By Ishmael Sallieu Koroma
Freetown, Sierra Leone. In a bold move to expand access to financial services and strengthen digital payments across Sierra Leone, MikashBoks, a leading local fintech, has entered into a strategic partnership with Ecobank Sierra Leone. The landmark collaboration, unveiled on Wednesday, November 5, 2025, at Ecobank’s Head Office on Charlotte Street in Freetown, is expected to revolutionize savings and financial access for underserved populations, particularly within the informal sector.
The event, themed “Empowering Digital Payments for a Brighter Future,” brought together key stakeholders from the Bank of Sierra Leone, the British High Commission, the United Nations Development Programme (UNDP), and representatives from the private sector.
A Milestone for Financial Inclusion
In his welcoming remarks, Sheik Omaru Jalloh, Ecobank’s Head of Brand, Communications, and Marketing, described the collaboration as a “partnership that truly embodies our collective commitment to financial inclusion, empowerment, and sustainable economic growth.” He added that the initiative marks “a milestone in advancing financial services, empowering communities, and building a more inclusive financial ecosystem in Sierra Leone.”
A Partnership for the People
Simon Levell, CEO of MikashBoks, delivered an impassioned address, reflecting on the company’s journey and the vision of its founder, Sultan Ma Sallie, who conceptualized MikashBoks as a homegrown fintech platform to promote savings and financial access.
“This partnership brings together the strength of an established financial institution like Ecobank with the agility of a fintech for the good of everyone in Sierra Leone,” Levell said.
He explained that through the collaboration, customers can now use the MikashBoks app or a simple USSD code to create a savings plan known as Interest Plus, offering an annual interest rate of 6%. Deposits made via mobile money will be securely held in a master account at Ecobank, ensuring both convenience and safety.
“With this partnership, every mobile phone becomes a bank branch,” Levell emphasized, noting that the initiative aligns closely with the Bank of Sierra Leone’s National Financial Inclusion Strategy and provides an opportunity to reach students, market traders, and professionals alike.
Transforming Lives through Innovation
Kate Thompson, Ecobank Sierra Leone’s Head of Consumer and Small Business Banking, reaffirmed the bank’s commitment to inclusive finance.
“This partnership is more than just technology — it’s about transformation. It’s about empowering people to save consistently, grow steadily, and reach their goals regardless of their economic circumstances,” she said.
She highlighted that Ecobank remains focused on designing tailored financial solutions that meet the needs of ordinary Sierra Leoneans — from market women and students to young professionals and parents seeking a better future for their families.
Support from Development Partners
Speaking at the event, Her Excellency Josephine Gauld, the British High Commissioner to Sierra Leone, commended the initiative as “an exciting step forward” in extending formal financial services to excluded communities.
“As the UK, we recognize the value of financial inclusion and the transformational impact it can have on people’s lives,” she said.
“This partnership brings together innovation, safety, and opportunity and we are proud that 80% of the funding comes from UK-based investors.”
Representing the UNDP Resident Representative, Richard Musinguzi expressed the agency’s satisfaction with the collaboration, noting that UNDP has been working with both Ecobank and MikashBoks to promote the formalization of informal businesses.
“This partnership gives us pride because it connects our support for SMEs especially female-led enterprises to real financial access and empowerment,” Musinguzi said.
Central Bank Endorses Digital Drive
Delivering remarks on behalf of the Governor of the Bank of Sierra Leone, Morial Bangura, Senior Economic Assistant to the Governor, commended the partnership as a step toward achieving the nation’s financial inclusion targets.
He recalled the Central Bank’s efforts since 2008 to extend financial services beyond traditional banking models, highlighting the launch of the National Financial Inclusion Strategy, the National Switch, and the Regulatory Sandbox to support fintech innovation.
“The partnership between Ecobank and MikashBoks is a testament to how far we’ve come,” Bangura said. “With innovation and collaboration, we can move financial inclusion from 39% to much higher levels. We encourage banks and fintechs to keep pushing the envelope of innovation.”
A Shared Vision for the Future
In his closing statement, Sebastian Ashong-Katai, Managing Director of Ecobank Sierra Leone, said the partnership symbolizes the future of digital banking in Africa.
“Working with fintechs like MikashBoks is an exciting opportunity,” he noted.
“This is not just about technology, it’s about people. It’s about enabling the men and women who power our economy but often remain outside the formal financial system.”
He added that the collaboration positions Sierra Leone as a model for innovative financial partnerships across the Ecobank Group’s African network.
Official Launch and Product Demonstration
The program was climaxed with the official launch of the partnership and a live demonstration of the MikashBoks digital savings product, giving attendees a first-hand experience of how users can save, earn interest, and access financial services seamlessly through their mobile phones. The demonstration marked a symbolic moment, underscoring the promise of technology-driven financial empowerment for all Sierra Leoneans.
