Regulatory AlertsSierra Leone: lending & credit regulation
Partially regulatedBSL regulates credit bureaus; Borrowers and Lenders Act 2019 governs lending framework
- Lead regulator
- Bank of Sierra Leone
- Also involved
- —
- Core law
- Borrowers and Lenders Act, 2019
- Entry capital
- —
- Approval timeline
- —
- Customer assets
- —
- Data protection
- —
- Sandbox
- —
The Bank of Sierra Leone (BSL) is the primary regulator for credit reference bureaus under the Credit Reference Act 2011. The Borrowers and Lenders Act 2019 provides the overarching framework for credit agreements and collateral, explicitly permitting unlicensed lenders to operate outside BSL supervision. This creates a bifurcated landscape where credit infrastructure is regulated, but general lending is largely unregulated.
Which licence do you need?
| Your activity | Requirement | Capital | Timeline | Authority |
|---|---|---|---|---|
| Consumer lending | Unregulated[1] Unlicensed lenders permitted outside BSL oversight per 2019 Act | — | — | — |
| SME / commercial lending | Unregulated[1] Unlicensed lenders permitted outside BSL oversight per 2019 Act | — | — | — |
| Microfinance | Uncertainverify with regulator No specific microfinance licensing regime identified in sources | — | — | — |
| Buy-now-pay-later | Uncertainverify with regulator Treated as consumer lending; no specific BNPL rules found | — | — | — |
| P2P lending platform | Uncertainverify with regulator No specific P2P lending framework identified in sources | — | — | — |
| Credit bureau / scoring | LicenceCredit Reference Bureau License[2] Mandatory licensing under Credit Reference Act 2011 | — | — | Bank of Sierra Leone |
| Debt collection | Uncertainverify with regulator General debt collection rules not specified in sources | — | — | — |
New — what changed recently
- 2019-01-01Borrowers and Lenders Act, 2019 — Repealed 2014 Act and explicitly permitted unlicensed lenders to operate outside BSL supervision.[1]
Market-entry checklist
- 1Register collateral if applicableUtilize the centralized Collateral Registry for movable and immovable security interests.
- 2Comply with credit agreement lawsEnsure all lending contracts adhere to the Borrowers and Lenders Act 2019 standards.
- 3License for credit data servicesObtain BSL license if operating a credit reference bureau under the 2011 Act.
- 4Verify unlicensed lender statusConfirm if your business model falls under the permitted unlicensed lender exemption.