The Bank of Sierra Leone has activated the national payment switch, an electronic payment platform that allows individuals and businesses to quickly and securely transact among banks of Sierra Leone. The switch was activated on the 29th April 2023.
The system which acts as an integrated one, allows the use of Automated Teller Machine cards among the different banks already linked, such as Ecobank, Guarantee Trust Bank, Rokel Commercial Bank, Sierra Leone Commercial bank, Union Trust Bank and United Bank of Africa.
This payment switch is significant for the country as it provides a modern and efficient payment tool that will help facilitate enhanced economic activity and promote financial inclusion.
This electronic payment system is built on the latest technologies and is designed to comply with the highest security standards.
The implementation of the national payment switch is part of the Bank of Sierra Leone's commitment to promoting a cashless economy in the country. By reducing the reliance on cash, the bank hopes to minimize cash shortages, ease transactions and foster more trust in banking services, which will promote economic activity and financial stability.
BSL seeks to provide a foundation for the development of innovative financial services and products that will help drive economic growth, encourage investments, and improve the livelihoods of the people.
The national payment switch will be officially launched on Wednesday 3rd May, 2023 at the Bank’s complex.