Mobile Money Users Reach 2 Million Nationwide

The World Bank has highlighted strong growth alongside structural risks in Sierra Leone’s financial sector in its Sierra Leone Economic Update, 7th Edition, noting that the sector remains closely linked to the public sector and exposed to sovereign risk.

According to the report, commercial banks dominate the financial system, accounting for about 95 percent of total financial assets. In 2024, the banking sector’s asset base grew by 22 percent, reaching 27 percent of Gross Domestic Product (GDP), up from 23 percent in 2023. This growth was driven by increased customer deposits and higher retained profits.

However, the World Bank warned that about 45 percent of commercial bank assets are invested in government securities, creating a strong sovereign–bank nexus. While these securities are considered zero risk-weighted, the heavy concentration limits lending to the private sector and may constrain business growth and job creation.
The report noted that other financial institutions, though holding only about 5 percent of total banking assets, play an important role in promoting financial inclusion, particularly in rural and hard-to-reach areas. These institutions often provide credit to micro, small and medium-sized enterprises that commercial banks are reluctant to finance.
Mobile money services were also highlighted as a key driver of financial inclusion. Active mobile money accounts increased from 1.8 million in 2023 to 2.0 million in 2024, alongside growth in agents and merchants nationwide. Overall financial inclusion improved from 29 percent in 2021 to 39 percent in 2025, although this remains below the Sub-Saharan Africa average of 55 percent.
Despite the risks, the World Bank assessed Sierra Leone’s banking sector as generally well-capitalized, liquid, and profitable. The sector recorded a capital adequacy ratio of 40.9 percent and a liquidity ratio of 73.5 percent, both well above regulatory requirements. Credit to the private sector expanded by 41 percent in 2024, while non-performing loans declined to 8.8 percent, below the regulatory threshold.
The report concluded that while Sierra Leone’s financial system shows resilience and improving inclusion, reducing overreliance on government securities and strengthening private sector lending will be critical for sustainable economic growth.