Banking in Sierra Leone

From Wikipedia, the free encyclopedia
Jump to: navigation, search

Banking in Sierra Leone consists of a central bank, the Bank of Sierra Leone, seven commercial banks, and six community banks.[1] The Civil War destroyed many of the branches of the countries 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[edit]

Community banks play the role of extended financial services to local communities who are not able to access the commercial banks. They are also designed to help development within Sierra Leone by supporting the governments microfinancing program and empowering local communities.[4]

Community Banks
Name Founded District
Zimmi Community bank June 2005[5] Zimmi, Pujehun District
Kabala Community bank July 2008[6] Kabala, Koinadugu District
Marampa Masimera Community Bank
Yoni Community Bank Ltd
Mattru Community Bank Ltd July 2004[7] Mattru Jong, Bonthe District
Segbwema Community Bank Ltd February 2005[8] Segbwema, Kailahun District

See also[edit]

References[edit]

  1. ^ "Community Banks". Bank of Sierra Leone. Retrieved 21 February 2011. 
  2. ^ Sierra Leone: Poverty Reduction Strategy Paper IMF country report, International Monetary Fund, 2005, p. 58 
  3. ^ world, bank (2009). Banking the poor: measuring banking access in 54 economies. World Bank Publications. p. 57. ISBN 978-0-8213-7754-3. 
  4. ^ Sierra Leone: Poverty Reduction Strategy Paper IMF country report, International Monetary Fund, 2005, p. 58 
  5. ^ Fofana, M S (24 June 2005). "THE OCCASION OF THE TURNING OF THE SOD CEREMONY FOR THE ZIMMI COMMUNITY BANK". Bank of Sierra Leone. Retrieved 21 February 2011. 
  6. ^ 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, 18TH JULY 2008". Bank of Sierra Leone. Retrieved 21 February 2011. 
  7. ^ "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 16TH JULY 2004". Bank of Sierra Leone. 16 July 2004. Retrieved 21 February 2011. 
  8. ^ Rogers, J D (21 February 2005). "SON THE OCCASION OF THE OFFICIAL OPENING OF THE SEGBWEMA COMMUNITY BANK ON MONDAY 21ST FEBRUARY, 2005". Bank of Sierra Leone. Retrieved 21 February 2011.