State of the Digital Financial Services Market in Sierra Leone

This report presents a comprehensive analysis of the current state of digital financial services in Sierra Leone. As the financial ecosystem continues to evolve, this report provides critical insights into the adoption, performance, and challenges of DFS across various providers while highlighting key trends that influence financial inclusion and economic participation. The report leverages data collected from DFS providers through the Annual Provider Survey. It examines both telecom-led and bank-led digital financial services, focusing on key aspects such as mobile money growth, transaction volumes, agent distribution, and gender disparities in financial access. Additionally, it offers valuable insights into digital transaction channels, service offerings, and financial engagement levels across various demographic segments.

The report explores several critical themes, including the adoption of digital channels and the extent to which financial institutions utilize mobile apps, web platforms, ATMs, and agency banking. It evaluates the availability of DFS services such as account-to-wallet transfers, bill payments, merchant payments, remittances, and digital lending. Furthermore, it provides an in-depth analysis of transaction trends, assessing volumes and values across digital self-service, agent banking, and card transactions. The study also examines demographic and regional dynamics, shedding light on agent distribution, transaction behaviors, and financial participation among different population segments, with a particular focus on gender and youth inclusion. Additionally, the report identifies barriers to financial inclusion and proposes strategic interventions to enhance DFS adoption and operational efficiency.