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Sierra Leone: lending & credit regulation

Regulated

Lending regulated under Borrowers and Lenders Act 2019; BSL oversight

Lead regulator:
Bank of Sierra Leone
Key law:
Borrowers and Lenders Act, 2019
Last updated:
2026-07-12

The lending sector is governed by the Borrowers and Lenders Act, 2019, which repealed the 2014 legislation to modernize credit frameworks. The Bank of Sierra Leone serves as the primary regulator, overseeing licensing and collateral registration.

The 2019 Act expands the Collateral Registry to include immovable assets and clarifies the status of unlicensed lenders operating outside central bank supervision. This update aims to improve credit access and security interest prioritization.

Additionally, the Credit Reference Act 2011 establishes a licensing framework for credit reference bureaus under central bank oversight, mandating monthly data submission by financial institutions to support informed lending decisions.

Who regulates

  • Bank of Sierra Leone

    Primary supervisor for lending framework and credit reference bureaus

    [1][2]

Core laws & rules

  • Borrowers and Lenders Act (2019)

    Repealed the 2014 Act, expanded the Collateral Registry to immovable assets, and addressed unlicensed lenders.

    [1]

  • Borrowers and Lenders Act (2014)

    Established the initial comprehensive legal framework for credit agreements and movable property security interests.

    [3]

  • Credit Reference Act (2011)

    Established licensing for credit reference bureaus and mandated monthly credit data submission by financial institutions.

    [2]

Licensing & registration

  • Lenders

    The 2019 Act permits unlicensed lenders outside Bank of Sierra Leone supervision, implying a regulated category for those within scope.

    [1]

  • Credit Reference Bureaus

    Comprehensive licensing framework established under central bank oversight with strict confidentiality rules.

    [2]

Restrictions & warnings

  • Credit reference bureaus are subject to strict confidentiality rules and must submit monthly credit data.

    [2]

Direction of travel

  • The regulatory direction emphasizes expanding collateral security to immovable assets and formalizing credit reference infrastructure.

    [1]

Sources

  1. The Borrowers and Lenders Act, 2019 · 2019-01-01
  2. Credit Reference Act 2011 · 2011-01-01
  3. Borrowers and Lenders Act 2014 · 2014-01-01

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This guide is compiled automatically from 3 primary-source documents published by Sierra Leone's regulators, reviewed by RegAlert, and refreshed monthly (last updated 2026-07-12). It is not legal advice — always confirm requirements with the regulator or local counsel before acting.