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The Bank of Sierra Leone has officially launched Salone Payment Switch, its Instant Payment Service, a groundbreaking initiative that will enable real-time money transfers between banks and mobile money platforms.
The launch was announced by the Bank Governor of the Sierra Leone Central Bank, Dr. Ibrahim Stevens, during a press conference at the Ministry of Information and Civic Engagement. The official launch, scheduled for Wednesday, February 13, 2024, will be conducted by Vice President Juldeh Jalloh.
Dr. Stevens explained that the Instant Payment Service will allow for immediate payments between banks and mobile operators, streamlining financial transactions for all Sierra Leoneans. He encouraged the public to register for the service to take full advantage of its benefits.
Minister of Information and Civic Education, Chernor Bah, hailed the Instant Payment Service as a “huge and massive development” for Sierra Leone. He emphasized the service’s ability to provide immediate transaction notifications and instant access to funds, eliminating the previous delays associated with traditional banking cash-out services.
A representative from the Sierra Leone Association of Commercial Banks, Velma Labor, highlighted the benefits for merchants, stating that the service will enable 24/7 business transactions without the limitations of bank operating hours or holidays. This is particularly beneficial for small-scale businesses, she noted.
David Mansaray, CEO of Orange Money, underscored the significance of the achievement, noting that few countries, especially those with similar economic profiles to Sierra Leone, have successfully implemented such a system. He emphasized the advanced nature of the service and its potential to transform financial transactions in the country.
Martinson Obeng-Agyei, CEO of Afrimoney, addressed the challenges faced by small-scale businesses in Sierra Leone, citing the cost of transaction fees and the often-intimidating process of depositing small amounts of cash in banks. He believes the Instant Payment Service will alleviate these burdens by providing a more efficient and accessible way to manage finances. He urged Sierra Leoneans to embrace the new system and recognize its potential to build a more robust financial ecosystem.
It’s a great step indeed
I was if we could a system were in if you’re out of the country to deposit your money in your account like way Nigerians do ,they do transfer money there account from where am staying right to Nigeria or else where through there nira account with ease . With that You don’t have to send your money someone else in sierra leone for deposit.