SL unveils Instant Payment Service in Partnership with Africell and Orange to Transform Financial Transactions
By Abdul Rahman Bah
At the Ministry of Information and Civic Education’s weekly press briefing on Tuesday, February 11, 2025, financial sector leaders unveiled a new Instant Payment Service designed to modernize the country’s financial transactions. Held at the Miatta Conference Hall in Freetown, the event featured key figures from the banking and mobile money industries, who highlighted how this system—developed in collaboration with Africell’s Afrimoney and Orange Money—would eliminate delays, reduce costs, and create a seamless financial ecosystem.
Martinson Obeng Agyei, CEO of Afrimoney Sierra Leone Ltd, emphasized the significance of this development, calling it a major shift in the financial landscape. He pointed out that for the first time, banks and mobile money operators were collaborating rather than competing, working together to make financial transactions smoother and more accessible. He explained that the new service allows users to transfer funds instantly between banks and mobile wallets, eliminating the need for physical visits to financial institutions. Traders, small business owners, and everyday consumers will no longer have to rush to the bank before closing time or carry large amounts of cash, reducing the risk of theft and loss. He also stressed that deposits made at Afrimoney agents could now be transferred directly into bank accounts without additional fees. This development ensures financial security and encourages the use of digital transactions. Agyei recounted his personal experience testing the system, where he received an instant transfer while sitting in a barbershop, followed by an SMS confirmation, proving the efficiency and reliability of the new service.
David Mansaray, CEO of Orange Money Financial Services, described the launch as one of the most transformative moments in Sierra Leone’s financial history. He recalled how discussions about a national payment switch had been ongoing for over two decades but had never been fully realized—until now. He highlighted that many larger economies already use similar systems, but implementing it in Sierra Leone is a remarkable achievement that will improve the financial landscape. Mansaray addressed concerns about high mobile money transaction fees, assuring the public that increased competition in the market will naturally drive prices down, making digital transactions more affordable for all.
Another key benefit of this system, according to Mansaray, is its potential to support small businesses. Many entrepreneurs in Sierra Leone struggle to access loans because they lack formal financial records. The instant payment service will allow small business owners to create transaction histories, which financial institutions can use to assess their creditworthiness. With this data, banks will be more willing to provide loans, enabling business growth and fostering economic development. He encouraged the public to register by dialing a short code and following the instructions. The process is quick and straightforward, requiring only a National ID Card to complete registration and access the service.
The introduction of the National Finance Switch and Instant Payment Service, powered by Africell’s Afrimoney and Orange Money, signals the beginning of a new era for Sierra Leone’s financial sector. By making transactions faster, more secure, and cost-effective, the system will encourage financial inclusion, support businesses, and reduce dependency on cash. Government officials, banking executives, and mobile money operators all agree that this initiative will enhance digital financial services and drive economic progress. The official rollout of the system begins immediately, with the public urged to take advantage of this innovative financial solution.
