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The International Fund for Agricultural Development (IFAD) has reported the successful completion of its project review mission for the Rural Finance & Community Improvement Project Phase II (RFCIP-II) in Sierra Leone.
Led by Madame Pascaline Barankeba, Country Director for West and Central Africa, the mission met with Hon. Sheku Ahmed Fantamadi Bangura, Minister of Finance, to present its findings.
The meeting, which took place on June 12, 2024, included key stakeholders such as Dr. Franklin Sisabu Bendu, Technical Adviser to the Minister, and Mr. Kenneth King, Assistant Director of the Multilateral Project Division.
The IFAD delegation also featured Mr. Joseph Brima, Country Programme Manager, Nelson Salia-Konneh, Director of APEX Bank Sierra Leone Limited, and Mohamed Tejan Kella, RFCIP-II Programme Coordinator.
During the meeting, Minister Bangura expressed appreciation for IFAD’s ongoing support in implementing various projects in Sierra Leone. He acknowledged the significant impact of these initiatives on rural communities.
Madame Barankeba highlighted the goal of RFCIP-II: to sustainably reduce rural poverty and household food insecurity. Originally approved for a nine-year period starting in 2013, the project was set to close in December 2023.
Following an initial financing of $31.3 million, which included loans and grants, a second additional financing of $15 million was approved in 2023 to further address rural finance and financial inclusion needs.
Mr. Brima reported that the project is performing well and remains on track. He noted that the APEX Bank and 76 Rural Financial Institutions, including 59 Financial Services Associations and 17 Community Banks, are effectively providing affordable financial solutions to smallholder farmers across the country.
In terms of sustainability, Mr. Brima revealed that the number of Financial Service Associations increased from 48 in September 2024 to 54 by March 2025, stating that all 17 Community Banks achieved sustainability by the end of March 2025.
By that time, Mr. Brima further affirmed that the project had reached a total of 256,212 households, which is 79% of the target of 324,496 households by the project’s completion.
The Rural Finance Network (RFN), covering 15 districts, reportedly remains the largest national financial inclusion network in Sierra Leone, with 179,454 shareholders and 80,475 active borrowers as of March 2025.
The Finance Minister commended IFAD for the effective implementation of RFCIP-II and urged the Project Implementation Unit (PIU) to ensure full utilization of the funds within the designated timeframe. He also promised to release the government’s counterpart contribution for the completion of the APEX Bank building.
