Regulatory Alerts2012-01-27
Guidelines for Other Deposit-Taking Institutions
The Bank of Sierra Leone issues these operating guidelines to regulate Other Deposit-Taking Institutions, including microfinance entities and community banks, by establishing comprehensive licensing, governance, and prudential standards. Licensed entities must maintain a minimum paid-up capital of Le 1 billion, adhere to an 8% capital adequacy ratio and 20% liquidity requirement, and submit detailed weekly and monthly financial returns alongside audited annual balance sheets. The framework mandates fit-and-proper directors, restricts connected lending and foreign currency dealings, and supersedes prior microfinance regulations to ensure systemic stability and transparent operations.
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