The Governor of the Central Bank, Dr Ibrahim Stevens, during the official launching ceremony of the Bank’s 60th anniversary celebrations, said financial inclusion is at the heart of their strategy.

“Our second National Strategy for Financial Inclusion (2022-2026) focuses on key segments such as women, youth, and rural communities was last year with a focus on expanding financial access to the  women, youth and rural communities and financial literacy is core,” he informed the gathering.

Governor Stevens also stated that the introduction of the Financial Policy Committee and the implementation of guidelines for corporate governance and risk management are significant steps taken to enhance the resilience of the financial sector.

According to him the Bank plays a crucial role in supporting government’s economic policies.

“During the COVID-19 pandemic, we provided foreign currency for essential imports and established an agricultural credit facility to promote food self-sufficiency.

“Our interventions have been vital in ensuring economic stability, particularly more recently, with Agricultural Credit Facility amounted to US$ 10 million and the Youth Entrepreneurship Fund amounted to US$1 million,” he said.

“These are meant to support agricultural production and development of the youth, which are important aspects of inclusive growth,” he added.

He said the expansion of digital financial services, particularly with mobile money, has significantly increased financial inclusion.

“With over eight million mobile money accounts, we are witnessing a transformative shift towards digitalization, making financial services more accessible to all Sierra Leoneans.”

He disclosed that the National Payments Switch was launched in 2023 with the Card-switching Phase, while the Instant-Pay Phase is at an advanced stage.

When the second phase is launched, the need for large volume of cash transactions would be reduced significantly, which is a significant step in the payments system development of Sierra Leone.

This initiative, he said, enhances interconnectivity among financial institutions, reduces transaction costs, and promotes financial inclusion, thus aligning with the country’s economic agenda.