By George M.O. Williams
Sierra Leone – September 25, 2025: In a major step toward strengthening Sierra Leone’s small business sector, the International Finance Corporation (IFC) has announced a $20 million financial package to Access Bank Sierra Leone (ABSL), aimed at accelerating the growth of Small and Medium Enterprises (SMEs), with a strong emphasis on empowering women and youth.
The signing ceremony took place at the World Bank Country Office in Freetown, marking a strategic partnership designed to deepen financial inclusion and support private sector development.
Under the agreement, IFC will provide ABSL with an unfunded risk-sharing facility of up to $10 million in local currency, enabling the bank to extend up to $20 million in new SME loans. At least 25 percent of the financing will be directed toward women-owned businesses, with ABSL aiming to more than double their share in its SME portfolio to over 50 percent within five years.
The facility is part of IFC’s Small Loan Guarantee Program (SLGP), which seeks to de-risk and scale up SME financing in fragile and low-income markets. The SLGP is backed by a $120 million first-loss guarantee from the International Development Association’s Private Sector Window Blended Finance Facility (IDA PSW BFF). By offering local currency funding, IFC helps mitigate exchange rate risks for ABSL.
Beyond financial support, IFC will provide advisory services to strengthen ABSL’s internal capacity for SME lending. The partnership also includes training for employees at 50 SMEs—particularly women-led enterprises—in financial and business management to improve credit readiness and long-term sustainability.
World Bank Country Manager Abdu Muwonge hailed the initiative as timely, noting that SME growth in Sierra Leone has risen from 29 to 31 percent, according to a recent World Bank report. “Access to finance remains the biggest barrier to SME growth, especially for women and youth,” Muwonge said. “This partnership will help bridge that gap through credit facilities, financial literacy, and credit management training.”
Access Bank CEO Ganiyu Sanni emphasized the bank’s commitment to inclusive growth. “We have a deliberate policy to ensure that at least 60 percent of this facility benefits women entrepreneurs,” he said. “Through women’s banking, we aim to improve livelihoods and create opportunities for those who often find it hardest to access finance.”
Representing the Bank of Sierra Leone Governor, Dr. Morlai Bangura, Director in the Governor’s Office, underscored the importance of financial inclusion in the Central Bank’s strategy. “Empowering women economically drives overall economic growth,” he said. “SMEs are vital to Sierra Leone’s recovery and resilience, especially in agriculture.”
Dr. Bangura also highlighted the role of infrastructure, digital finance, and services like the National Switch in expanding access to financial services across the country.
The partnership between IFC and ABSL is expected to be a catalyst for SME development, job creation, and inclusive economic growth in Sierra Leone.