By Alvin Lansana Kargbo
In a momentous event that promises to reshape Sierra Leone’s financial technology sector, Interswitch, Africa’s foremost integrated payments and digital commerce company, successfully convened the inaugural Sierra Leone Fintech Forum. This groundbreaking gathering of fintech leaders and industry experts took place on Thursday, November 2, 2023, at the Radisson Blu Mammy Yoko Hotel in Freetown, Sierra Leone.
Themed, “Unlocking the Future of Digital Payments in Sierra Leone,” the Forum attracted a diverse spectrum of key stakeholders, customers, and thought leaders in the fintech arena, united in their goal to stimulate innovation, collaboration, and economic prosperity in Sierra Leone.
The event marked a remarkable convergence of influential figures in Sierra Leone’s financial and fintech industries. Distinguished guests included the Bank of Sierra Leone Governor, Managing Directors of leading financial institutions like UBA – Sierra Leone, Rokel Commercial Bank, First Bank- Sierra Leone, Bloom Bank, Sierra Leone, and Sierra Leone Commercial Bank, among many other prominent attendees.
The Sierra Leone Fintech Forum provided a dynamic platform for dialogue, collaboration, and knowledge exchange within the burgeoning fintech ecosystem, aiming to deepen understanding of fintech’s transformative potential and its pivotal role in shaping Sierra Leone’s economic landscape.
Keynote speakers and panel sessions enriched the event with valuable insights into how digital payments can bridge the financial inclusion gap in Sierra Leone, driving economic growth and inspiring innovation. Discussions were both informative and inspirational, offering a glimpse into the exciting future of digital payments in the country.
Jonah Adams, MD of Digital Infrastructure & Managed Services at Interswitch (Interswitch Systegra), stressed the transformative potential of fintech, declaring, “Fintech has the potential to revolutionize the way financial services are delivered in Sierra Leone. By embracing innovation, Sierra Leone can create a more inclusive and prosperous financial system, and with collaborations like the Interswitch Fintech Forum, Interswitch is committed to creating an enabling environment for fintech to thrive in Sierra Leone.”
The keynote address was delivered by Dr. Ibrahim Stevens, Governor of the Bank of Sierra Leone. He emphasized the need to strengthen Sierra Leone’s digital payments ecosystem and highlighted the rapid evolution of the payment industry. Governor Stevens underscored the importance of secure and efficient payments in facilitating trade and commerce, hinting at the Central Bank’s efforts to revolutionize retail payments and explore the potential of digital financial instruments, including Central Bank digital currencies, to boost the economy.
Governor Stevens also discussed the Central Bank’s role in shaping the evolving payment system landscape and promoting financial inclusion, highlighting key initiatives such as the AI cost-time settlement system, the Scraper Security Settlement System, and the national payment switch. The Governor expressed the Central Bank’s intent to reduce cash transactions and work towards a non-cash or digital financial economy in the future.
Akeem Lawal, the Managing Director of Payment Processing and Switching at Interswitch, added to the dynamic discussions by emphasizing the importance of fintech in driving innovation and growth in the African economy. He expressed Interswitch’s pride in bringing together the brightest minds in the fintech sector and its commitment to driving innovation and facilitating the digital transformation of financial services in Sierra Leone.
Lawal also introduced Interswitch, emphasizing the company’s commitment to Africa and its mission to inspire prosperity on the continent through technology solutions. He underscored Interswitch’s three primary business areas: digital payments, creating ecosystems, and promoting commerce and inclusion, emphasizing the need for African countries to build their payment infrastructure and digitize industries.
The event also provided attendees with the opportunity to engage in constructive conversations, explore potential synergies, and gain a comprehensive understanding of the regulatory framework and its implications for the growth of the fintech sector.
As the Sierra Leone Fintech Forum was reaching its climax, a double feature product presentation was conducted by the sales lead team of Interswitch Limited. Next that followed was the recognition by the Governor of the Bank of Sierra Leone and their partners with prestigious awards, acknowledging their outstanding contributions to advancing the digital payments landscape in Sierra Leone.
The inaugural Sierra Leone Fintech Forum was an unequivocal success and has set the stage for a brighter, more digitally connected future for Sierra Leone and the broader African fintech ecosystem.
With the active participation and support of key stakeholders and industry leaders, Sierra Leone is poised to continue its journey toward a cashless, digital financial economy, providing greater financial inclusion and economic growth for its citizens. Fintech is playing a critical role in transforming the way people access and use financial services in Africa, and Interswitch is leading the way in driving financial inclusion and economic growth across the continent.
