The Bank of Sierra Leone recently launched the National Payment Switch Service to simplify financial transactions in the country. This banking system integrates Sierra Leone Commercial Bank, Ecobank, United Bank of Africa, Rokel Commercial Bank, Union Trust Bank, and Guarantee Trust Bank, providing cardholders with quick and secure access to funds via Automated Teller Machines (ATM) and point-of-sale (POS) terminals.
Although the national payment switch project began in the early 2000s, it was hampered by government inefficiencies and never took off.
However, President Bio recently oversaw its successful launch, which was fully funded by the World Bank.
In keeping with the global trend towards digital transactions, the Bank of Sierra Leone is working closely with other commercial banks to deliver innovative digital money transfer methods. During the launch, President Bio emphasized the importance of technology in expediting millions of financial transactions within and across international borders through a single interface. He expressed gratitude to the World Bank and other partners for their continuous support towards his government’s goal.
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