Sierra Leone Financial Inclusion Phase 2 (WB-P177947)

  • Sierra Leone
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • World Bank (WB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Mar 9, 2023
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Government of Sierra Leone
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 30.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 30.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ WB website

Updated in EWS Jul 1, 2022

Disclosed by Bank Feb 9, 2022

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to bank documents, the objective of the project is to facilitate the financial inclusion of individuals and micro, small and medium sized enterprises (MSMEs).

  1. Component 1: Adoption and usage of transaction accounts. The objective of this component would be to support adoption and usage of transaction accounts. These measures aim to contribute to broader adoption and usage of transaction accounts and digital finance in Sierra Leone – including as a store of value and as steppingstone for the poor to more advanced financial services.

    1. Sub-component 1.1: Enhancing access points for digital payments. Sub-component 1.1 would seek to facilitate the expansion of access points, including point of sale (POS) terminals, mobile wallets and other digital financial access points that facilitate government and other payments.

    2. Sub-component 1.2: National payments system infrastructure development. Sub-component 1.2 would seek to facilitate a safe and efficient payment system with the latest features and functionalities and support ancillary system and participants’ access to the payment system through a combination of TA and investment financing.

    3. Sub-component 1.3 Enabling environment for increased adoption and usage of transaction accounts. Sub-component 1.3 would seek to facilitate an enabling environment for increased adoption and usage of transaction accounts through a combination of technical assistance and investments.

  2. Component 2: Increasing access to credit for MSMEs. The objective of this component is to facilitate sustainable access to credit for MSMEs, in particular women-led businesses.

    1. Sub-Component 2.1: Enhancing the supply of and demand for MSME A2F. Sub-component 2.1 is centered around an MSME line-of-credit to competitively selected Participating FIs (PFIs) and accompanying TA to all eligible FIs so they can better serve MSMEs.

    2. Sub-Component 2.2: Enhanced supervisory capacity. Sub-component 2.2 will invest in the supervision capacity of financial sector regulators (especially the BSL’s Other FI Supervision Department, and potentially others such as Apex Bank based on further scoping) so they are better able to support sustainable MSME access to finance.

    3. Sub-Component 2.3: Enabling a modern credit infrastructure. This sub-component aims to facilitate the establishment and operationalization of a modern credit reference system and support increased uptake of the newly launched collateral registry.

  3. Component 3: Project Management, Monitoring and Evaluation. This component will support: (i) Government and other actors capacity strengthening for the coordination, design, and implementation; (ii) the administrative, technical, and financial management of the project by Project Implementation Unit (PIU) under the oversight of Project Steering Committee; (iii) the coordination among all institutional partners to ensure the efficient flow of information among all actors and coordination with the private sector; (iv) the establishment of monitoring and evaluation mechanism of the project’s results and impact; (v) the development of communication activities to publicize and disseminate project results, best practices, and success stories.

  4. Component 4: Contingent Emergency Response Component (CERC). In line with the World Bank’s Operational Policy OP8.00, it would also house a CERC. This is a provisional zero amount component to allow for rapid reallocation of loan proceeds from other project components during an emergency such as a natural or constructed disaster or crisis that has caused or is likely to cause a major adverse economic or social impact. To trigger this sub-component, the Government must declare an emergency or provide a statement of fact justifying the request for activating the use of emergency funding.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

World Bank:
Siegfried Zottel, Nancy Chen
Senior Financial Sector Specialist

Republic of Sierra Leone

Implementing Agency:
Bank of Sierra Leone
Sheikh A. Y. Sesay
Deputy Governor 


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The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing Information on how to file a complaint and a complaint request form are available at: 

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How it works