Sierra Leone News & Information

State House | Press Union | Lumley Beach | AllAfrica | SL-Web

  Giving Knowledge to the People
welcome to sierra leone's premier news source
Last Updated: Mar 22nd, 2016 - 18:13:37 
Front Page 
 Breaking News
 Local News
 Photo News
 Video News
 Moiie's Column
 Afsatu Kabba
 Role Models
 Awareness Lady
 Common Man
 Special Messages
 Legal Matters

Published online by
Sylvia Blyden Dot Com

17 Garrison Street,
Sierra Leone.
Tel: +232-77-772001
Tel: +232-88-321000
Tel: +232-76-350077
Tel: +232-30-321001

NEWS : Local News  

Sierra Leone News : West Africa Mobile Money Workshop to Transform Financial Integration
By Our Special Correspondent
Mar 22, 2016, 17:06
Email this article
 Printer friendly page

Freetown, March 17, 2016– The Bank of Sierra Leone (BSL) in partnership with the United Nations Development Programme (UNDP), United Nations Capital Development Fund (UNCDF) International Growth Centre (IGC) has ended a three-day West African Sub-regional workshop on mobile financial services on Wednesday, March 16th, 2016. 

The workshop is aimed at finding ways of integrating the marginalised and poor people in mobile financial services and lesson learning from other African countries. The meeting fostered peer-to-peer learning and sharing experiences from other sub-Saharan African countries and included delegates from East Africa, Southern Africa and West Africa: Gambia, Ghana, Guinea, Kenya, Mozambique, Nigeria, Rwanda, South Africa and Uganda.  

According to the IGC, West Africa in general and Sierra Leone in particular are far behind its African counterparts in mobile financial services and the conference seeks to, inter alia, identify areas for reforms to existing policies and regulations and map out potential areas of further research that would promote the optimal use of financial inclusion in Sierra Leone. Only 20% of Sierra Leoneans have bank accounts and over 70% of those are people in the provincial areas. 

Minister of State in the Ministry of Finance and Economic Development, Foday L. Mansaray said that as a native of the largest but one of the remotest districts in Sierra Leone, he knows very well what it means for rural folks not to have access to financial services. 

“In the rural areas, people have to travel long distances from their homes to collect remittances and this represents a significant cost in addition to the required fees,” said Mr. Mansaray adding, “For the village farthest from Kabala, (the district capital), the nearest bank is located 110 miles away. This means  that people like teachers, who have to travel long distances to collect their salaries, end up losing almost half of their income just to access the only bank in the district.” 


UNDP Sierra Leone Country Director, Mr. Sudipto Mukerjee said, “this convening is a great opportunity to identify necessary policy and regulatory reforms and also potential partnerships to not only integrate excluded and marginalized groups into the formal economy but also to ensure that they contribute towards financing for sustainable economic development in one of the least banked regions of the world.”

Globally, financial sector policymakers recognize the game-changing potential of digital financial inclusion. Specifically, regulators are increasingly recognising the major role that non-bank providers of mobile money services can play in fostering financial inclusion and, as such, are introducing more enabling regulatory frameworks that allow both banks and non-banks to provide mobile money services in a sustainable way. 

This workshop contributes to the ongoing work by the G20 and global financial regulators to prepare the standard-setting world for both the risks and the rewards of the digitization of financial services.

Governor of the Bank of Sierra Leone, Mr. Momodu L. Kargbo, who was recently announced as the new Minister of Finance and Economic Development, explained that the use of digital financial services by formerly excluded customers brings lot of benefits, even if with some risks involved. Some of the risks are new while others, although well known, may take on different dimensions in the financial inclusion context. He said, adding that “Together we have the power to fundamentally transform the economics of delivering financial services to those who need it most, allowing them to save, send kids to school, afford malaria medicine or upgrade their house with a tin roof or a toilet.”

Day 1, the workshop focused on lessons from East and Southern Africa for central bank delegates from the West African countries that are part of WAMZ. Day 2 of the workshop focused on country-specific strategies, benefiting from experience and inputs from countries such as Uganda, Kenya and Nigeria.  The final day of the workshop focused on regional cooperation and integration.  

UNDP and UNCDF’s support to this event is part of the West African Digital Financial Inclusion Programme for Fragile States 2016 – 2019.  

© Copyright by Awareness Times Newspaper in Freetown, Sierra Leone.

Top of Page

Latest Headlines
APC & SLPP MPs Approve 3 Cities to Enjoy Water Supply
Sierra Leone News : Siaka Stevens Hall In Kamakwie, Karene District, North Western Province, Will Host Children From Across Sierra Leone At This Year’s Annual General Meeting Of The Children’s Forum Network
Sierra Leone News : President Koroma Hosts Afreximbank
Sierra Leone: Why Always Port Loko? Why? Why?
$200,000 AFCOM Scandal: Why VP Foh Must Be Very Careful
Front Page Editorial Advise... Tiffy Tiffy AFCOM's $200,000 Fake VSAT Contract & Hon VP Foh
Sierra Leone: Unwrapping Yasmin Jusu Sheriff
Women, shame and dress code in Sierra Leone
Minister Mohamed Bangura is a Public Relations Disaster
FLASHBACK: Jubilation 18 Years ago when Lome Peace Accord was Signed
Sierra Leone Cabinet Minister Calls On Police to Investigate Conspiracy to Defraud Donor Funds
The Renaissance of Sierra Leone through the lenses of Attitudinal and Behavioural Change
Towards a modernised education system which can meet the challenges and opportunities of our future
Sierra Leone Social Welfare Deputy Calls Up Bizarre Press Conference
No articles available.
OJU Wilson - Your contribution to the Human Rights Struggle and the Rule of Law will never be forgotten
Sierra Leone Politics : Alhaji Osman Foday Yansaneh, a Muslim Steering an all-inclusive APC Secretariat
No articles available.
African Union endorses major new initiatives to end AIDS
DISCLAIMER !!!!!! 2 years old Child refused Help
No articles available.
No articles available.
SATIRE: Question: What is this rabbit laughing hysterically about???

Copyright © 2005 - 2010, Awareness Times Sierra Leone; All Rights Reserved.
Hosted & Designed by West Africa Dot Net