By Amadu Ibrahim Mansaray
Port Loko, SIERRA LEONE – The Bank of Sierra Leone (BSL) has set its sights on significantly expanding financial inclusion across the country, with an ambitious goal of getting over 40% of Sierra Leoneans onto its Instant Payment Switch platform by 2028. Governor Ibrahim Stevens announced this vision during the official launch of the Instant Payment Switch in Port Loko, marking a critical step in the nation’s journey toward a more digitally connected financial ecosystem.
Speaking at a vibrant float parade that drew an array of local dignitaries, including Regent Chief of Bake Lokoh Chiefdom, Mr. Saidu F.K. Kanu, paramount chiefs from across Port Loko District, and Resident Minister Ambassador Umar Bonn Wurie, Governor Stevens highlighted the revolutionary potential of the new platform. “The Instant Payment Switch marks a major milestone in our quest for financial inclusion and modernized banking,” he said. “It enables real-time money transfers between banks and mobile wallets, removing the delays and frustrations of cash-based transactions.”
Since launching the Card Switching and Point of Sale Switching system in May 2023, BSL has been laying the groundwork for the Instant Payment Switch. After months of rigorous testing, the platform is now ready to facilitate seamless transactions between mobile money operators like Orange Money and Africell Money, a capability that was previously difficult to achieve.
Governor Stevens described the system as “secure, fast, convenient, and cost-effective,” emphasizing the ease with which individuals and businesses can now send and receive money without the need for physical cash or cumbersome checks. He urged Sierra Leoneans to embrace the platform by registering with a national ID number, mobile number, and, where possible, a bank account. “Financial inclusion is a human right,” Gov. Stevens declared, stressing the importance of integrating more citizens into the digital economy.
The Bank of Sierra Leone’s long-term plan doesn’t stop there. Gov. Stevens revealed that the next big initiative is the introduction of an International Payment Gateway, which will allow mobile money users to make cross-border transactions seamlessly. “Very soon, businesspeople traveling to Guinea or Liberia will no longer have to carry large sums of cash,” he said. “They’ll be able to make secure payments directly from their phones.”
At present, around 28-29% of Sierra Leone’s population of 7 million uses the Instant Payment Switch, but with continued investment, public awareness campaigns, and stakeholder collaboration, the Bank of Sierra Leone aims to surpass the 40% mark by 2028.
The event concluded with praise for the financial institutions that participated in the launch, even those without branches in Port Loko, demonstrating their commitment to the success of this national initiative. This launch represents more than just a technical upgrade—it’s a step toward a more inclusive, efficient, and prosperous financial future for Sierra Leone. AIM/7/2/2025
