The Bank of Sierra Leone has suspended all wallet-to-bank and bank-to-wallet transactions in Sierra Leone. Many people received a rude shock when they tried to use the service over the weekend.
“Please note that Orange Money’s Bank-to-Wallet service has been terminated in compliance with the Bank of Sierra Leone’s directive. To continue fast and secure transfers…” – this was the message that people received when they attempted to utilize the service.
When contacted about the issue, the Public Relations officer of Orange Mobile company, Alfie Barrie, responded, ‘The stopping of the bank to Wallet service was a result of the explicit directive from the Bank of Sierra Leone (BSL), principally due to the introduction of the national payment switch.
EyeWitnessNews attempted to contact Beresford Taylor, the bank’s assistant Director of Communications, but did not receive a response by the time this report was published.
Many were surprised when the Bank of Sierra Leone decided to halt the service. The Bank did not publish any announcements of its decision on its bsl.gov.sl/Media.html website.
Many people who do not wish to visit the bank or require access to cash after official banking hours have found this service very useful. Some utilize the service when traveling overseas to access cash from their accounts or to deposit money into their accounts.
The payment switch aims to facilitate seamless and real-time payments. If functioning properly, individuals can transfer money from one mobile wallet company to another instantly, the same for bank transactions.
The wallet-to-bank and bank-to-wallet services have promoted financial inclusion for many people. According to the 2021 Global Findex report, Sierra Leone has a bank account ownership rate of only 29%, compared to the global rate of 76% and the Sub-Saharan African rate of 71%.
