The Bank of Sierra Leone (BSL) under the Sierra Leone Financial Inclusion Projected supported by the World Bank in collaboration with its Media Consulting Firm, Premier Media Consultancy Company yesterday Thursday 8th June, 2023 engaged dozens of journalists from across the country to educate them on the operation of the National Payment Switch (NPS).

The training of the media which was held at the BSL Auditorium in Freetown is part of efforts to increase visibility and public awareness to enhance public confidence in the switch platform and financial sector. In his statement, the Acting Bank Governor, BSL, Dr. Ibrahim Steven, said the National Switch Payment launched in May this year is expected to play a critical role in the socio-economic development of the country through the promotion of digital financial services.

Dr. Stevens said the process is expected to drive volume, customer needs and overall national interest in the uptake of digital financial services, which is further expected to increase the interoperability of digital payments and access to financial services.

The Acting Bank Governor explained that the Switch comprises three components, such as ensuring the interoperability of digital payments; financing the hardware, software, and consulting services required to implement a Switch successfully; ensuring the viability of the payments system by financing access points for the Switch, including Point of Sale (POS) terminals, mobile wallets, and government payments. “The three service lines of the SaPS will include:

A Card Switch, where SaPS connects all card-issuing banks with all domestic Automated Teller Machines (ATMs) and Point-of-Sale (POS) devices to allow any local card to be used in any local device; an Instant Payment Platform, where SaPS connects banks and mobile operators together to allow instant payments across all bank accounts and mobile money wallets; and a Hosting Service, allowing smaller financial institutions to issue cards and deploy ATMs and POS devices, and connect to the Card Switch, at low cost” Albert Boima,BSL Assistant, Switch Division said in a statement.

He explained that the Payment Switch provides interbank/participant operability; switching of card transactions between banks (ATM and POS); sharing of infrastructure (ATM and POS) devices between banks; switching of instant payments (money transfer) between banks/MOs and MNO/MNO. In addition, it provides hosting services whereby the SaPS will allow an individual bank to connect to the SaPS, providing them with a processing service that will provide them with the capability to offer card services to their customers.

It also facilitates interbank settlement, presents daily settlement obligations to the Bank of Sierra Leone Real Time Gross Settlement (RTGS) service; and presents banks/participants with their daily settlement obligations. BSL said the ATM switching benefits include the use of the nearest ATM from any bank; issuance of more cards to more customers; earning extra revenue from deploying ATMs; lower payment system costs; increased trade and commerce; and greater financial inclusion.