(LVDE) – To boost financing for small and medium-sized enterprises (SMEs) in Sierra Leone, the International Finance Corporation (IFC) has announced a strategic partnership with Access Bank. This $10 million support specifically targets improved access to credit for women-led businesses.
On September 25, 2025, the IFC unveiled a major partnership with Access Bank Sierra Leone Ltd aimed at strengthening SME financing in the country. The initiative is designed to close funding gaps and promote inclusive economic growth, essential for Sierra Leone’s sustainable development.
Under this agreement, the IFC will provide Access Bank with an unfunded risk-sharing facility of up to $10 million, in the equivalent of Sierra Leonean leones. This mechanism is expected to generate up to $20 million in new loans for SMEs. Access Bank has committed to allocate at least 25% of these funds to women-owned and women-led businesses, with the ambitious goal of raising their share to over 50% of its SME portfolio within five years.
The risk-sharing mechanism falls under IFC’s Small Loan Guarantee Program (SLGP), which focuses on expanding access to finance for SMEs operating in fragile or low-income environments. The SLGP is backed by a pooled first-loss guarantee of $120 million, provided by the IDA Private Sector Window Blended Finance Facility (IDA PSW BFF) of the International Development Association.
The IFC initiative also includes local currency financing, enabling Access Bank to hedge against exchange rate fluctuations. In addition, IFC will provide advisory support to strengthen Access Bank’s internal SME lending operations. The partnership will also offer training for 50 SMEs, including women-led enterprises, in financial and business management. The objective is to improve their credit readiness and ensure long-term sustainability.
Ganiyu Sanni, Managing Director of Access Bank Sierra Leone, expressed enthusiasm: “Through our collaboration with IFC, we are opening new doors for women entrepreneurs, expanding access to finance in underserved markets, and strengthening the resilience of local businesses. Together, we are driving inclusive finance and supporting sustainable growth in Sierra Leone.”
For his part, Abdu Muwonge, World Bank Group Country Manager for Sierra Leone, stressed the importance of the partnership: “This project illustrates IFC’s commitment to broadening access to finance. SMEs play a crucial role in job creation and in driving economic resilience in Sierra Leone, where they represent the majority of employment. With this initiative, we will help many businesses secure the financing they need to grow.”
Statistics highlight the magnitude of the challenge in the country: nearly 90% of private enterprises in Sierra Leone are SMEs, providing livelihoods for 70% of the population. Yet only 17% of these businesses manage to access formal loans or credit, severely limiting their growth potential. With this new partnership, IFC aims to reduce the financing gap and foster a more enabling environment for entrepreneurship.
Currently, IFC’s investment portfolio in Sierra Leone stands at $43.5 million, primarily in the agribusiness and financial sectors. IFC is also active in energy, telecommunications, and agriculture value chains, with a strong focus on financial inclusion and strengthening ecosystems in key agricultural value chains.
This partnership with Access Bank represents a significant step forward for Sierra Leone’s private sector, promising to expand economic opportunities and support sustainable growth across the country.
Esther Grace
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