By Hassan Osman Kargbo
A project review mission from the International Fund for Agricultural Development (IFAD) led by Madame Pascaline Barankeba, Country Director for West and Central Africa, held a high-level meeting with Sierra Leone’s Minister of Finance, Hon. Sheku Ahmed Fantamadi Bangura, on Friday, 12 June 2024.
The mission presented its findings on the ongoing implementation of the Rural Finance and Community Improvement Programme Phase II (RFCIP-II), which aims to strengthen rural financial services and reduce poverty in Sierra Leone.
Also present at the meeting were Dr. Franklin Sisabu Bendu, Technical Adviser to the minister, and Mr. Kenneth King, Assistant Director of the Multilateral Project Division. The IFAD delegation included Mr. Joseph Brima, Country Programme Manager; Mr. Nelson Salia-Konneh, Director of APEX Bank Sierra Leone Limited; and Mr. Mohamed Tejan Kella, RFCIP-II Programme Coordinator.
Welcoming the delegation, Hon. Minister Bangura expressed appreciation to Madame Barankeba and IFAD for their consistent support towards Sierra Leone’s rural development initiatives. He lauded IFAD’s role in ensuring the successful implementation of several rural-focused projects that have positively impacted smallholder farmers and rural communities across the country.
In her statement, Madame Barankeba outlined the overall goal of RFCIP-II, which is to sustainably reduce rural poverty and food insecurity. The project, originally approved for a nine-year period starting in 2013, was scheduled to close in December 2023. However, due to its importance and ongoing relevance, IFAD approved two rounds of additional financing. The first, totalling $9 million, and the second, valued at $15 million, brought the total IFAD financing—comprising both loans and grants—to $55.3 million.
Providing further details, Country Programme Manager Mr. Joseph Brima reported that the performance of RFCIP-II remains impressive and on track. APEX Bank, along with 76 Rural Financial Institutions (comprising 59 Financial Services Associations and 17 Community Banks) located nationwide, continues to deliver affordable and accessible financial services to smallholder farmers in rural Sierra Leone.
On sustainability, Mr. Brima disclosed that the number of Financial Services Associations grew from 48 in September 2024 to 54 by the end of March 2025. Importantly, all 17 Community Banks had achieved sustainability as of March 2025. The project has also exceeded its interim targets, having reached 256,212 rural households—79 percent of the ultimate target of 324,496 households—well ahead of the project’s final completion date.
Mr. Brima further highlighted the achievements of the Rural Finance Network (RFN), which now stands as Sierra Leone’s largest financial inclusion network, covering all 15 districts. As of March 2025, RFN reported a total of 179,454 shareholders and 80,475 active borrowers, confirming its wide reach and strong impact on rural financing.
Hon. minister Bangura commended IFAD and its partners for their dedication to rural financial empowerment and community development. He encouraged the Project Implementation Unit (PIU) to ensure the full and effective use of all available funds within the remaining project period. The Minister also pledged that the government would release its counterpart funding to support the completion of the new APEX Bank building, underlining the government’s continued commitment to strengthening the rural finance sector.
The meeting concluded on a positive note, with both sides reaffirming their mutual commitment to advancing inclusive rural development and economic growth in Sierra Leone.
