IFC Partners with Access Bank Sierra Leone to Boost SME Financing and Growth

The International Finance Corporation (IFC) has announced a major new partnership with Access Bank (Sierra Leone) Ltd (ABSL) to expand access to finance for small and medium-sized enterprises (SMEs), with a strong focus on supporting women-owned and women-led businesses. The initiative is designed to help close Sierra Leone’s persistent financing gaps, promote inclusive economic development, and strengthen private sector growth.

$10 Million Risk-Sharing Facility to Unlock $20 Million in SME Loans

As part of the agreement, IFC will provide ABSL with an unfunded risk-sharing facility of up to $10 million in local currency equivalent, backed by Sierra Leonean Leones. This facility is expected to support up to $20 million equivalent in new SME loans, providing much-needed financing in a market where businesses struggle to secure credit.

A minimum of 25 percent of the financing will be directed to women-owned SMEs, in line with ABSL’s commitment to more than double the share of women-led businesses in its SME portfolio—from the current level to over 50 percent within five years.

Leveraging the Small Loan Guarantee Program (SLGP)

The risk-sharing agreement is part of IFC’s Small Loan Guarantee Program (SLGP), which aims to de-risk SME lending in fragile and low-income markets. The SLGP is underpinned by a $120 million pooled first-loss guarantee from the International Development Association’s (IDA) Private Sector Window Blended Finance Facility (PSW BFF).

By providing the facility in local currency, IFC is also helping ABSL hedge against currency fluctuations, a significant challenge in Sierra Leone’s financial sector.

Advisory and Training to Strengthen SME Lending

Beyond financial support, IFC will provide advisory services to help ABSL strengthen its operations and internal capacity for SME lending. A key component will include training for employees from 50 SMEs, including women-led businesses, in financial and business management skills. This training is designed to enhance SMEs’ credit readiness, resilience, and long-term sustainability.

Ganiyu Sanni, Managing Director of Access Bank Sierra Leone, highlighted the initiative’s transformative potential:

“Through our collaboration with IFC, Access Bank Sierra Leone is unlocking new opportunities for women entrepreneurs, extending access to finance in underserved markets, and strengthening the resilience of local businesses. Together, we are driving inclusive finance and supporting sustainable growth across Sierra Leone.”

Abdu Muwonge, World Bank Group Joint Country Representative for Sierra Leone, emphasized the impact on job creation:

“This partnership demonstrates IFC’s commitment to expanding access to finance in underserved markets and to unlocking the potential of women entrepreneurs. SMEs are essential to driving job creation and boosting resilience in Sierra Leone, where they create the vast majority of jobs. With this partnership, we will help many access the financing they need to grow.”

SMEs: The Backbone of Sierra Leone’s Economy

According to the World Bank Group, SMEs—including micro-enterprises—account for nearly 90 percent of Sierra Leone’s private businesses and provide livelihoods for about 70 percent of the population. Yet access to finance remains a critical bottleneck: only 17 percent of SMEs are able to secure formal loans or credit.

This financing gap hampers entrepreneurship, limits innovation, and restricts the ability of SMEs to scale and create new jobs. Women-led businesses, in particular, face additional barriers, including limited collateral and fewer connections to formal banking networks.

IFC’s Broader Engagement in Sierra Leone

The new partnership builds on IFC’s ongoing efforts to strengthen Sierra Leone’s private sector. IFC currently has an investment portfolio of $43.5 million in the country, with a focus on agribusiness and financial services. It is also actively engaged in energy, telecommunications, and agriculture value chains.

On the advisory side, IFC continues to support initiatives that expand financial inclusion and strengthen ecosystems across key agricultural sectors, recognizing their importance in driving resilience, exports, and livelihoods.

Looking Ahead

The partnership between IFC and ABSL is expected to accelerate SME growth, promote inclusive finance, and provide a lifeline to thousands of entrepreneurs in Sierra Leone. By prioritizing women-owned SMEs, the initiative seeks not only to close gender gaps in access to finance but also to empower women as drivers of economic growth and social progress.

With SMEs forming the backbone of Sierra Leone’s economy, this collaboration is a significant step toward building resilience, creating jobs, and fostering sustainable development in the years ahead.