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Tuesday, January 31, 2023

Bank Governor Applauds SLCB

HomeAYV NewsBank Governor Applauds SLCB

Bank Governor Applauds SLCB

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Mr. Conteh disclosed that, the launch of MiYone Kiosk and MiYone Teller products by the bank cannot come at a better time, in keeping with the call of the Bank of Sierra Leone for banks and non-bank financial institution to do much more in support of their efforts to promote financial inclusion.

Mr. Conteh added that, the support of financial inclusion through the introduction of innovative and affordable products and services would attract the unbanked into the formal financial system.

It will be recalled that the Bank of Sierra Leone made a strong commitment in February this year to support expansion of the scale, scope and reach of financial services in the country, including the provision of digital financial services.

According to the Bank Governor in his speech at the Bank’s Annual Dinner, he clearly highlighted some of the gaps in the country’s financial institution landscape, both in terms of geographical dimensions of access to financial services.

“A total of 86 out of 191 Chiefdoms not having financial services access points, and a large proportion of financially excluded population, with only about 500,000 Sierra Leoneans having received a loan from a formal financial institution” Dr. Conteh said in his key note address.

Mr. Conteh further urged all banking sectors in the country to collectively address and support the development of the financial sectors, noting low penetration rate presents opportunities for financial institutions to leverage appropriate technology and expand financial services delivery in order to meet the demands of the new generation.

“Commercial banks must take this opportunity to map out potential financial access points for the creation of far-reaching financial inclusion footprints in the country” Mr. Conteh urged.

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