Find Banking and Financial Services expertise in Sierra Leone
The Sierra Leone central bank, Bank of Sierra Leone, recognises over 15 banks including commercial and community banks (2010). Some of the primary commercial banks operational in the country include: Sierra Leone Commercial Bank Ltd, Rokel Commercial Bank (SL) Ltd, First International Bank (SL) Ltd and Standard Chartered Bank Ltd.
Regulation of Financial Services
The Bank of Sierra Leone came into being under the Bank of Sierra Leone Act 1963 and has been operational since 1964. It functions as the key regulator in the sector formulating and implementing monetary and supervisory policies, in order to support and provide a platform for a sound economic and financial environment. The Other Financial Services (Amendment) Act of 2007 enabled the establishment and operation of an interim Stock Exchange. Amongst its other responsibilities the Bank is the supervisor of rural banking, diamond certification, foreign exchange services, commercial and other banking services, and the implementation of the Structural Adjustment Programs.
Development of Financial Services
The World Bank’s Ease of Doing Business Index (2011) ranks Sierra Leone 19th out of 46 sub-Saharan African countries in overall ease of doing business. The country receives a similar ranking with regard to getting credit where it comes 20th. There is much scope for improvement in protecting investors in the country as it comes in the bottom quarter of the group. Financial inclusion in Sierra Leone is similar to that of its neighbours, with 15% of adults aged 15 and over holding an account with a formal financial institution and 6% of people in the same group having taken out a loan from a financial institution in the last year (2011).
|Banking and Financial Services organisations in Sierra Leone|
|Bank of Sierra Leone||
|First International Bank (SL) Ltd||
|Guaranty Trust Bank Sierra Leone Ltd||
|Ministry of Finance||
|Rokel Commercial Bank (Sierra Leone) Ltd||
|Sierra Leone Commercial Bank Ltd||
|Standard Bank Sierra Leone||
|Standard Chartered Bank||