-Bank Governor
By Mohamed Sankoh
The Governor of the Bank of Sierra Leone, Dr. Ibrahim Steven has said the Instant Payment Service (IPS) allows innovative transactions from one bank to the other and from one person to another.
He made this disclosure during the weekly government press conference on Tuesday 11th February 2025. He emphasized the importance of the system which is also cost effective, secured, convenient as well as reduces cash exposure.
The Governor further advanced that, the Instant Payment Service is an added advantage to government whereby revenue can be easily collected through this system, hence reduce corruption and strengthen effective banking system with the sector.
However, from the 1st of April this year there will not be no bilateral transactions any longer and all commercial banks are expected to connect with the (IPS) and there is effective security system to maintain effective financial transactions, hence reduces delay in the banking system. The following are some of the banks that are currently connected to the (IPS), Sierra Leone Commercial Bank, Sky Bank, Rokel Commercial Bank, Zenith Bank, Access Bank, GT Bank, Commerce and Mortgage Bank including Orange and Afrimoney respectively.
The Bank Governor also averts that the charges for the IPS is very low compare to the current charges on other banking systems and that mobile number and National Identification Number is a requirement to register for the system, especially so when you have an account.
He said although there are challenges with the system, adding that the IPS initiative was born in 2008, and it was tested for three months.
He concluded by advising members of the public about fake currency and urged all businesses to integrate with the system, hence create a friendly business atmosphere.
