Banking Act, 2000
An Act regulating the business of banking in Sierra Leone, providing for the licensing, operation and supervision of banks by the central bank.
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Summary
The Banking Act, 2000 regulated the business of banking in Sierra Leone. It provided for the licensing of banks, the conditions under which banking business could be carried on, and the prudential supervision of banks by the Bank of Sierra Leone.
The Act set requirements as to capital, liquidity and the conduct of banking business, restricted certain activities, and gave the central bank powers of inspection and intervention in respect of banks in difficulty. Its aim was to protect depositors and maintain confidence in the banking system. It was later replaced by the Banking Act, 2019.
Main provisions
- Requires a licence from the central bank to carry on banking business.
- Sets prudential requirements as to capital, liquidity and conduct of business.
- Provides for the supervision and inspection of banks by the Bank of Sierra Leone.
- Confers powers of intervention in respect of distressed banks.
- Aims to protect depositors and maintain confidence in the banking system.
- Later replaced by the Banking Act, 2019.