at a landmark event held at the Radisson Blu Hotel in Freetown, Sierra Leone’s Vice President, Dr Mohamed Juldeh Jalloh, officially launched the Instant Payment Switch (IPS), a revolutionary financial service aimed at modernizing the financial landscape across West Africa. The launch took place during the Convergence Council of Ministers of Finance and Central Bank Governors' dinner, marking a significant step toward regional economic integration and financial inclusion.
In his keynote address, Vice President Jalloh highlighted the IPS's transformative potential, emphasising its role in empowering rural economies, reducing transaction costs, and fostering transparency in financial transactions. “Today, we are celebrating an innovation that will not only change how we conduct financial transactions but will also support economic growth and integrate our region into the global financial network,” he stated. He expressed confidence that the system would expand financial services and improve access, particularly for underserved communities.
The launch of the IPS coincides with Sierra Leone’s recent economic advancements, including a dramatic reduction in inflation from 54% to 13.78% within just over a year.
Finance Minister Highlights Economic Integration
Minister of Finance Sheku Ahmed Fantamadi Bangura described the introduction of the IPS as a landmark achievement in regional economic integration. Reflecting on a decade of financial reforms, he underscored the critical role of the IPS in streamlining cross-border financial transactions, enhancing trade, and fostering inclusive economic growth.
He called on central banks, financial institutions, and policymakers to maintain their commitment to economic integration, recognising that collective efforts are essential in creating a stable and inclusive financial environment.
Bank Governor Applauds Financial Modernization
Bank of Sierra Leone Governor Dr. Ibrahim Stevens hailed the launch of the IPS National Switch as a pivotal moment in financial modernisation. He emphasised the service's importance in promoting financial inclusion, transparency, and efficiency, which are crucial for advancing regional economic cooperation.
While acknowledging ongoing challenges such as inflation and political pressures, Dr Stevens emphasised the role of digital transformation in mitigating these issues. He noted that the Bank of Sierra Leone has taken significant steps to stabilise the exchange rate and implement digital banking initiatives, contributing to more substantial financial accessibility. Looking ahead, he stressed the need for continued collaboration to build a resilient and inclusive financial ecosystem that supports sustainable economic growth across West Africa.
World Bank Commends Sierra Leone’s Progress
World Bank Country Manager Abdu Muwonge congratulated Sierra Leone on this milestone, comparing the IPS to successful digital payment systems in Kenya, Brazil, and Vietnam. He highlighted how similar infrastructures have played a vital role in formalising informal economies. He stressed the importance of continued collaboration, particularly with mobile telecom operators, to ensure the success of the IPS.
With the launch of the IPS, Sierra Leone is positioning itself as a leader in financial innovation in West Africa, facilitating faster transactions and deeper economic cooperation within the region. As the system enters its initial phase, stakeholders remain optimistic that this initiative will create a more resilient and inclusive financial ecosystem, benefiting businesses and individuals alike.
Aminata Turay
Office of the Vice President
099776914
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