Compliance in Financial Sector in Sierra Leone: New Survey Reveals Insights into Digital Financial Services Industry

A recent survey conducted by the United Nations Capital Development Fund (UNCDF), Bank of Sierra Leone (BSL), and Joint SDG Fund has shed light on the state of the digital financial services industry in Sierra Leone. The fifth Annual Provider Survey provides valuable insights into the rapid changes taking place in this sector.

Key Findings

• The number of players offering digital financial services in Sierra Leone has increased significantly over the past five years.
• 10 commercial banks and two mobile network operators were among the respondents.
• The survey highlights several key findings, including:
  • Number of registered and active customers
  • Volume and value of transactions conducted on a monthly basis
  • Types of services offered in the market

Digital Financial Services Distribution Channels

• Barriers and challenges faced by providers are outlined in the report.
• The different digital financial services distribution channels available in the country include:
  • Mobile money services
  • Online banking platforms
  • Point-of-sale (POS) terminals
  • Agent networks

Implications for Policy-Making

• The survey’s results are expected to inform policy-making and shape the future of digital financial services in Sierra Leone.
• By fostering a more inclusive financial ecosystem, the government aims to promote economic growth and development in the country.

Compliance and Regulation

• Compliance with regulations is crucial in ensuring the stability and security of the financial sector.
• The survey provides valuable insights into the challenges faced by providers and recommends steps that can be taken to address these challenges.

Accessing the Full Report

The full report has been made available for download, providing further details on the state of digital financial services in Sierra Leone and outlining best practices from around the world.