The Bank of Sierra Leone and UNCDF release the results of the Digital Finance Annual Provider Survey, covering all 10 Institutions active in this space.

At the bankers meeting held at the Bank of Sierra Leone Complex, Patrick S Conteh, the Governor of the Bank of Sierra Leone released the results of the Digital Financial Services (DFS) Annual Provider Survey. Findings show that currently ten providers offer digital financial services in the market, including two mobile network operators and eight banks. The percentage of adult population actively using DFS increased from 6 percent in 2016 to percent in 2017. In December 2017, there were 385,000 active customer accounts (90 days) with which 6.1 million transactions were conducted, for a total value of 310 billion SLL (US $ 39 million).

In his opening remarks, the Governor stated that the report "provides information for providers on where the diversification opportunities are for DFS. We are confident that this exercise will allow us to ensure stability and promote inclusion responsibly".

Central to the objectives of the Sierra Leone National Strategy for Financial Inclusion 2017 – 2020, is to ensure that Bank of Sierra Leone is responsive to emerging opportunities in new areas such as digital financial inclusion. Market-level data is vital to shaping the understanding of a country’s DFS market, its level of development and trends. While the recently launched Findex database tracks useful national-level indicators from consumers, to date, the availability of high-quality, market-level data on the Sierra Leone DFS market is limited.

In partnership with Bank of Sierra Leone, UNCDF developed the Annual Provider Survey which provides industry participants with a comprehensive view of the state of the DFS market in Sierra Leone. Encompassing customer adoption, usage and trends of DFS in the country, the annual survey aims to equip the regulatory bodies, with the relevant know-how to better monitor, manage and guide the various DFS providers in country whilst simultaneously providing DFS providers valuable insights into the performance of their products and services relative to the market.

When concluding the presentation of the results, Anne Duijnhouwer, Research and Results Measurement Analyst UNCDF, said “We are thrilled that Sierra Leone recognizes the importance of data. The findings show that, though still in early stage of development, the DFS market is progressing. We hope that the insights will inform DFS regulators and providers in their decision-making and contribute to further development of the DFS market in Sierra Leone.”

Read the report here