Salone lacks infrastructure for digital financial service to thrive

At present, Sierra Leone lacks much of the complementary digital financial services (DFS) infrastructure to enable the DFS sector to thrive. The Sierra Leone Economic Update stated that approximately 200 MFI branches of deposit taking microfinance institutions (MFIs), Deposit-taking MFIs, commercial Banks (CBs), and financial services associations (FSAs) many lack the necessary community bank associations (CBAs). Without CBAs, or ones of poor quality, MFIs cannot receive or process ACH (Interbank systems for retail payments – often referred to as ACHs) payments, nor can they be connected and benefit from the investment in the national retail payment switch.

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