Rokel Commercial Bank, in partnership with the United Nations Capital Development Fund (UNCDF), officially launched the National Digital and Financial Literacy Survey at its Clock Tower Branch in Freetown.

The survey, which engaged 4,109 Sierra Leoneans nationwide, aimed to assess levels of financial and digital literacy, access to financial services, and the use of digital financial tools, with the goal of informing policies to improve financial security, business sustainability, and poverty reduction.

The survey sampled a diverse demographic, including 70% women and 30% men, 61% from rural areas and 39% from urban communities, and youth aged 18–35 representing 44% of respondents. The results revealed significant gaps in financial inclusion, literacy, and access to digital financial services (DFS), highlighting the urgent need for targeted interventions, particularly among rural populations, women, low-income earners, and less-educated adults.

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Financial Inclusion and Literacy Gaps
Findings show that overall financial inclusion among adults measured through bank account ownership, credit, savings, and insurance is just 15.1%, meaning over three-fourths of adults remain excluded from formal financial services. When accounting for mobile money usage, inclusion rises slightly to 32.9%, marking a modest 4% improvement since 2021.

Only 15.7% of adults have bank accounts, 20.3% have access to credit, and insurance coverage is extremely low at 4.9%. While nearly half of adults consider themselves long-term savers, only 15.9% save in formal institutions. Overall financial literacy scored 60.1/100, below the threshold of 72, with urban, educated, and higher-income adults performing better than rural and female counterparts.

Digitalization and DFS Challenges
Mobile phone ownership stands at 48.7%, with 63% of owners having smartphones. Urban adults (67%) are nearly twice as likely to own phones as rural adults (35%), and men (60%) have higher ownership than women (38%). Digital literacy is critically low at 26/100, with rural districts like Koinadugu and Pujehun scoring just 2.7 and 8.5, respectively. Usage of digital financial services is also limited: only 25.4% of adults own a mobile money account, with a mere 3% linking it to a bank. Despite low adoption, 82% recognize DFS as useful, while 50% express distrust.

Statements from Key Stakeholders
Mr. John Sumaila, Board Chairman of Rokel Commercial Bank, emphasized the bank’s commitment to inclusive financial growth. “Financial inclusion is not merely a policy goal it is a pathway to empowerment, resilience, and prosperity,” he said, highlighting the bank’s three pillars: expanding access points nationwide, improving financial literacy, and investing in digital technology.

A representative of the Bank Governor conveyed the Central Bank’s support, noting that evidence-based policymaking relies on accurate data. He traced Sierra Leone’s financial inclusion journey from the 2009 Financial Sector Assessment to current digital financial strategies, including the National Switch and fintech regulatory sandbox, aimed at scaling access and innovation.

Dr. Simeon Jonjo, representing the Minister of Finance, stressed the importance of digital and financial literacy in driving economic growth, particularly for farmers, who employ 60–70% of the workforce. He noted that digital adoption is critical to harnessing youth potential in the country, where over 60% of the population is under 35.

Cyrus Ngebah, speaking for the Minister of Youth Affairs, highlighted youth empowerment as a key priority. He commended Rokel Commercial Bank for youth-focused digital platforms, financial literacy outreach, and partnerships with government initiatives such as Youth Connect Hubs, which provide ICT labs, innovation spaces, and free internet access.

The European Union representative reinforced the importance of public-private partnerships for sustainable digital financial development. He highlighted the €6 million Salone Access to Finance matching grant facility, aimed at SMEs and farmers’ cooperatives, and underscored the transformative impact of DFS on rural communities.

UNCDF’s representative contextualized Sierra Leone’s progress globally, noting that mobile money adoption has reached over 2 million active wallets, with projected transaction values of up to 10 billion Leones this year. He stressed that infrastructure gaps, limited digital literacy, and rural access constraints remain major challenges.

Closing Remarks
Dr. Walton Ekundayo Gilpin, Managing Director of Rokel Commercial Bank, reiterated the importance of collaboration with stakeholders, including the European Union, UNCDF, and the Bank of Sierra Leone. He pledged continued support for programs that enhance financial literacy, expand digital adoption, and increase financial inclusion, particularly among youth. Dr. Gilpin emphasized that the survey findings will guide actionable initiatives to improve financial well-being, digital literacy, and economic empowerment nationwide.

The launch of the National Digital and Financial Literacy Survey marks a critical step in Sierra Leone’s journey toward inclusive, digitally enabled financial growth, providing a roadmap for interventions that ensure no citizen is left behind in the country’s digital economy transformation.