Banking in Sierra Leone

Banking in Sierra Leone consists of a central bank, the Bank of Sierra Leone, seven commercial banks, and six community banks.[1]

Banking sector

The Civil War destroyed many of the branches of the country's commercial banks and as of 2005 there were 34 commercial bank branches, the majority in the major towns.[2] Procedures for obtaining loans have been assessed as very complicated and there is a relatively low ratio of private credit to GDP at just over 4 percent.[3]

Community Banks

Community banks play the role of extended financial services to local communities which are not able to access the commercial banks. They are also designed to help development within Sierra Leone by supporting the government's microfinancing program and by empowering local communities.[2]

 Community Banks
Name Founded District
Zimmi Community bank June 2005[4] Zimmi, Pujehun District
Kabala Community bank July 2008[5] Kabala, Koinadugu District
Marampa Masimera Community Bank
Yoni Community Bank Ltd
Mattru Community Bank Ltd July 2004[6] Mattru Jong, Bonthe District
Segbwema Community Bank Ltd February 2005[7] Segbwema, Kailahun District

See also

References

  1. ↑ "Community Banks". Bank of Sierra Leone. Retrieved 21 February 2011.
  2. 1 2 Sierra Leone: Poverty Reduction Strategy Paper IMF country report, International Monetary Fund, 2005, p. 58
  3. ↑ Banking the poor: measuring banking access in 54 economies. World Bank Publications. 2009. p. 57. ISBN 978-0-8213-7754-3.
  4. ↑ Fofana, M. S. (24 June 2005). "The Occasion of the Turning of the Sod Ceremony for the Zimmi Community Bank" (PDF). Bank of Sierra Leone. Retrieved 21 February 2011.
  5. ↑ KAMARA, SAMURA M. W. (18 July 2008). "Statement by Dr. Samura M. W. Kamara, Governor, Bank of Sierra Leone, on the occasion of the official opening of the Kabala Community Bank at Kabala, on Friday 18 July 2008" (PDF). Bank of Sierra Leone. Retrieved 21 February 2011.
  6. ↑ "Statement by the Deputy Governor on the occasion of the informal opening ceremony for the commencement of business at the Mattru Community Bank on Friday 16 July 2004". Bank of Sierra Leone. 16 July 2004. Retrieved 21 February 2011.
  7. ↑ Rogers, J. D. (21 February 2005). "Statement on the occasion of the official opening of the Segbwema Community Bank on Monday 21 February 2005". Bank of Sierra Leone. Retrieved 21 February 2011.
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