Interswitch Sets a New Pulse in West African Finance


In the rhythm of Sierra Leone’s evolving financial system, a new beat is beginning to emerge; steady, deliberate, and increasingly digital. That rhythm will quicken this week as Interswitch, one of Africa’s leading integrated payments and digital commerce companies, convenes key stakeholders in New Brookfields Hotel, Jomo Kenyatta Road, Freetown for the second edition of its Fintech Forum, themed “Access, Inclusion and Growth – Deepening Digital Payments in Sierra Leone.”

Set to take place on June 5, 2025, the event will bring together a cross section of the country’s financial services ecosystem including banks, fintech startups, regulators, microfinance institutions, mobile money operators, and members of the media, for a conversation that transcends product launches and panel discussions. It aims to spark collective action toward a more financially inclusive Sierra Leone.

At the heart of this gathering lies a shared imperative — to foster a more inclusive economy by expanding formal financial access to a broader segment of Sierra Leone’s population. While meaningful progress is underway, many still navigate daily life without reliable access to financial services. Access remains uneven, infrastructure is still evolving, and in many rural communities, cash continues to dominate everyday transactions. Bridging this gap requires collaborative effort, and that’s precisely what this forum seeks to advance.

Events like the Interswitch Fintech Forum matter because they bring together those actively working to solve these challenges. More than just a platform for discussion, the forum will serve as a catalyst for meaningful action and tangible progress.

Interswitch’s entry into the Sierra Leonean market is timely. With over two decades of experience driving Africa’s digital payments evolution, the company’s expansion signals a broader shift in how regional players are approaching scale, access, and long-term presence. While mobile wallets and digital platforms continue to proliferate across the continent, the real challenge lies in ensuring these tools are not only available but usable, trusted, and accessible, particularly in underserved communities where traditional banking infrastructure is limited or non-existent.

A key highlight of the event will be a live demonstration of Interswitch’s Card Issuance Solution and the Agency Banking solution. For those unfamiliar with the model, agency banking essentially brings banking closer to the people through local agents equipped with tech-enabled tools. These agents enable customers to carry out essential financial services such as withdrawals, deposits, bill payments, and transfers, without having to travel long distances to a physical bank branch. In markets where agency banking has gained traction, it has helped in demystifying financial systems, offering human touchpoints that ease the transition into formal digital finance.

Technology is not the only reason this forum stands out; equally significant is the regulatory environment in which it is unfolding. The Bank of Sierra Leone has articulated a clear vision, one that recognises digital financial services as essential to the country’s economic resilience. In expressing its willingness to collaborate with credible private-sector stakeholders, the Central Bank is not only opening the door to innovation but also emphasising the importance of stability and accountability. This clarity provides fintech players with the confidence to explore new solutions, while setting a high standard for sustainable, responsible growth.

As Sierra Leone advances its digital financial agenda, the upcoming Interswitch Fintech Forum highlights the importance of cross-sector collaboration in driving sustainable impact. For Interswitch, the event signals more than market penetration and expansion, it affirms a strategic commitment to supporting the country’s financial transformation journey. By bringing together key players across the ecosystem, the forum is poised to set the stage for long-term partnerships, scalable innovation, and inclusive growth, all critical pillars for building a resilient, future-ready financial landscape.




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NP (SL) Limited Sets the Record Straight Amid Baseless Allegations


NP (SL) Limited, Sierra Leone’s premier petroleum marketing company, has long stood as a pillar of reliability, excellence and national economic growth. With a track record spanning decades, the company has consistently demonstrated an unwavering commitment to operational efficiency, customer satisfaction and sustainable business practices. Its prominence in the oil marketing sector is not the result of political affiliations but rather the outcome of strategic investments, sound managerial decisions and a steadfast dedication to service delivery.

As the largest and most reputable oil marketing entity in Sierra Leone, NP (SL) Limited has played a pivotal role in shaping the country’s petroleum industry. It has built a vast and efficient supply chain, ensuring fuel availability across the nation, even in challenging economic climates. The company’s ability to maintain stability within the market has been instrumental in preventing supply disruptions and mitigating economic shocks related to fuel shortages.

One of NP (SL) Limited’s defining characteristics is its commitment to fostering mutually beneficial partnerships with fuel dealers and station owners. Over the years, the company has made substantial investments in dealer infrastructure, including the provision of fuel pumps, spare parts and maintenance services. These initiatives have enabled countless petroleum entrepreneurs to grow their businesses, with many expanding their operations from single fuel stations to multiple outlets. Such success stories underscore NP (SL)’s role as a catalyst for business growth and development in the sector; one that is not bent on exploitation.

In line with its commitment to market stability and equitable partnerships, NP (SL) Limited has continually assessed and adjusted its pricing and commission structures to support its dealers/resellers. The company recently reviewed its commission framework, introducing an increase that balances the interests of dealers/ resellers with the need for sustainable operations.

This adjustment reaffirms NP (SL)’s responsiveness to stakeholder concerns while ensuring the long-term viability of the business. However, demands for excessively high commissions must be weighed against the operational realities of the petroleum industry, where distribution costs, transporter fees and regulatory obligations must be met to sustain a stable market.

Despite a competitive landscape where a new entrant has introduced unsustainable pricing strategies, NP (SL) Limited has remained steadfast in upholding industry best practices. The company has always welcomed fair competition, recognizing that a healthy market environment benefits consumers and industry stakeholders alike. However, competition should be based on sustainable business models rather than short-term financial incentives that risk destabilizing the sector.

Understanding the concerns of various stakeholders, NP (SL) Limited continues to engage in meaningful dialogue with resellers and dealers. The company remains committed to resolving any outstanding issues amicably, fostering a collaborative environment where all parties can thrive. Through constructive engagement and industry leadership, NP (SL) is exploring ways to ensure that its partners remain profitable while the company continues to provide the high-quality services that customers have come to expect.

As an indigenous company deeply invested in Sierra Leone’s economic progress, NP (SL) Limited remains dedicated to maintaining its reputation for excellence. It will continue to operate transparently, uphold the highest industry standards and contribute to national development by ensuring a stable and efficient petroleum sector. In doing so, NP (SL) reaffirms its role as a trusted partner in the country’s economic journey, committed to service, growth, and sustainability.




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Sierra Rutile Holdings Limited Sets to Issue Redundancy Letters to Affected Staff


The management of Sierra Rutile Holding Limited has informed affected staff by the redundancy notice including Sub stewards and General Staff that the company will commence a three-day distribution service of redundancy letters to its affected personnels effective Tuesday 26th March 2024 to Thursday 28th March 2024.

The redundancy letters will be issued alongside the payment slips and redundancy calculation in relation to end of service benefits.

The company is however calling on the attention of all those affected to attend a verification exercise to meet the appropriate requirements for payments.

Payment will be made into individual accounts by the end of March 2024.

In a situation where an affected is unable to attend the verification process, an opened communication is required ahead of the stipulated time frame through the union providing reasons for your absence.

The company however disclosed not taking responsibility of any deferral after the verification exercise as a payment requirement.




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Cybersecurity Symposium Sets New Standards


In a world increasingly reliant on digital technology, securing cyberspace has become paramount. Against this backdrop, Rokel Bank, a leading financial institution in Sierra Leone, organized the inaugural Cybersecurity Symposium on February 22nd, 2023, at the Freetown City Council auditorium.

This groundbreaking event brought together diverse stakeholders, including banking sector professionals, media representatives, students, customers, and government officials, to foster a comprehensive understanding of cybersecurity and its implications.

The symposium was graced by the esteemed presence of Dr. Ekundayo Walton, the recently crowned African Banker of the Year and Managing Director of Rokel Bank. In his opening remarks, Dr. Walton emphasized the bank’s unwavering commitment to excellence, which had propelled it to compete successfully with international banks and ultimately led to his recognition as the African Banker of the Year.

The distinguished guest, Mr. Buffy Bailor, Chairman of Rokel Bank’s Board of Directors, delivered an insightful introduction and opening remarks, setting the stage for the symposium’s thought-provoking discussions. The event featured a series of panel discussions that delved into various aspects of cybersecurity. Experts engaged in lively debates on topics ranging from integrating cybersecurity into educational curricula and building cybersecurity capacity to the evolving cybersecurity landscape in financial services.

Furthermore, the symposium explored the role of cybersecurity as a catalyst for innovation and inclusion, emphasizing its potential to drive economic growth and societal progress. A comprehensive overview of the cybersecurity landscape in Sierra Leone was also presented, highlighting current challenges and potential solutions.

The Cybersecurity Symposium organized by Rokel Bank stands as a testament to the bank’s proactive approach to addressing emerging risks and its commitment to promoting a secure digital world. By fostering dialogue and collaboration among diverse stakeholders, the symposium has set new standards for cybersecurity awareness and preparedness in the country. It is a significant step towards building a more resilient and secure cyberspace, enabling individuals, businesses, and nations to thrive in the digital age.




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RCBank Sets Record Straight After Video Implicates Bank in Fraud


Rokel Commercial Bank (RCBank) has refuted a video shared widely on social media implicating the bank in fraud.

According to video, the bank was depicted to be engaged in fraud after one of the speakers in the video said there were missing notes with the bank’s wrappers.

The speaker said the monies were collected from the bank.

But a press release from RCBank refuted the allegation citing that it is a mere ploy to smear the image of the bank and its staff.

We have carefully analysed the video and it is considered that the contents were not only fictitious but we’re a brazen attempt to discredit the work of our dedicated and highly trained professional cashiers,” the bank’s management said.

They added that the intent of the video is to bring down the reputation of bank’s management by “individuals with ulterior motives”.

This is second time in less than two months such video surfed the web with the first implicating ECOBANK. RCBank said the move on ECOBANK is synonymous to the one targeting their bank.

Apparently, as if the instructions given in the first instance weren’t clear, they decided to correct their first mistake by recording another video in their determined campaign to drag the good image of the Rokel Commercial Bank into the mud,” they said.

The management of the bank said they will be working with the Sierra Leone Police to investigate the video and bring to book those responsible.

They urge the public to disregard the video while branding it to be “mischievous, corrosive and a faceless attempt” to reduce the bank’s credibility.

Watch the video below:

 




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