Bank Governor, Dr. Ibrahim Stevens

Sierra Leone’s journey toward a digital economy has taken a major leap forward with the introduction of the Salone Payment Switch, a modern financial infrastructure enabling real-time transactions across banks, mobile money platforms, and fintech providers.

Launched in 2022 and supported by World Bank funding, the Switch is not only simplifying payments, but also laying the groundwork for growth in the country’s online business and informal sectors.

Banking experts say the interoperability offered by the platform will significantly boost the digital economy:

“It will expand the digital payments space, and for online businesses, it creates a more secure and seamless environment for transactions. This is a big step toward formalizing parts of our economy we haven’t been able to track before,” said one expert.

The innovation also empowers small-scale traders and informal business owners to access formal financial services, track transactions, and build credit histories — tools that were previously out of reach for many.

With more people gaining access to digital financial services, Sierra Leone is on the path to a more inclusive, data-driven, and resilient economy.

“The more digital our transactions become, the better we can plan and grow as a country,” the expert added.

Copyright –Published in Expo Times News on ednesday,13th August 2025 (ExpoTimes News – Expo Media Group (expomediasl.com)