The country is steadily moving toward a cashless economy. In recent months, authorities have approved the interoperability of bank cards, followed by that of point-of-sale terminals.

Sierra Leone launched its instant payment service on Thursday, enabling real-time transfers between mobile operators, banks, and mobile money and bank accounts. Currently, seven banks and two mobile money service providers are connected to the system, with full integration deadline set for April 1st for all players. 

"Today I have a system that is connected to the banks directly, with interoperability, I am going to shut that system down, that is one more cost removed. When our cost of business is reduced that means we can be able to translate it and give the customer a better service," explained Martison Obeng-Agyei, Managing Director of Afrimoney Sierra Leone (Africell).

David Mansaray, CEO of Orange Money Sierra Leone (Orange), believes the initiative will facilitate access to loans and, in the long run, streamline banking operations and business transactions.

This initiative aligns with the Bank of Sierra Leone’s (BSL) vision to modernize the country’s payment system and build a cashless economy. Following the launch of the national payment switch in April 2023, the central bank successively implemented interoperability for bank cards and then for point-of-sale terminals. The next phase will focus on opening an international payment gateway, allowing Sierra Leonean-issued payment cards to be used abroad.

As of December 31, 2023, Sierra Leone had 8.2 million mobile money accounts, including 1.7 million active accounts, according to central bank data. The country also recorded 22.3 million bank accounts, although the number of individuals holding these accounts was not specified. In 2022, the BSL estimated that 29% of the adult population had an account with a financial institution or a mobile money service provider.

By Isaac K. Kassouwi,

Editing by Sèna D. B. de Sodji