The Governor of Bank of Sierra Leone Dr. Ibrahim Stevens has said in Freetown that the Bank has collected over eighty five percent (85%) of the old Leones from the general public.
He said people still have the chance to take their old Leones to any Commercial Bank for exchange until March 31st 2024. He pointed out that currency reform should be a smooth process which he said the Bank is vigorously working on.
Dr. Stevens commended the general public for effectively participating in the transition of the country’s currency.
“After March 31st the Bank will be working with Apex Bank countrywide to exchange the old notes without and charge,” he noted.
He disclosed that very soon the Bank will introduce the instant payment system on the national switch making money transaction through E-money in Sierra Leone.
Dr. Stevens announced that soon, citizens will enjoy the convenience of conducting transactions seamlessly across all mobile networks and banks. Anticipating an official announcement in four months, he emphasized the Bank’s vision to transition into the digital realm, aiming for financial inclusion and the realization of a cashless society.
The National Payment Switch (NPS), was launched by President Julius Maada Bio on May 3rd 2023, at the Bank Complex, Kingtom. He said it marks a transformative stride in the country’s financial landscape. This platform enables customers to make swift payments across various banks and financial institutions, removing the need for prolonged transaction processing time.
The Switch will not only enhance the convenience of making payments but also establishes an additional layer of security for customers engaging with their financial institutions. By interconnecting diverse financial entities through a unified network infrastructure, the NPS facilitates online payments and money transfers with unprecedented speed.
As Sierra Leone advances towards a more digitally inclusive future, the Bank’s commitment to a cashless society takes a tangible step forward with the introduction of the instant payment system on the National Payment Switch.