Ceedee Investments has introduced a groundbreaking USSD-based National Switch, which has garnered immediate backing from leading commercial banks.
This initiative is set to revolutionise financial transactions, steering Sierra Leone closer to the goal of a cashless economy.
The unveiling of the National Switch was announced at a notable event held in Freetown, with Femi Cole, the Director of Ceedee Investments, spearheading the proceedings.
Cole expressed enthusiasm about the launch, describing it as a pivotal moment in the financial sector that aligns with the broader objectives of economic growth and digital transformation in Sierra Leone, promising a brighter future for the nation.
Omotayo Alimi, the chief technology officer (CTO) at Ceedee Investments, was also present at the announcement.
Alimi outlined the phased implementation of the National Switch, starting with instant payment as the first phase.
This phase will facilitate interoperability among Mobile Money Operators (MNOs), FinTech companies, and bank accounts, enabling customers to make instant payments from any location using various facilities.
As Alimi highlighted, the third phase will focus on international payments, expanding the switch’s capabilities to facilitate cross-border transactions and enhance Sierra Leone’s integration into the global financial ecosystem.
Alimi further explained that the second phase would be centered on card switching. This involves ensuring interoperability between Automated Teller Machines (ATMs) and Point of Sale (POS) systems, allowing customers to conduct transactions on any ATM or POS, regardless of the bank card or bank account they possess.
The launch of the USSD-based National Switch by Ceedee Investments marks a transformative step in the financial landscape of Sierra Leone.
It not only signifies the collaboration and support of major commercial banks but also sets the stage for a future where financial transactions are more accessible, secure, and efficient for everyone in the nation, ensuring the safety of your money.
[SC]
