(SLIEPA Sources 5)
The Bank of Sierra Leone is responsible for issuing of license to Banks, Microfinance Institutions, Stock Exchanges and capital market operators such as stock brokers/dealers, fund managers, securities registrars and clearing facilities.
License Application Requirements for Banking and Other Financial Services
| 1 Only registered companies may apply for a banking license |
| 2 Business Plan, including CVs and profiles of senior management personnel |
| 3 Provide evidence of prescribed minimum capital |
| 4 Payment of License Fees |
License Application Requirements for Insurance and Insurance Related Services
| 1 Only registered companies may apply for a banking license |
| 2 Business Plan, including CVs and profiles of senior management personnel |
| 3 Provide evidence of prescribed minimum capital |
| 4 Payment of License Fees |
Licensing Procedures (Banking, Financial Services or Insurance)
| Step No. Description Activity | |||
| 1 | Submit a letter of application for a license to either BSL or SLICOM, including all relevant documents | ||
| 2 | BSL or SLICOM carries out appraisal of the application, and issues a response notifying applicant of decision. | ||
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3
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If approval is granted to issue license, the notification will include instructions on the applicable license fees and description of the license area. The license becomes effective on making payments of applicable fees and meeting other conditions listed in the notification. | ||
| Industry | Minimum Capital | License Fees | ||||||||
| (Le) | (US$) | (Mn Le) | (Mn US$) | |||||||
| Banking (effective 1/01/2013) | 27 Bn | 6.3 Mn | 58 Mn | 13k | ||||||
| Other Financial Services | 200 Mn | 45k | 6 Mn | 1.4k | ||||||
| Insurance | ||||||||||
| Insurance Related Services | ||||||||||
