Bank of Sierra Leone Rolls in New Guidelines For Financial Institutions

The Bank of Sierra Leone is on Tuesday scheduled to unveil new guidelines for the regulation of financial service institutions providing mobile money transaction, an official has said Monday.

The move, according to the official, will oblige providers to keep the Bank informed on all their activities. The provision for a trust fund by all financial institutions will also be made compulsory and the Bank will identify the amount of money to go into it.

“The move is part of the Bank’s effort at increasing its scope on financial inclusion in the country,” said Berestford Taylor, Public Relations Officer of Bank.

Sierra Leone, he said, currently has slightly over 500, 000 bank accounts out of over the six million population.

“Compared to the population, this is too small. So it is the goal of the (Bank) Governor to increase that number;” Taylor said.

He ruled out any chance of increase in transaction cost.