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As African economies pursue deeper resilience and shared prosperity, the role of digital finance has become central to the continent’s development discourse. Nigeria’s advanced payments ecosystem—home to one of Africa’s most sophisticated instant-payments infrastructures—has long set the pace. Yet, as regional integration accelerates under ECOWAS and the African Continental Free Trade Area (AfCFTA), developments in smaller markets like Sierra Leone are increasingly relevant to Nigeria’s policy community, especially where they contribute to the broader goal of a unified African financial space.
Across the continent, strong and interoperable financial infrastructure is no longer a luxury; it is the foundation of inclusive growth. Real-time payment platforms, clearing houses, digital identity systems, and secure messaging standards allow governments, businesses, and citizens to transact efficiently and reliably. Where these systems are robust and interconnected, they reduce friction, expand financial inclusion, and strengthen macroeconomic stability.
Sierra Leone’s experience in recent years demonstrates how purposeful investment in financial infrastructure can drive structural change. Under two successive World Bank–financed initiatives—the Sierra Leone Financial Inclusion Project (SLFIP) and the Sierra Leone Second Financial Inclusion Project (SLSFIP)—the Bank of Sierra Leone launched the Sierra Leone National Payment Switch (SaPS), an interoperable platform connecting banks, mobile money operators, and fintechs nationwide.
The switch enables instant, secure, and low-cost transfers across service providers, breaking down long-standing silos that previously restricted access and fragmented liquidity. This interoperability is now supporting Sierra Leone’s transition toward a cash-lite, digitally enabled economy—an evolution that parallels the early stages of Nigeria’s own journey to real-time instant payments.
Interoperability is fundamental to any inclusive financial system. For MSMEs, which make up over 90 percent of businesses in West Africa, the ability to transact instantly across providers reduces costs, improves cash-flow management, and expands participation in formal markets. For citizens, interoperability enhances access to remittances, savings tools, and everyday payments. For governments, it enables efficient G2P and P2G transfers—critical levers for social protection and domestic revenue mobilisation.
Sierra Leone’s concurrent modernisation of its Real-Time Gross Settlement (RTGS) system and Automated Clearing and Payments (ACH/ACP) platform—both now ISO 20022-aligned—reinforces this progress. These reforms place Sierra Leone among the most forward-leaning West African Monetary Zone (WAMZ) countries in payments modernisation. For Nigeria, which is exploring deeper cross-border integration through WAMA and AfCFTA, such reforms in neighbouring markets strengthen the region’s readiness for seamless intra-African payments.
Regional integration remains a powerful catalyst for Africa’s economic transformation. Harmonised payment systems reduce the cost of intra-African trade, widen market access, and accelerate the movement of goods and services. The West African Monetary Agency’s ongoing work to align cross-border payment frameworks is essential to achieving this objective. Nigeria’s leadership in this space is well established, but the participation of countries like Sierra Leone is vital for building a truly interconnected regional infrastructure.
Sierra Leone’s progress offers insights for policymakers across the region. It demonstrates how institutional coordination—between central banks, ministries of finance, international partners, and private-sector actors—can translate complex technical reforms into real economic benefits. It also highlights the value of adopting global standards, such as ISO 20022, to enhance interoperability across borders.
Looking ahead, Africa’s financial future depends on strong governance frameworks that encourage innovation while safeguarding stability. Investments in infrastructure must be matched with policies that advance cybersecurity, consumer protection, data privacy, and digital literacy. Public-private partnerships will be central to scaling solutions and extending access to underserved communities.
Africa is entering a defining moment in its financial evolution. With interoperable systems, harmonised regulations, and deeper regional cooperation, the continent can shift from fragmented progress to shared prosperity. Financial infrastructure, payments modernisation, and regional integration are not abstract policy ambitions—they are the levers through which Africa will build a more inclusive, dynamic, and resilient economic future.
About the Author
Mohamed Lamin Wurie is a project management specialist and financial sector reform leader with more than 15 years of experience advancing digital financial infrastructure across West Africa. He serves as Project Manager for the Sierra Leone Financial Inclusion Project (SLFIP) and the Sierra Leone Second Financial Inclusion Project (SLSFIP), both World Bank–financed initiatives. He led the rollout of Sierra Leone’s National Payment Switch (SaPS) and oversees the modernisation of the country’s RTGS and ACH/ACP systems. Mr. Wurie also engages with regional and international partners to promote cross-border payment harmonisation and financial inclusion within ECOWAS and the WAMZ.
