By Amin Kef-Ranger

Marking a major step toward strengthening the country’s financial system and advancing digital integration, the Bank of Sierra Leone has issued a directive mandating the use of the National Identification Number (NIN) for all individual banking transactions and financial services.

According to an official notice released by the Central Bank, all new individual customer accounts must now be opened with a valid NIN issued by the National Civil Registration Authority (NCRA). Similarly, businesses are required to present a Tax Identification Number (TIN) issued by the National Revenue Authority (NRA) when opening new accounts.

The directive, which takes effect immediately, is part of broader efforts to enhance customer verification, promote financial integrity, curb fraud and facilitate interoperability within Sierra Leone’s growing digital financial ecosystem.

Furthermore, existing account holders are required to update their account records with their NINs by no later than 31st December 2025. Failure to do so may result in limited access to banking services.

The Central Bank also emphasized that customers wishing to access or utilize the National Payment Switch (NPS); a system designed to streamline and interconnect digital transactions across financial institutions must link their NIN to their bank accounts by 31st August 2025.

“The mandatory use of the National Identification Number will improve the accuracy of customer identification and strengthen the financial sector’s resilience against fraud and identity-related crimes,” the Bank stated in its announcement.

The National Identification Number, a unique and verifiable identifier, is issued by the NCRA as part of efforts to modernize civil registration and promote national data integration.

This policy follows two years of consultation and engagement between the Central Bank and various financial sector stakeholders. It marks a major step forward in the Government’s digitization agenda and its push toward a more inclusive, secure and efficient financial environment.

Commercial banks, microfinance institutions, mobile money providers and other financial service providers are expected to comply with the directive and support their customers in fulfilling the requirements.

Citizens are encouraged to promptly register with the NCRA to obtain their NIN and ensure it is linked to their bank accounts before the stated deadlines. https://thecalabashnewspaper.com/bsl-mandates-use-of-nin-for-all-bank-transactions/