The project is set to drive economic growth in Sierra Leone by revitalising the agricultural sector. Funded by the EU and managed by the United Nations Capital Development Fund (UNCDF) in partnership with the Ministry of Agriculture and Food Security, the project is designed to create jobs, reduce poverty, and encourage economic diversification. It aligns with the Government’s focus on private sector development as highlighted in the Medium-term National Development Plan and the Feed Salone initiative.

To reshape the financial landscape for agriculture, the project focuses in four main areas:

• Investment: It provides financial support to agricultural businesses.
• Insurance: It offers solutions designed to manage and mitigate the risks faced by farmers helping them to safeguard their livelihoods.
• Digitalisation: By introducing cutting-edge digital tools to enhance financial inclusion, the project aims to make financial services more accessible for agricultural stakeholders.
• Business Environment: Efforts are made to improve the overall conditions for agricultural growth, creating a more supportive and conducive environment for the sector’s expansion.

With the goal to deliver digital financial solutions to 500,000 low-income farmers,  including women, young people, and entrepreneurs, over the next 5 years, this project is meant to make a lasting impact on Sierra Leone’s agricultural landscape and broader economy.

Key Results:

Significant partnerships have been established with leading organisations, such as Africel, GTBank, Rokel Commercial Bank, and Activa Insurance Company, paving the way for transformative impact and growth.

Upcoming Activities:

Here is what is next for the project:

• Matching grant establishment: A new matching grant programme is being launched to support small and medium agricultural businesses through the Sierra Leone Agribusiness Promotion Facility.
• Policy consultant recruitment: A dedicated policy consultant will join the Bank of Sierra Leone (BSL) to craft innovative policies and strategies that will bolster the growth of agricultural businesses.
• Partnership with microfinance institutions: Selected microfinance institutions will participate in the grant facility, supported by a consultant who will train them to deliver impactful services.
• Market research: In-depth research will be conducted to gain insights into financial behaviours and develop tailored financial products and services that truly meet the needs of the agricultural community.
• Innovative banking model: The deployment of a new banking model will lead to improve the access to financial services and simplify transactions such as deposits and withdrawals.
• Tailor-made products and services: Customised financial products and services, designed with a human-centred approach, will be introduced to address the specific needs of the agricultural sector.
• Financial literacy training: Targeted training sessions will be provided to equip stakeholders with the knowledge and tools needed to manage their financial resources effectively. Read more details below. 
  
  Salone Access To Finance Project Fiche.pdf