Cashless Society: The Next Stop on Our Journey to the Future

About ten years ago, while visiting Beijing, I witnessed firsthand the early stages of a society rapidly moving beyond cash. Mobile payments were beginning to replace the wallet, as platforms like WePay and Alipay allowed people to pay for everything — from street food to taxis — using only their phones.

Fast forward to today, and that transformation has gone even deeper. Now, it’s not just about linking your mobile device to your money; it’s about linking your very identity. Personal biometrics — your face, your fingerprint — are now the keys to everyday commerce.

Carrying physical cash in many parts of China today feels outdated, even odd.

China is not alone. Across the world, the march toward a cashless economy is accelerating.

According to the World Bank, over 76% of adults globally now have an account at a financial institution or mobile money provider, up sharply from just a decade ago. In Sweden, less than 10% of transactions are done in cash. The shift is no longer theoretical — it's happening, and it's happening fast.

Nigeria offers another powerful example. Whether you’re exchanging currency on the street, paying at a local eatery, or shopping in a boutique, the first question you’re likely to hear is, "Can you accept or send a transfer?" Digital payments have quickly become the preferred method, and businesses are unapologetic about their preference to avoid handling physical cash.

And now, Sierra Leone is taking a significant step forward of its own.

The Bank of Sierra Leone’s launch of the National Payment Switch marks a historic milestone. This modern infrastructure connects banks, mobile operators, fintechs, and other participants into a centralized network, laying the foundation for a truly interoperable, digital-first financial system. It’s the kind of backbone that quietly powers revolutions — invisible to most, but transformative for all.

This bold move deserves genuine praise.

Building a national payments switch isn’t easy. It demands vision, persistence, and a willingness to lead through complexity. By tackling the challenge head-on, the Central Bank is signaling that Sierra Leone will not be left behind.

In today’s fast-evolving financial world, one truth holds: you either evolve or you die.

For the average consumer, the shift to digital is more than a matter of convenience — it's about empowerment. Digital payments mean:

• Greater financial inclusion — reaching people and communities traditional banking left out.

• Lower transaction costs — making everyday commerce faster and cheaper.

• Better transparency and security — reducing the risks associated with carrying physical cash.

• Access to a broader range of services — from online shopping to utility payments to seamless international remittances.
  

For businesses, it means new customers, lower overhead, and data-driven insights that were once unimaginable.For the nation, it means resilience, competitiveness, and a new chapter in economic modernization.

Yes, the road to a fully cashless society will take time. There will be hurdles to overcome — infrastructure challenges, education gaps, trust-building but, with the National Switch in place, Sierra Leone has taken a definitive step forward.

It is the kind of move that history looks back on — not with skepticism, but with gratitude.

We are no longer asking "Will the future be cashless?"

We are now asking "How fast can we get there?"

And in Sierra Leone, thanks to the foresight of our central bank, that future is now just one step closer.

About the Author

Reginald Bart-Williams

Founder & CEO | Fintech Entrepreneur | Digital Transformation Leader

An experienced entrepreneur and technology leader with a strong focus on fintech, payment systems, and digital transformation across emerging markets. As CEO of LEOGC LTD, he drives initiatives that bridge finance, technology, and innovation — helping to build resilient cashless ecosystems and modern financial infrastructures across Africa and beyond.