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Sierra Leone: SBTS Group (SL) to Introduce Electronic Payment System
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Concord Times (Freetown)
14 May 2008
Posted to the web 14 May 2008
Olusegun Ogundeji
Leading software services and solutions provider in Sierra Leone, SBTS Group (SL) Ltd is planning to introduce a marketing integrated electronic payment network that allows for the transfer of money over various channels, including cards, mobiles and internet with the brand name SwitchAssociates.
Switch Associates network, allows financial institutions to provide their cardholders with safe, extensive access to cash access points through the multiple ATM and merchant locations (Electronic Funds Transfer at Point of Sale) on the Switch Associates Network in Sierra Leone.
According to Evelyn Lewis, CEO of SBTS Group (SL) and president of the Sierra Leone ICT companies Association (SLICTA), core in the system is the switch which will facilitate financial transactions and settlements with electronic cards between banks and other institutions such as hotels, supermarkets, gas stations, ATMs etc.
Cardholders enjoy the flexibility and convenience of being able to securely choose how they access cash.
"SwitchAssociate will give you access to your money anywhere the system is available in the country," Lewis said.
He also believes that holding cash made corruption easier so with the cards, corruption rate will be reduced in the country.
He added that to expand the reach of the electronic payment system, his company will bring about 100 ATMs into Sierra Leone under a well-structured supply arrangement.
Though he declined to disclose the likely cost of acquiring the electronic cards, Lewis said the price will be reasonable but they are in consultation with the banks in the country.
He said the service charge will be cheaper for the consumers than what it would cost to transport them to their banks, spend some time on the queue, make their transactions and then return to their destinations.
"We plan to start deploying next month- that is taking the recommendations from the banks and putting necessary facilities in place- and we know it would take some months," Lewis said.
He admitted that there is a significant consumer awareness to be done to sell the idea to the public.
"Even though the convenience, the cost-saving or other factors of the cards will attract some consumers, it will take a lot of consumer education to get this product into the market," he asserted.
Presently, there are not more than 18 ATMs in Sierra Leone and less than ten of them are functioning properly.
"After looking at why some of the ATMs in the country have not been working properly all these while, and discovered that light and maintenance are some of the problems, we plan to come with ATMs that will come with solar panels and UPS." On whether his company's ATMs will not hinder transactions on ATMs that are currently in operation in the country, Lewis said the SBTS Group (SL) will be coming with 'white label ATMS' which have the facility to work with other ATMs most especially as the electronic payment system is a collective effort with all the banks in the country.
"So it will not hinder transactions in ATMs already in operation. Banks with ATMs can even choose to join or not," he said.
In February, 2008, SBTS Group (SL) developed the Biometric Registration System (BRS) that has been tightly integrated with a new and separately designed Pension Enterprise Solution - NAPOS II for Sierra Leone's National Social Security Trust (NASSIT) to create one of the first social security funds in West Africa.
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The SBTS Group has its presence in Africa, Asia and North America.
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