The Bank of Sierra Leone (BSL) has announced an extension to the deadline for all Financial Institutions and Fintechs to integrate into the National Switch system.
In a press release issued today, the central bank informed the general public that the original deadline of March 31, 2025, has been moved to June 30, 2025.
This extension applies to all Financial Institutions and Fintechs operating in Sierra Leone who are now mandated to route all domestic transactions through the National Switch. The BSL stated that the decision was made to accommodate those institutions that were not yet fully prepared to integrate by the initial deadline.
The press release emphasized that all Financial Institutions and Fintechs that have not yet joined the National Switch are formally instructed, via this announcement, to engage with the National Switch Department of the Bank of Sierra Leone without delay. This engagement is crucial to ensure their full integration into the system within the extended timeframe.
Furthermore, the BSL clarified that all existing bilateral arrangements between Financial Institutions and Fintechs will be permitted during this extension period, running from March 31, 2025, to June 30, 2025. However, the central bank expects complete integration of all relevant entities into the National Switch by the final deadline of June 30, 2025.
The National Switch is a critical infrastructure project aimed at streamlining domestic financial transactions, enhancing efficiency, and promoting interoperability within Sierra Leone’s financial ecosystem. The extended deadline provides a crucial window for remaining institutions to finalize their technical and operational integration processes.
The Bank of Sierra Leone urges all concerned Financial Institutions and Fintechs to take immediate action to ensure compliance with this directive and contribute to the strengthening of the national payments system.
ABJ/APA