Other Financial Services Act, 2001
An Act regulating non-bank financial services and institutions in Sierra Leone, supervised by the central bank.
Summary
The Other Financial Services Act, 2001 regulates financial services provided by institutions other than commercial banks in Sierra Leone — including finance companies, microfinance and community institutions, bureaux de change, discount houses and similar providers.
The Act provides for the licensing, regulation and prudential supervision of such 'other financial institutions' by the Bank of Sierra Leone, sets requirements for carrying on their business, and provides for powers of inspection, intervention and enforcement. It extends financial regulation beyond banks to the wider financial sector, supporting stability and the protection of customers. It was amended in 2007.
Main provisions
- Regulates non-bank financial institutions and services.
- Provides for their licensing by the central bank.
- Sets requirements for carrying on their business.
- Provides for prudential supervision, inspection and intervention.
- Extends financial regulation beyond banks to protect customers.