• IFC, Access Bank sign $10M deal to boost SME lending
• At least 25% of loans reserved for women-led businesses
• Program targets financial inclusion, job growth in Sierra Leone

The International Finance Corporation (IFC) announced on Thursday, Sept. 25, 2025, that it has reached a $10 million guarantee agreement with Access Bank Sierra Leone, a local subsidiary of a major Nigerian financial institution.

The financing is designed to bolster the bank's capacity to extend credit to local small and medium-sized enterprises (SMEs), with a specific focus on those owned or led by women.

Under the partnership, the IFC will provide a risk-sharing facility, enabling Access Bank to issue up to $20 million in local currency loans to SMEs. Crucially, at least 25% of these funds will be reserved for women-owned businesses, a share Access Bank aims to increase to over 50% within five years.

The IFC will also provide technical assistance to the bank and launch a training program for approximately 50 SMEs to strengthen their management skills and economic sustainability.

This agreement comes as SMEs play a central role in Sierra Leone's economy, representing about 90% of the economic landscape and providing livelihoods for nearly 70% of the population. Despite this, only 17% of SMEs currently have access to formal financing, significantly hindering their development.

“SMEs are essential to driving job creation, and boosting resilience and growth 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," said Abdu Muwonge, World Bank Group Joint Country Representative for Sierra Leone.

The initiative falls under the IFC's Small Loan Guarantee Program (SLGP), a mechanism established to reduce the risks associated with financing SMEs in fragile and low-income economies. The program aims to mobilize more private resources into key development sectors, generating a direct impact on employment, financial inclusion, and sustainable economic growth.

The IFC currently reports an investment portfolio of $43.5 million in Sierra Leone, concentrated mainly in the agribusiness and financial sectors.

SG