By Davida Spaine- Solomon

The Bank of Sierra Leone continues to deepen its partnership with Interswitch, a leading digital payment and fintech company, as part of a broader strategy to foster innovation, inclusion, and sustainable growth in the country’s financial ecosystem. Speaking on this ongoing collaboration, Dr. Ibrahim Stevens, Governor of the Bank of Sierra Leone, expressed strong support for the partnership, noting its significant footprint in the nation’s financial sector.

Currently, Interswitch collaborates with 12 commercial banks, 5 fintech startups, and Orange Money, collectively representing an estimated 60 to 70 percent of Sierra Leone’s financial market. Governor Stevens highlighted that, as a regulator, he champions such initiatives that foster an innovative environment where the financial sector can thrive. “Financial inclusion remains a core strategy for both the Bank and the broader financial ecosystem in Sierra Leone,” he affirmed.

Reflecting on the recent fintech forum hosted in the country, Dr. Stevens expressed optimism about its potential outcomes. He believes the event will spark greater innovation, stronger stakeholder collaboration, and contribute to building a more robust digital financial infrastructure. The forum follows the trailblazing Sierra Leone Fintech Challenge one of the first in the sub region which successfully unearthed promising fintech entrepreneurs. Dr. Stevens hopes this momentum will continue to inspire participants to think big, dream boldly, and take meaningful steps toward advancing Sierra Leone’s digital economy.

Central to the forum was the theme “Access, Inclusion, and Growth,” which the Bank of Sierra Leone embraces fully. Dr. Stevens explained that the Central Bank is committed to creating a balanced regulatory environment that supports growth while ensuring stability. Reforms are underway in consumer protection, e-money regulation, and other critical areas to foster a collaborative system aligned with international best practices. These efforts aim to deliver tangible impacts, especially for underserved populations, while promoting trust and inclusivity in the financial sector.

Looking ahead, Dr. Stevens emphasized the Bank’s commitment not only to Interswitch but to the entire digital financial ecosystem. This includes fintech companies and other innovators playing key roles in the sector’s evolution. Collaborative efforts will be essential to driving meaningful progress and ensuring the success of Sierra Leone’s digital economy through sustainable, long-term growth.

From the perspective of the private sector, Akeem Lawal, Managing Director for Payment Processing & Switching at Interswitch, underscored the importance of partnerships in transforming the payments industry across West Africa. “No single organization can transform the payments industry alone,” Lawal noted. His company’s impact spans over 26 countries, with Sierra Leone among the latest to benefit from its expertise.

Lawal highlighted initiatives like the Sierra Leone Fintech Forum as critical platforms for progress, bringing together leading minds and industry players to explore opportunities, address challenges, and co-create solutions that drive inclusive financial growth. Responding to concerns about digital payment security, Lawal acknowledged that cybersecurity and fraud remain major challenges globally. Interswitch is investing heavily in innovation to tackle these threats and maintain customer trust.

“Our goal,” he said, “is to build payment systems that people can use with confidence without fear of fraud or financial loss.” To this end, Interswitch is implementing robust fraud and risk management systems, strengthening internal controls, and enhancing cybersecurity measures. Industry leaders present at the forum also offered insights into the unified response required to combat emerging threats.

In a significant development, Lawal revealed that Interswitch has successfully launched Sierra Leone’s National Switch and Instant Payment System within the past year. Drawing on extensive experience from Nigeria, they are helping to build affordable, reliable digital payment solutions, including a nationwide agent network and instant card issuance at reduced costs. These innovations are designed to expand financial access and strengthen Sierra Leone’s digital financial ecosystem.

Concluding with a hopeful outlook, Lawal predicted that within three years, the expansion of a network of nearly 100,000 agents many based in rural areas will create new jobs and business opportunities. This extensive network will enable underserved communities to open accounts easily, access essential services, and perform transactions via affordable cards and mobile money. By partnering with government agencies and corporate organizations, Interswitch aims to bring vital financial services closer to the people, sparking a transformational impact on financial inclusion and economic growth across Sierra Leone.

Copy right –Printed in the Expo Times News on Wednesday, June 11TH, 2025