By John Kelly Marah<\/p>\n\n\n\n
The Parliament of Sierra Leone on Thursday 28\/05\/2026, extensively debated and enacted, with amendments, the Bill entitled: \u201cThe Credit Reference Act 2025\u201d for the development of Sierra Leone.<\/p>\n\n\n\n
The Bill seeks to repeal and replace the Credit Reference Act 2011 and to provide a framework for the establishment of credit reference bureaus, set conditions for credit reporting, and provide for other related matters.<\/p>\n\n\n\n
Presenting the Bill, the Minister of Finance, Sheku Ahmed Fantamadi Bangura, said the legislation contains proposals that will improve the country\u2019s economic impact. He described it as fundamental for modernizing our financial infrastructure and empowering Sierra Leone. The primary objective of the Bill, he said, is to establish a robust legal system for the licensing and operation of credit reference bureaus in Sierra Leone. <\/p>\n\n\n\n
He added that the Bill also empowers bureaus to express a customer\u2019s creditworthiness numerically.<\/p>\n\n\n\n
Contributing to the debate, Deputy Leader 2 of Government Business, Hon. Saa Emerson Lamina said Section 29 of the Bill imposes obligations on individual credit facilities and improves transparency and accountability. He informed MPs that the document strengthens individual confidence and provides access to finance \u2014 an opportunity that has long been a challenge for farmers, youths, and miners, among others. <\/p>\n\n\n\n
He linked the Bill to the Government\u2019s flagship project, especially agriculture, and stressed how youths involved in agriculture would benefit from its implementation to promote the Feed Salone_ project. He told the House that access to credit through this Bill would help youths cultivate inland valley swamps, engage in crop production, and practice animal husbandry. <\/p>\n\n\n\n
He also spoke about penalties in the Bill, which include jail terms and fines, and described it as an \u201ceye-opener\u201d for many youths investing in agriculture.<\/p>\n\n\n\n
Rounding up the debate, the Leader of Opposition, Hon. Abdul Kargbo described the Bill\u2019s enforcement capacity as weak and said it requires stringent attention from the government. He argued that the focus should be on low earners to protect businesses. <\/p>\n\n\n\n
He highlighted several advantages in the Bill, saying it will improve access to credit and allow banks to assess risk more effectively. \u201cBorrowers with a credit history can access loans more easily,\u201d he said. He noted that the Bill provides for regulatory oversight by the Central Bank. \u201cAs an opposition, we are not averse to this Bill,\u201d he concluded.<\/p>\n\n\n\n
Concluding the debate, the Acting Majority Leader of Government Business, Hon. Silikie described the Bill as necessary for boosting economic growth. He said it will address long-standing issues banks face when issuing loans. He expressed optimism that contentious issues would be resolved at the committee stage.<\/p>\n\n\n\n
Responding to the concerns raised earlier by Members of Parliament, the Minister assured the House that issues raised by MPs would be addressed. He ended by appealing to the House for the passage of the Bill.<\/p>\n\n\n\n
In another development, the House ratified a 15-year Build-Operate-Transfer Public Private Partnership (PPP) concession agreement for the Online Business Registration System (OBRS) between the Government of Sierra Leone, via the National Investment Board, and Multi GIS E-Services SL Ltd, shareholder Multi Tech African SL Ltd. The agreement was tabled on Parliament 28 May 2026 following Cabinet approval.<\/p>\n\n\n\n
Also in another development, the House debated and enacted, with amendments, the Bill entitled: \u201cThe Deposit Protection Fund Act 2024\u201d.<\/p>\n\n\n\n
The Bill seeks to repeal and replace the Deposit Protection Fund Act 2023 with a more comprehensive law that provides for the continuation, control, and regulation of the Deposit Protection Fund and for other related matters.<\/p>\n","protected":false},"excerpt":{"rendered":"
By John Kelly Marah The Parliament of Sierra Leone on Thursday 28\/05\/2026, extensively debated and enacted, with amendments, the Bill entitled: \u201cThe Credit Reference Act 2025\u201d for the development of Sierra Leone. The Bill seeks to repeal and replace the Credit Reference Act 2011 and to provide a framework for the establishment of credit reference […]<\/p>\n","protected":false},"author":2,"featured_media":345,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"yoast_head":"\n