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Financial Services

Your partner for accountancy and consultancy services in the financial services sector, in Sierra Leone and beyond.

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Delivering exceptional services for Financial Services

Financial institutions work under close scrutiny from regulators such as the Bank of Sierra Leone, the Insurance Commission, the Financial Intelligence Unit and the National Revenue Authority. At SLONEC we help banks, insurers, microfinance institutions and fintechs stay compliant, strengthen controls and focus on customers and growth.

Whether you are a bank, a microfinance institution, an insurer, a forex bureau or a fintech, supervisory expectations keep rising, and so does the cost of getting a return wrong.

SLONEC combines IFRS reporting, regulatory returns, AML/CFT and KYC compliance and internal audit with training for the front-line teams who make compliance work every day.

See our services for Financial Services

SLONEC delivering corporate training to Sierra Leone Commercial Bank operational staff
SLONEC delivering corporate training for Sierra Leone Commercial Bank operational staff.

Opportunity and incentives

What investors and operators in Financial Services should know about Sierra Leone's rules and reliefs, with the law behind each point.

Know your regulator

Banks and other financial institutions are supervised by the Bank of Sierra Leone; insurers and intermediaries by the Sierra Leone Insurance Commission; and reporting entities must meet AML/CFT duties overseen by the Financial Intelligence Unit.

Bank of Sierra Leone Act 2019; Insurance Act 2016; AML/CFT Act 2024
Source: Bank of Sierra Leone Act, 2019 (Act No. 5 of 2019); Insurance Act, 2016 (Act No. 12 of 2016); Anti-Money Laundering and Combating of Financing of Terrorism and Financing of Proliferation of Weapons of Mass Destruction Act, 2024 (Act No. 4 of 2024)

Higher withholding on cross-border payments

From 1 January 2026, withholding tax on payments to non-resident contractors, and on dividends, interest and management or professional fees paid to non-residents, rose to 20% (from 10% for contractors and 15% for the others). Review group charges and investor returns before the next payment run.

Finance Act 2026, s.14(a)–(d) (ITA 2000, Second Schedule, Part II)
Source: Finance Act 2026 (Act No. 1 of 2026), Gazette Extraordinary 7 January 2026, in force 1 January 2026

Transfer pricing files on a deadline

Taxpayers with related-party transactions must file the master file within one month of the parent's submission in its home country, the local file within two months of the Sierra Leone annual return and the country-by-country report within one year of the tax year end. Each failure carries a penalty of 3% of the value of related-party transactions, capped at 3% for multiple failures.

Finance Act 2026, ss.8 and 12 (ITA 2000, ss.97(6)(d) and 150(4))
Source: Finance Act 2026 (Act No. 1 of 2026), Gazette Extraordinary 7 January 2026, in force 1 January 2026

2026 tax changes apply to every sector

From 1 January 2026 the Finance Act 2026 raised the corporate income tax rate for resident companies from 25% to 30%, made every company pay the higher of its normal income tax and the minimum alternate tax (2% of turnover), and abolished the investment allowance.

Finance Act 2026, ss.1, 5, 7 and 13(a)

Checked on 10 October 2026 against the sources listed. Incentives usually have conditions and can change with each annual Finance Act, so speak to SLONEC before you rely on any of them for an investment decision.

Who we work with

In Financial Services, SLONEC works with:

  • Commercial banks
  • Microfinance institutions and community banks
  • Insurance companies and brokers
  • Mobile money and fintech operators
  • Forex bureaus and remittance companies
  • Investment, pension and asset managers
  • Credit unions and savings schemes
  • Leasing and development finance institutions
  • Investors and new market entrants

Services tailored to Financial Services

Every SLONEC engagement draws on three service lines. Choose one, or combine them for a single point of contact.

SLONEC Accountancy

We can take on bookkeeping, IFRS financial statements, payroll and NASSIT, regulatory returns preparation and tax filings, so your team can focus on lending, clients and growth.

Regulatory & compliance

  • Prudential and regulatory returns
  • AML/CFT and KYC compliance
  • Corporate, PAYE and WHT tax
  • Internal audit and risk reviews

Licensing & board advisory

We help you meet supervisory expectations and make informed decisions.

Explore Accountancy

SLONEC Consultancy

Our consultancy services help you transform your institution.

Consultancy

  • Business strategic planning
  • Risk management frameworks
  • Corporate governance and board support
  • Digital and process transformation
  • Mergers and acquisitions
  • Employer branding

Investment & facilitation

  • Company set-up and licence application support
  • Opening corporate and escrow accounts
  • Immigration for investors and expatriate staff
  • Market-entry and feasibility studies
Explore Consultancy

SLONEC Recruitment & Training

We source credit analysts, compliance officers, finance managers and relationship managers tailored to your institution's needs.

Corporate training

  • Product and service training
  • Credit risk and loan appraisal
  • AML/CFT and KYC training
  • Fraud prevention training
  • Customer service and complaints handling
  • Cybersecurity, data security and privacy
  • Financial literacy training
  • Sales and cross-selling training
  • Leadership and management training
  • Ethics and conduct training

Recruitment & Training serves clients in Africa. Candidates can send CVs to recruit@slonec.com.

Explore Recruitment & Training

Get the free Financial Services ebook

Practical guidance from the SLONEC team, written for Sierra Leone. Sign up and we will email it to you, with occasional updates you can unsubscribe from at any time.

Browse all ebooks and guides in Resources →

Tell me when it is ready

This guide is in preparation. Leave your details on our guides page and we will email you when it is published.

Cover of the SLONEC Financial Services brochure

Download the Financial Services brochure

Our two-page brochure sets out who we work with in Financial Services and every service we offer, ready to share with your board or partners.

Download PDFRequest a proposal

PDF, 2 pages, 385 KB. Free, no sign-up needed.

Frequently asked questions

Do you prepare IFRS financial statements for financial institutions?

Yes. We prepare IFRS financial statements and support the regulatory returns that sit alongside them.

Can SLONEC train our front-line staff?

Yes. We design and deliver training on AML/CFT and KYC, fraud prevention, customer service, credit appraisal and ethics. We have delivered corporate training for Sierra Leone Commercial Bank operational staff.

Can you help a new entrant apply for a licence?

Yes. We support company set-up, licence application documents, feasibility studies, corporate and escrow accounts and immigration for expatriate staff.

What changed for financial institutions in the Finance Act 2026?

Corporate income tax rose to 30% (s.13(a)), every company now pays at least the minimum alternate tax (s.5), withholding on interest, dividends, contractor and management or professional fees paid to non-residents rose to 20% (s.14), and transfer pricing filing deadlines and 3% penalties were introduced (ss.8 and 12). We can review the impact on your institution.

How do we request a proposal?

Use the form on this page. Financial Services is already selected and the request goes to our business development team.

Request a proposal for Financial Services

Tell us what you need and our business development team will come back with a tailored proposal.

  • What happens nextWe review your request, arrange a short call if needed and send a written proposal.
  • Already a SLONEC client?For existing work, email hello@slonec.com and our client service team will help.
  • Prefer to talk first?Book a call or phone +232 73 253666.

Request a proposal

Sector: Financial Services. Please mention your sector and whether you are already a SLONEC client in your message. Proposal requests go to our business development team (bdteam@slonec.com).