Bank of Sierra Leone launches digital finance strategy to empower SMEs

Sierra Leone's central bank has launched a new digital finance strategy aimed at expanding access to financial services for small and medium-sized enterprises (SMEs), part of a broader effort to modernize the country's economy and drive inclusive growth.
The announcement came during the Sierra Leone Innovates Tech Summit 2025, that brought together government officials, tech leaders and international delegates to shape the nation's digital future.
Dr. Ibrahim Stevens, governor of the Bank of Sierra Leone, said the strategy will strengthen the country’s payment infrastructure and improve financial inclusion by promoting secure, affordable digital transactions.
He called SMEs the “engine of economic growth” and stressed that supporting them with better access to finance is critical to job creation and poverty reduction.
“This strategy is about more than technology — it’s about giving small businesses the tools they need to grow and compete in a digital economy,” Stevens said.
The plan includes measures to enhance mobile money services, reduce transaction costs, and improve regulatory frameworks to support innovation. The central bank will also work with fintech companies to develop digital lending platforms tailored to the needs of small business owners, especially women and young entrepreneurs.
Currently, many small enterprises in Sierra Leone operate outside the formal banking system, limiting their ability to secure credit or expand operations. The central bank hopes that by building trust in digital financial services and improving access across rural areas, more SMEs will enter the formal economy.
The strategy is part of the government’s broader digital transformation agenda, which also includes initiatives to expand internet access, invest in tech startups, and boost digital literacy.
The tech summit featured speeches from President Julius Maada Bio and other top officials, as well as exhibitions from local startups working on innovations in agriculture, health care and education.
President Bio said embracing digital tools is key to creating a resilient economy in the face of global challenges. “We must move from being passive users of technology to active creators of our digital future,” he said.
The Bank of Sierra Leone said implementation of the strategy will begin later this year, with support from development partners and private sector stakeholders.
06-06-2025