Banks in Sierra Leone

The formal banking system in Sierra Leone is regulated by the Bank of Sierra Leone (BSL), which is the licensing, supervision, regulation and resolution authority for banks under the Banking Act 2019. The 2025 Financial Stability Report, using December 2025 data, counted 13 commercial banks: 2 state-owned, 2 domestic private and 9 foreign-owned. The BSL directory still listed 14 commercial banks, including Standard Chartered Bank (SL), after the reported acquisition by Access Bank, so the current licensed and operating status of a particular bank should be checked directly with BSL. Union Trust Bank Limited has also been subject to a BSL public notice concerning resolution and caretaker management. Sierra Leone's wider financial system includes 17 Community Banks, 5 deposit-taking microfinance institutions, 85 credit-only microfinance institutions, 59 Financial Services Associations, 25 credit unions and 3 mobile money providers. These institutions do not all offer the same services or carry the same legal status. A commercial or Community Bank can provide deposit accounts and payment services within its licence. A deposit-taking microfinance institution can accept deposits under its authorization, while a credit-only institution cannot be treated as a bank deposit provider. Mobile money supports transfers, cash-in and cash-out through a wallet and agent network, but a mobile-money wallet is not automatically the same as a bank deposit and does not automatically have the same deposit-protection treatment. Common bank products include current or demand accounts, savings accounts and fixed- or time-deposit accounts. The contract determines the interest rate, minimum balance, term, renewal, early-withdrawal conditions and applicable charges. Under the Banking Act, a deposit is money accepted for repayment on demand or at an agreed time, with or without interest or another premium. Banks may also provide lending, debit cards, money transmission, safe custody and digital financial services when those activities are covered by their authorization. A customer can usually reach a provider through a branch, Community Bank, agent, ATM or point-of-sale terminal, as well as mobile or internet banking. Access is uneven: in 2025 Sierra Leone had 190 ATMs and 282 point-of-sale terminals, with 70.5% of ATMs and 91.5% of point-of-sale terminals in the Western Area. Community Banks, agents and mobile money can therefore be practical access points outside areas with dense branch and ATM coverage. A provider sets its own service limits, availability and fees, so the tariff schedule and account terms should be checked before use. An individual opening a new account needs a valid National Identification Number (NIN) under the applicable directive. The National Civil Registration Authority issues NINs. Existing individual accounts were targeted for NIN linkage by 31 December 2025, but the enforcement position or any extension after that date is not reliably established in the available research. Banks can also apply customer-identification, anti-money-laundering and customer-due-diligence requirements, including identity, address or source-of-funds evidence. Mobile-money providers may accept documents such as a passport, driving permit, identity card, voter's card, financial card, local administration letter or business registration certificate, depending on the customer and service. Sierra Leone's National Payment Switch supports interoperable cards and payment services. The card switch has connected all 13 commercial banks identified in the 2025 Financial Stability Report and supports interbank ATM withdrawals and balance enquiries, as well as interoperable debit and prepaid card payments at point-of-sale terminals. The Instant Payment Service, operating through the Salon Payment Switch since October 2024, runs in real time around the clock and can move money between a bank account and a mobile wallet for person-to-person, business-to-business, customer-to-business and government-to-person payments. Twelve banks and mobile money providers were connected according to the available research. Transactions usually arrive within seconds or minutes, but each provider sets limits, and a processed instant payment generally cannot be cancelled. Provider or network failures can delay a transaction. The Deposit Protection Fund is established in law, but the available sources do not clearly confirm the currently insured institutions, coverage limit, exclusions, payout period or whether mobile-money wallets are covered. Those details should be verified with BSL or the relevant provider rather than assumed. Cross-border payments also depend on the provider's foreign-exchange, anti-money-laundering and payment-corridor rules. Financial Consumer Protection Guidelines require providers to give relevant information before a contract, explain terms in plain and understandable language, treat customers fairly and protect personal data. Customers can request access to, correction of or deletion of personal data when processing is unlawful. A customer generally has a five-working-day cooling-off period without penalty, subject to the applicable terms and exceptions. Account closure normally requires 30 working days' written notice, although exceptions can apply for suspicious activity, violence or threats, or a court order. Mobile-money providers must show charges, provider identification and complaint contacts, and generally give at least 30 days' notice of changes to terms or fees. A complaint should first go to the bank, mobile money provider or other financial service provider. The provider's complaint unit should record the matter and issue a holding response with a unique reference within two working days. A decision should generally follow within 15 working days; if more time is needed, the provider should explain the extension and provide an outcome within an additional 10 working days. If the provider does not respond or the customer disputes its decision, the customer can approach the BSL Customer Protection Section. BSL may facilitate mediation and can order a binding decision or relief within its authority. Keep receipts, transaction IDs, timestamps, messages and notices throughout the process. Protect account credentials, PINs, one-time passwords and passwords. Check the recipient's name or number before confirming a mobile-money payment, and keep the confirmation message and fee information. Phishing, social engineering, SIM-swap attacks, fake agents, card skimming and unauthorized transfers are known risks. Contact the provider immediately after an incident, request account or PIN blocking, preserve evidence and contact BSL or the police where appropriate. Commercial banks must maintain cyber-security functions, incident-response arrangements and business-continuity and disaster-recovery measures, but these controls do not remove the customer's need to verify transactions.