BSL Launches Instant Payment Service for Faster Transactions
The Bank of Sierra Leone (BSL) has introduced the Instant Payment Service under the National Payment Switch to enhance financial transaction efficiency in the country.
The service, which enables real-time money transfers between banks and mobile money platforms, will be officially launched on Thursday, February 13, 2025, by Vice President Dr. Mohamed Juldeh Jalloh.
According to Dr. Ibrahim Stevens, Governor of the Bank of Sierra Leone, the Instant Payment Service will allow customers to transfer money across different financial institutions within 10 seconds, including weekends and public holidays. Seven commercial banks—Sierra Leone Commercial Bank, Rokel Bank, Sky Bank, GTBank, Zenit Bank, Access Bank, and Commerce and Mortgage Bank—have joined the system, alongside mobile money operators Orange Money and Afrimoney.
Citizens can register for the service using their telephone number and national identification card through any participating bank or mobile money operator. Dr. Stevens stated that all financial institutions must integrate into the National Payment Switch by April 1, 2025. He assured that the Bank of Sierra Leone has implemented support measures to assist banks during the integration process and resolve challenges.
Velma Labor, representing the Association of Commercial Banks, highlighted the benefits of the service, emphasizing transaction speed, convenience, and security. Transactions will be protected using One-Time Password (OTP) authentication to prevent unauthorized access.
David Mansaray, CEO of Orange Money, described the initiative as a game-changer for Sierra Leone’s financial sector. He stated that it will boost financial inclusion and provide a credible financial transaction history for loan assessments.
Martinson Obeng-Agyei, CEO of Afrimoney, announced that Afrimoney would go live on the service on February 12, 2025, in collaboration with Orange Money. He noted that the system would empower small businesses by enabling more efficient transaction management.
