Interswitch Sets a New Pulse in West African Finance


In the rhythm of Sierra Leone’s evolving financial system, a new beat is beginning to emerge; steady, deliberate, and increasingly digital. That rhythm will quicken this week as Interswitch, one of Africa’s leading integrated payments and digital commerce companies, convenes key stakeholders in New Brookfields Hotel, Jomo Kenyatta Road, Freetown for the second edition of its Fintech Forum, themed “Access, Inclusion and Growth – Deepening Digital Payments in Sierra Leone.”

Set to take place on June 5, 2025, the event will bring together a cross section of the country’s financial services ecosystem including banks, fintech startups, regulators, microfinance institutions, mobile money operators, and members of the media, for a conversation that transcends product launches and panel discussions. It aims to spark collective action toward a more financially inclusive Sierra Leone.

At the heart of this gathering lies a shared imperative — to foster a more inclusive economy by expanding formal financial access to a broader segment of Sierra Leone’s population. While meaningful progress is underway, many still navigate daily life without reliable access to financial services. Access remains uneven, infrastructure is still evolving, and in many rural communities, cash continues to dominate everyday transactions. Bridging this gap requires collaborative effort, and that’s precisely what this forum seeks to advance.

Events like the Interswitch Fintech Forum matter because they bring together those actively working to solve these challenges. More than just a platform for discussion, the forum will serve as a catalyst for meaningful action and tangible progress.

Interswitch’s entry into the Sierra Leonean market is timely. With over two decades of experience driving Africa’s digital payments evolution, the company’s expansion signals a broader shift in how regional players are approaching scale, access, and long-term presence. While mobile wallets and digital platforms continue to proliferate across the continent, the real challenge lies in ensuring these tools are not only available but usable, trusted, and accessible, particularly in underserved communities where traditional banking infrastructure is limited or non-existent.

A key highlight of the event will be a live demonstration of Interswitch’s Card Issuance Solution and the Agency Banking solution. For those unfamiliar with the model, agency banking essentially brings banking closer to the people through local agents equipped with tech-enabled tools. These agents enable customers to carry out essential financial services such as withdrawals, deposits, bill payments, and transfers, without having to travel long distances to a physical bank branch. In markets where agency banking has gained traction, it has helped in demystifying financial systems, offering human touchpoints that ease the transition into formal digital finance.

Technology is not the only reason this forum stands out; equally significant is the regulatory environment in which it is unfolding. The Bank of Sierra Leone has articulated a clear vision, one that recognises digital financial services as essential to the country’s economic resilience. In expressing its willingness to collaborate with credible private-sector stakeholders, the Central Bank is not only opening the door to innovation but also emphasising the importance of stability and accountability. This clarity provides fintech players with the confidence to explore new solutions, while setting a high standard for sustainable, responsible growth.

As Sierra Leone advances its digital financial agenda, the upcoming Interswitch Fintech Forum highlights the importance of cross-sector collaboration in driving sustainable impact. For Interswitch, the event signals more than market penetration and expansion, it affirms a strategic commitment to supporting the country’s financial transformation journey. By bringing together key players across the ecosystem, the forum is poised to set the stage for long-term partnerships, scalable innovation, and inclusive growth, all critical pillars for building a resilient, future-ready financial landscape.




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Ministry of Finance Engages Sierra Leone Private And Banking Sector on FY2024 Proposals


Sierra Leone’s Ministry of Finance has engaged the banking sector and other key private sector players in the 2024 finance bill formulation.

The Ministry commenced consultations with these sector players in developing tax policies to form part of the 2024 Finance Bill to be tabled by the Minister of Finance later this year for proper justification and approval.

These consultations according to them are part of the Ministry’s approach to formulating revenue and tax policies with public institutions and the private sector to get their input and seek cooperation when these policies eventually come into effect.

They maintained that the engagements would continue with Importers, exporters, Local Manufacturers, Telecoms, and private sector players.




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Ministry of Finance Conducts National Policy Hearings For All MDAs Ahead of 2024 Budget


Sierra Leone’s Ministry of Finance has announced that its National Policy hearings for all Ministries, Departments, and Agencies (MDAs) will take place on Friday, 6th October 2023.

The event will be held at the New Brookfields Hotel, Freetown, starting at 8:30 a.m. according to a recent press release made available to Sierraloaded.

As part of the FY2024 Budget preparation process, the Ministry describes the Policy Hearing as a key starting point. “The Policy Hearing initiates the budget preparation process, enabling Ministries, Departments, Agencies (MDAs), and Local Councils to discuss and reassess sectoral policies, all of which are outlined in the Medium-Term National Development Plan,” the statement reads.

The release further specifies attendees for the policy discussions, emphasizing the focus on bilateral budget deliberations to establish guiding policies for revenue creation. The Ministry stipulates, “Attendance is limited to Ministers, Deputy Ministers, Professional Heads, and Vote Controllers. These Bilateral Budget Discussions aim to reach a consensus on policies that will steer revenue generation and resource distribution among the various MDAs.”




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New ECOBANK Managing Director Engages Finance Minister


Sebastian Ashong-Katai, the new incoming Managing Director of the ECOBANK in Sierra Leone, and others have on Friday 8th September 2023 paid a courtesy visit to the Minister of Finance, Sheku Ahmed Fantamadi Bangura at his George Street office in Freetown.

The delegation involved, the Chairperson of the Board, the Regional Executive for Anglophone West Africa, the Country Head of Corporate Banking and Aina Moore, the out-going Managing Director.

The reason for this visit is for the outgoing MD, Aina Moore, to bid farewell to the Minister and introduce the new MD taking over the operations of ECOBANK in Sierra Leone and other issues like compliance, digitalisation, interest rates, and foreign currency lending data sharing form part of the discussions.

The minister thanked the outgoing MD for her service in Sierra Leone as well as welcoming the new MD. He updated them on the reforms the government is implementing and called for deepened engagement with the banking sector to leverage opportunities of collaboration that will provide the needed resources for the Government and also strengthen the operations of Commercial banks like ECOBANK.

Aina Moore spoke on the issues of Forex’s availability and Leone’s depreciation and assured the government of the bank’s support, experience and expertise in implementing the Big Five Agenda, especially in agriculture Feed Salone.

 

 




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Sierra Leone SME Finance And Investment Summit to Address SME-Finance Challenges


The African SME Finance and Investment Network (ASFIN) will bring together key stakeholders across the country for a one-day Sierra Leone SME Finance and Investment on 31st August, 2023, at the Radisson Blu Hotel, to address some of the major challenges SMEs face in accessing finance.

According to Peter SaSellu, President and CEO of ASFIN, “In emerging markets, most formal jobs are generated by SMEs, which create 7 out of 10 jobs.” He says that access to finance is a key constraint to SME growth. It is the second most cited obstacle facing SMEs to grow their businesses in emerging markets and developing countries, especially in Africa.

Small and Medium Enterprises (SMEs) are less likely to be able to obtain bank loans than large firms; instead, they rely on internal funds, or cash from friends and family, to launch and initially run their enterprises. The International Finance Corporation (IFC) estimates that 65 million firms, or 40% of formal micro, small and medium enterprises (MSMEs) in developing countries, have an unmet financing need of $5.2 trillion every year, which is equivalent to 1.4 times the current level of the global MSME lending. About half of formal SMEs don’t have access to formal credit. The financing gap is even larger when micro and informal enterprises are taken into account.

Ashma Jalloh, the Coordinator of the Summit says the Sierra Leone SME Finance and Investment is timely. She says, “The Objective of the Summit is to focus discussions on adequate funding, access to finance and financial inclusion. This will take care of some of the problems such as provision of modern technology and low managerial skills.”

She says “the SME Finance and Investment Summit will examine the financing of SMEs in Sierra Leone and the various financing options available to SMEs. This will involve looking at debt financing by considering the role commercial, microfinance banks and other financial institutions and investors play in the financing of SMEs in the country. It will also consider the role of equity financing through venture capital and business angels financing. Efforts will aim at adequate funding of SMEs in Sierra Leone.”

According to Rebecca Paulson, Executive Director of ASPIN, “SMEs play a major role in most economies, particularly in developing countries. SMEs account for the majority of businesses worldwide and are important contributors to job creation and global economic development. They represent about 90% of businesses and more than 50% of employment worldwide. Formal SMEs contribute up to 40% of national income (GDP) in emerging economies. These numbers are significantly higher when informal SMEs are included. According to World Bank’s estimates, 600 million jobs will be needed by 2030 to absorb the growing global workforce, which makes SME development a high priority for many governments around the world.”




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Ministry of Finance Partners With IMF to Assist SMEs


The Government of Sierra Leone through the Ministry of Finance has partnered with the International Monetary Fund (IMF) to assist Small and Medium-sized Enterprises (SMEs).

We have partnered with the Sierra Leone Development Agency and IMF to support SMEs with financial assistance,” the Finance Ministry said.

They added that the support is to help SMEs overcome the economic crisis.

Sierra Leone’s economy has nosedived since 2022 with the country’s currency performing poorly against other foreign currencies.

In fact, The Johns Hopkins’ Hancke Currency Watchlist placed the Leone among the top 5 poorly performed currencies in the world.

The Julius Maada Bio Administration warned that the country’s economic is being affected by several global factors including the protracted effect of the war in Ukraine.

Currently, locals in the West African nation have witnessed a monumental increase in the cost of onions due to global market shortage.

But the Government is saying that this recent partnership is aimed at targeting national growth and encouraging of local investment and entrepreneurship.






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