Financial Crime World

Sierra Leone Launches Second National Strategy for Financial Inclusion, Emphasizing Crime Prevention and Access to Financial Services

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FREETOWN, SIERRA LEONE - Despite facing numerous economic and health challenges in recent years, Sierra Leone has made significant progress towards financial inclusion, thanks to its first National Strategy for Financial Inclusion (2017-2020). On April 14th, the country launched its second strategy, which aims to build on past successes while addressing remaining challenges.

Overview of the Second National Strategy for Financial Inclusion

The Second National Strategy for Financial Inclusion (NSFI-2) is a five-year roadmap designed to increase access to financial services and products, particularly among underserved groups such as:

  • Women
  • Youth
  • Rural populations
  • Micro, small, and medium-sized enterprises (MSMEs)

The strategy prioritizes three key areas:

Key Areas of Focus

  • Access to client-centric financial services and products: Providing accessible and affordable financial services that meet the needs of all individuals and businesses.
  • Digital financial services and financial literacy: Promoting digital financial services and financial education to improve financial literacy and inclusion.
  • Financial education and consumer protection: Educating consumers about financial products and services, and protecting them from financial fraud and abuse.

Development Process

The NSFI-2 is the result of a collaborative effort between:

  • The government
  • Central bank
  • Development partners
  • Other stakeholders

The development process involved:

Independent Evaluation and Stakeholder Feedback

  • An independent evaluation of the first strategy
  • Feedback from industry players
  • Stakeholder consultations

Governance Structure

A key feature of the new strategy is its streamlined governance structure, which aims to facilitate decision-making and speed up implementation. The Financial Inclusion Executive Committee, chaired by the Governor of the Bank of Sierra Leone, will oversee the strategy’s implementation, with technical working groups aligned with each priority intervention area.

Emphasis on Data and Monitoring

The importance of data was also emphasized in the development of the NSFI-2, with new indicators, a measurement framework, and reporting mechanisms designed to:

  • Monitor progress
  • Assess the strategy’s outcomes and impact

Speaking at the Launch Event

Governor Kallon stressed the need for all stakeholders to work together to implement the strategy and achieve its goals. Other speakers, including representatives from international organizations and development partners, highlighted improvements in the financial sector landscape in Sierra Leone and called for continued collaboration to expand on past achievements.

Impact and Goals

The NSFI-2 is seen as a critical step towards achieving greater levels of financial inclusion in Sierra Leone, which can help reduce crime rates by providing individuals with access to financial services and products. The strategy’s focus on digital financial services and financial literacy is also expected to contribute to this goal.

Availability of the Strategy Document

The full NSFI-2 strategy document is available online.