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Interswitch and Bank of Sierra Leone Partner to Advance Financial Inclusion

Published 2 weeks ago3 minute read
Interswitch and Bank of Sierra Leone Partner to Advance Financial Inclusion

Across Africa, a significant movement is underway to enhance financial access, promote inclusion, and stimulate economic growth, largely driven by advancements in digital payment systems and fintech innovations. Financial institutions and technology providers are collaborating with regulatory bodies and communities to build a more integrated and accessible financial ecosystem for the continent.

A key player in this continental transformation is Onafriq, which, over its 15 years of operation, has made substantial strides in connecting Africa's financial landscape. The digital payments network has successfully linked nearly one billion mobile money wallets and 500 million bank accounts. Onafriq's infrastructure facilitates a wide array of services including cross-border disbursements, collections, card issuance, offline agent banking, and FX & treasury services. With a network spanning over 2,000 cross-border payment corridors, Onafriq is committed to making borders less relevant in financial transactions and is exploring blockchain technology and stablecoin integrations to further enhance real-time, interoperable trade, aligning with the goals of the African Continental Free Trade Area (AfCFTA). CEO Dare Okoudjou emphasized the company's focus on creating infrastructure with local depth, exemplified by developments in Nigeria, to foster active and impactful usage.

In Sierra Leone, collaborative efforts are focused on deepening the penetration of digital payments. Interswitch and the Bank of Sierra Leone (BSL) recently partnered to host the second edition of the Sierra Leone Fintech Forum. The event, themed "Access, Inclusion and Growth – Deepening Digital Payments in Sierra Leone," brought together stakeholders from public and private sectors to accelerate the nation's digital finance transformation. Akeem Lawal, Managing Director for Interswitch Purepay, highlighted the company's commitment to solving real-world problems with scalable, secure solutions grounded in local realities, including enabling effective agency networks and driving merchant acceptance. BSL Governor Ibrahim Stevens lauded Interswitch's investment and reiterated the central bank's dedication to fostering regulatory innovation and an inclusive ecosystem. A live demonstration of Interswitch’s Agency Banking solutions showcased its potential to bridge the gap for underserved communities.

Nigeria is also witnessing significant initiatives aimed at financial empowerment and community well-being. Unity Bank Plc is actively promoting financial literacy among young Nigerians, particularly secondary school students. During the 2025 Global Money Week, under the theme "Think before you follow, wise money tomorrow," the bank urged students to prioritize financial management, investment, and savings. Representing CEO Ebenezer Kolawole, William Odigie emphasized the importance of early financial education to shape responsible financial futures. Unity Bank engaged students across 13 schools with interactive sessions and recently launched the GenFi digital banking app, designed to instill smart money habits in children and teens.

Complementing efforts in financial literacy, Fidelity Bank Plc is demonstrating a strong commitment to community development and poverty alleviation through its Food Bank programme. The bank recently distributed food packs to over 1,500 individuals in Ihie Town, Rivers State, in partnership with The Reach Nigeria Foundation. This initiative, part of a broader corporate social responsibility drive aligning with the UN’s Sustainable Development Goal for zero hunger, has seen over 200,000 food packs distributed nationwide. Ibisiki Eretoru, a Regional Bank Head at Fidelity Bank, stated that the bank's success is intrinsically linked to the prosperity of its host communities. Community leaders and beneficiaries expressed deep gratitude for the timely support.

These diverse initiatives, from building pan-African payment networks and fostering digital finance ecosystems in specific nations, to educating youth on financial responsibility and directly supporting vulnerable communities, collectively illustrate a robust and multifaceted approach. The shared ambition is to forge a more inclusive, resilient, and digitally empowered financial landscape across Africa, ensuring that the benefits of financial innovation reach all segments of society.

From Zeal News Studio(Terms and Conditions)

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