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Bank of Sierra Leone Announces Plans for Instant Payment System Implementation

The Governor of the Bank of Sierra Leone, Dr. Ibrahim Stevens, has formally announced the intended launch of an instantaneous payment system on the national switch. This initiative aims to revolutionize the financial landscape of the nation by facilitating seamless transactions across all mobile networks and banks. 

Much belabored in recent times, the switch was confirmed at the Government’s weekly conference on Tuesday 20th February, 2024. 

The introduction of this system will foster greater financial inclusion and advance the country's transition toward a cashless society. Dr. Stevens assured citizens that further details regarding the implementation of this system would be disclosed within the forthcoming four months.

Moreover, the Bank of Sierra Leone is actively involved in the recovery and exchange of old Leones for the new currency. Dr. Stevens disclosed that over 85% of the old Leones have been recovered, and the Bank remains committed to collecting the remaining balance by the end of March. After the designated deadline, the old Leones will only be exchangeable for the new currency at specific locations, ensuring a smooth transition to the new monetary system.

Dr. Stevens also addressed the stabilization of the exchange rate, emphasizing its unwavering stability for a period exceeding nine months. He assured the public that the Bank is diligently managing the exchange rate to maintain economic stability. Furthermore, he highlighted the country's prompt repayment of foreign debts and the encouragement of local businesses, particularly those involved in tourism, to operate in foreign currency for local transactions, thereby bolstering the country's foreign currency reserves.

The proactive approach of the Bank of Sierra Leone reflects its unwavering dedication to digital transformation, financial stability, and the overall economic well-being of Sierra Leone.


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