By Fatima Kpaka
Freetown, 30 May 2026: Parliament has enacted the ‘Deposit Protection Fund Act 2024’, replacing the 2023 legislation with a more comprehensive framework to regulate, govern, and manage Sierra Leone’s Deposit Protection Fund.
The move came on the same day lawmakers ratified the BOT Concession Agreement for the Online Business Registration System, underscoring government’s dual commitment to financial sector stability and digital modernization.
Finance Minister Sheku Ahmed Fantamadi Bangura said the new Act is designed to enhance the resilience of Sierra Leone’s financial sector by providing stronger protection for depositors and reinforcing confidence in the banking system.
The legislation establishes clearer operational and regulatory provisions for managing the Deposit Protection Fund, strengthening mechanisms to safeguard depositors’ funds in the event of financial institution distress or failure.
Officials emphasized that the enactment forms part of government’s broader efforts to reinforce financial stability, protect consumers, and promote trust in Sierra Leone’s banking and financial institutions.
📸 Photo Credit: Parliament of Sierra Leone