The Central Bank of Sierra Leone has raised concern over the low rate of financial inclusion among its population and is taking concrete steps to address these barriers.
In a stakeholder engagement held Thursday in Freetown, Deputy Bank Governor Sheik Yayah Sesay emphasized the institution’s commitment to expanding access to essential financial services for all citizens, particularly for small and medium-sized enterprises (MSMEs) and underserved populations.
Supported by a substantial $40 million grant from the World Bank, the Central Bank’s new initiative is set to make notable strides toward increasing financial access across the country.
The project will prioritize access to transaction accounts, aiming to empower individuals and MSMEs to participate more actively in the economy.
This initiative also seeks to stimulate the country’s economic growth by improving access to credit, which is essential for business expansion and job creation.
By focusing on removing traditional barriers, the Central Bank aims to set a foundation for long-term, inclusive economic growth and development, enhancing financial stability and accessibility for all Sierra Leoneans.
