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BANK OF SIERRA LEONE ACTS TOUGH: ECLIPSE MICRO FINANCE SUSPENDED

Section 10 (1) of the Other Financial Services (OFS) Act 2001 states that “The Central Bank shall revoke the license of a licenced financial institution if it appears to the Central Bank that…” It was against this backdrop that the Central Bank of Sierra Leone and consistent with its mandate to maintain a safe and stable financial system announced to the public that it has suspended with immediate effect the operations of Eclipse Micro Finance (SL) Limited, whose headquarter office is situated at No. 17 Siaka Stevens Street, Freetown.

The Bank’s action is to forestall deterioration in the institution’s finances and mitigate any risk to the micro-finance sector.

In accordance with Section 36 (2) of the OFS Act 2001, the Bank of Sierra Leone, in consultation with the Ministry of Finance, is working on the required next steps and actions.

“The specific details of these actions will be duly communicated to affected customers and other stakeholders of the Institution,” Ralph Ansumana, Director of Other Financial Institutions Supervision Department at Bank of Sierra Leone states.

The Bank of Sierra Leone assured the public that the suspension of the operations of Eclipse Micro Finance (SL) Limited poses no threat to the financial system as a whole, and called on customers and other stakeholders concerned to reach the Central Bank for more information from Monday – Friday between the hours of 9:00am and 4:00pm.

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