In a major breakthrough for Sierra Leone’s financial sector, the CEO of Afrimoney Sierra Leone Limited, Martison Obeng-Agyei, has announced the launch of the Instant Payment Service, a transformative solution designed to drastically reduce the cost of doing business in the country.
Martison Obeng-Agyei highlighted that, for the first time, mobile money service providers and banks are working collaboratively rather than as competitors to facilitate seamless financial transactions. The new service enables individuals and businesses to transfer money instantly between banks and mobile money platforms, eliminating delays associated with bank clearance and ensuring real-time payment settlements.
“The Instant Payment Service is a game-changer for businesses,” Martison Obeng-Agyei stated. “It addresses long-standing issues such as transaction delays, high operational costs, and the inconvenience of traditional banking processes.”
With this innovative system, customers can effortlessly transfer funds between mobile money accounts and bank accounts, significantly reducing human interaction and cutting down operational expenses for small businesses. Previously, business owners were burdened with transportation costs and long wait times at banks to deposit or withdraw small amounts. Now, with just a mobile device, transactions can be completed within seconds.
Martison Obeng-Agyei further emphasized that the system resolves common challenges faced by users, particularly those embarrassed by repeatedly transferring small amounts of money. The new framework allows for seamless deposits and withdrawals across different financial platforms using a single phone number and banking network.
“This initiative will not only simplify transactions for individuals but also lower operational costs for mobile money operators. Ultimately, these savings will lead to more affordable services for customers,” he added.
The launch of the Instant Payment Service marks a significant milestone in Sierra Leone’s financial landscape, fostering a more inclusive and efficient digital economy. This move is expected to enhance financial accessibility, boost economic activities, and promote cashless transactions across the country.
