A new study highlights the high growth potential of Sierra Leone’s tech sector, driven by innovative entrepreneurs, expanding digital infrastructure and increasing government support, with fintech highlighted as the most promising area for investment.
Commissioned by Invest Salone, the UK-funded private sector development programme, and conducted by a team with international and on-the-ground experience, the study examined developments in fintech, e-commerce, agritech, edtech, and greentech. It is based on a comprehensive literature review, fieldwork in Freetown and consultations with government, investors and startup support organisations.
The findings highlight fintech’s key role in facilitating digital payments, mobile wallets, group savings, micro-lending, and financial infrastructure – which align well with impact investment priorities. However, the sector faces challenges such as a small domestic market, infrastructure gaps, low digital literacy, a fragmented support ecosystem and regulatory uncertainty, especially around blockchain and cryptocurrency.
The report recommends targeted strategies to support fintech, including establishing a fintech fund through Invest Salone’s PROSPER Salone scheme, which helps derisk innovative investments, introducing specialised fintech tracks within existing innovation hubs, holding dedicated investment roundtables and encouraging policies that attract capital and encourage innovation.
Although Sierra Leone’s tech startup ecosystem is still in its infancy, several recent high-profile events demonstrate its growth potential.
These include the 2024 Startup World Cup West Africa Semi-Final, in which Sierra Leone startups made up 15 of the 30 competitors. Oswald’s Tech Company, a Sierra Leonean renewable energy firm developing a solution to produce off-grid power using seawater, made it to the semi-finals and two other Sierra Leonean firms, Monime (fintech) and LifeBlood (healthtech), were among the finalists.
The 2024 Startup World Cup also showcased Fɛlei TechCity, an ambitious infrastructure project spearheaded by the Ministry of Communication, Technology and Innovation, that will serve as a hub for innovators, researchers, tech enthusiasts, venture capitalists and startups and is designed to promote collaboration and innovation in Sierra Leone.
In 2025, the Government of Sierra Leone hosted a major digital summit to mark five years of the National Innovation and Digital Strategy. The event brought together policymakers, tech leaders, innovators and regional stakeholders to assess achievements, address challenges and define the next phase of digital transformation. It also reaffirmed the government’s commitment to creating 65,000 tech jobs and ensuring digital initiatives promote inclusive development and national prosperity.
Jeremy Schanck, co-author of the report, commented: “The Invest Salone scoping report underscores the sector’s momentum, driven by creative entrepreneurs, expanding digital infrastructure and growing government interest. By aligning investment with startup readiness and strengthening enabling policies, the country can build a vibrant, investable tech ecosystem that addresses local challenges and supports long-term economic diversification.”
