Sierra Leone is rapidly expanding its digital payment infrastructure as transaction volumes surge and authorities push toward a more seamless, cash-lite economy, the country’s central bank has said.
Officials at the Bank of Sierra Leone say new national payment systems are transforming how money moves across the economy, improving financial inclusion and reducing dependence on cash in a country where large parts of the population have historically relied on informal transactions.
Albert Boima, head of the National Switch Department at the central bank, said the reforms aim to connect all payment platforms into a single interoperable system. His department was upgraded from a division in March last year, reflecting the growing importance of digital payments in the country’s financial strategy.
“We are trying to connect all payment systems in the country to one platform,” Boima told a retreat for the central bank’s board and senior management, describing interoperability as the core objective.
At the heart of the reforms is the Salon Payment Switch, which allows bank customers to use any automated teller machine (ATM) nationwide, regardless of their bank. The system initially launched with seven banks but has since expanded to include all commercial lenders operating in Sierra Leone.
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Transaction volumes through the national switch have grown sharply. Data presented by the central bank shows the number of transactions rose from about 26,000 in 2023 to more than 145,000 between 2023 and 2025, with a total transaction value of around US$1.8 million.
Alongside the switch, the Bank of Sierra Leone has rolled out an Instant Payment System (IPS), designed to enable real-time transfers between banks and mobile money platforms. The IPS began operations with seven banks and two mobile money operators and has recorded faster growth than the national switch.
In less than a year of operation, the system processed more than 400,000 transactions worth about $25 million, according to the central bank. By late 2025, volumes had reached around 600,000 transactions.
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“Daily peaks reached 1,000 transactions in December,” Boima said, adding that the World Bank’s benchmark of one million transactions was within reach. “We’re targeting one million by the third quarter of 2026, once more participants go live.”
The IPS has also seen rapid customer uptake. The system currently has about 1.4 million registered users, a penetration rate that Boima said places Sierra Leone on par with countries such as Australia and Pakistan in terms of instant payment adoption.
He credited Orange Money and GTBank with driving early growth and urged other financial institutions and mobile money operators to join. The central bank is targeting three million registered users over the medium term.
Authorities say digital payments are central to deepening financial inclusion in Sierra Leone, where access to formal banking remains limited, particularly in rural areas. For 2026, the central bank plans to complete the national switch and scale up adoption beyond urban centres.
“We want to complete the infrastructure and then scale adoption, going beyond the last mile,” Boima said. Plans include deploying up to 20,000 mobile money agents nationwide to enable point-of-sale cash deposits and withdrawals.
Bank of Sierra Leone Governor Ibrahim L. Stevens described the progress as “very successful,” noting that the systems had evolved from a restrictive model to a more open architecture.
“People were commending us,” Stevens said. “We started with a very restrictive system, but we’re going open source. I will support our guys in this.”
The bank’s Payments Operations team received praise from board members for enabling interoperability, allowing customers to use any bank card at any ATM across the country.
Moderator Morlai Bangura said seamless payments were key to inclusion. “This is the beauty of infrastructure,” he said. “Payments become seamless, irrespective of the bank.”
However, board members also raised challenges. Some questioned how digital platforms would fully replace cash, while others pointed to connectivity gaps in remote and riverine areas.
Governor Stevens acknowledged the problem and said the central bank would engage mobile network operators to expand coverage. “We have to close those critical gaps,” he said, pledging support for installing telecommunications masts in underserved regions.
As Sierra Leone pushes ahead with its digital payments agenda, officials say the success of the reforms will depend on infrastructure expansion, broader participation and ensuring that even the most remote communities are not left behind.
