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Sierra Leone Launches National Strategy for Financial Inclusion to Combat Poverty and Crime

A Comprehensive Plan for Accelerating Financial Access in the Country

Freetown, Sierra Leone - The Bank of Sierra Leone has unveiled a four-year strategy aimed at promoting financial inclusion in the country. The goal is to provide access to formal financial services for over 87% of the economically active population.

Key Objectives

  • Strengthen delivery of affordable and transformative financial services to farmers, rural markets, youth, and other agents of growth
  • Reduce poverty and crime by providing individuals with access to savings accounts, insurance, and other financial products

The National Strategy for Financial Inclusion has been developed through extensive engagements and consultations with government agencies, private sector stakeholders, and representatives of consumer bodies.

Digital Payments and Partnerships

  • The strategy prioritizes new and innovative partnerships to improve outreach and lower costs for customers
  • Digital payments are a key pillar, with the Government of Sierra Leone being a member of the UN’s Better Than Cash Alliance, a global partnership committed to reducing poverty and driving inclusive growth through digital payments

Sustainable Development Goals

  • Financial inclusion is one of the Sustainable Development Goals (SDGs), a set of targets that will guide international development efforts over the next decade
  • According to United Nations Resident Coordinator Sunil Saigal, “Greater access to financial services is a key enabler for many of the Sustainable Development Goals. We are aiming to make sure nobody is left behind”

Launch and Implementation

  • The launch of the National Strategy coincides with the joint UNDP/UNCDF West Africa Digital Financial Inclusion Programme, which aims to deliver demand-driven technical assistance to the Bank of Sierra Leone and other digital financial inclusion stakeholders
  • The strategy will be tracked on a quarterly basis using the G-20 Financial Inclusion indicators

Quotes from Key Stakeholders

  • “We will work together to build a deep, competitive, and stable financial system that delivers transformative financial services to all Sierra Leoneans” - Central Bank Governor K. Marah
  • “With 87% of the market yet to be captured, the opportunity is great for delivery of financial services to play the pivotal role in economic diversification, inclusive growth, and greater dignity to the people and businesses of Sierra Leone” - Governor Marah

Contact Information

For more information, please contact: Tenzin Keyzom Massally (Ngodup), Regional Manager & Technical Specialist, WA-DFIP-FCAS tenzin.ngodup@uncdf.org