• Ssemujju Lewis E

Top FinTech Companies In Sierra Leone

Updated: Jul 9

When you start a discussion on the penetration of technology, and by extension, financial technology, Sierra Leone is not one of the places your conversation goes to in Africa. Go there now.

According to the 2017 Global Findex, fewer than 20 percent of adults have a financial account – less than half the average for Sub-Saharan Africa. And yet, after months of planning, the Bank of Sierra Leone (BSL) unveiled the inaugural cohort of its regulatory sandbox pilot program.

Related: Top FinTech Companies In Cameroon

Sierra Leone followed in the footsteps of Malaysia’s Bank Negara and other jurisdictions that have linked their sandbox programs to national financial inclusion strategies. The pilot program is expressly linked to Sierra Leone’s National Financial Inclusion Strategy 2017 - 2020. BSL designed the regulatory sandbox as a dedicated regulatory environment to facilitate new business models with clear potential to benefit Sierra Leone’s consumers and advance its financial inclusion strategy.

Africa has long been considered a leader in the financial institution innovation space, with circumstances pushing Africans to adopt easier and less traditional means of transaction.

According to Ecobank, more than 57 percent of all mobile money accounts globally can be found in Sub-Saharan Africa, with the African fintech market set to grow from US$200 million today to US$3 billion by 2020. In addition, a recent study by McKinsey found room for growth in meeting unmet banking needs in Africa that includes borrowing, saving, and investing across the continent, with South Africa alone set to see an increase in banking revenues of US$4 billion over the next five years.

Top Fintech Companies In Sierra Leone

1. InvestED

This is one of the top fintech companies in Sierra Leone, and it provides a platform for training low-income entrepreneurs using a mobile app on topics such as entrepreneurship, business skills, and financial literacy. In addition, users can qualify for credit products offered by SMT and other lending partners. Loans repayment is managed via mobile money.

InvestED was one of 4 fintech assessed by the Bank of Sierra Leone to participate in the Sandbox Framework to test further their innovations linking financial literacy performance to loans from partner Salone Microfinance Trust in a live environment under the central bank’s supervision. After Kenya, Sierra Leone is the second African country to launch a Sandbox Framework.

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2. MyPay

MyPay is one of the top fintech companies in Sierra Leone because it is an interoperable e-money platform that integrates financial institutions and provides point-of-sales machines to agent networks to manage financial transactions.

MyPay was created to support financial inclusion and enhance the user experience of our valued customers. They deliver products and services that eliminate the need to transact using currency notes. MyPay has an extensive network of NFC (Near Field Communication) POS Terminals that will be deployed to enable painless payments at merchant locations using Touch-N-Pay Cards, Tags, wearables, and smartphones. Their extensive network of POS terminals and Online payments will give our customers access to a rich network of the payment ecosystem. No need to move around with cash. Just Tap, enter your pin, and pay -- simple life, done your way.