to a cashless society takes a tangible step forward with the introduction of the instant payment system on the National Payment Switch. Citizens can look forward to a streamlined and secure financial experience in the months to come.
