FINTECH, A Solution to Affordable Housing Financing: Sierra Leone Readiness, Introduction and Adoption

FINTECH, A Solution to Affordable Housing Financing: Sierra Leone Readiness, Introduction and Adoption


Fintech, short for financial technology, refers to the use of technology to provide financial services. In the context of affordable housing finance, Fintech plays a significant role in making housing more accessible and affordable.

In recent years, fintech introduction and application in West Africa have seen significant growth and impact. 

For instance, Ghana has emerged as a Fintech hub in West Africa. Mobile money services, such as MTN Mobile Money and, Airtel, Tigo Money, have gained widespread adoption, enabling digital payments and financial inclusion. Fintech startups like Zeepay and ExpressPay have also emerged, providing innovative remittances and payment processing solutions.

In Nigeria, Fintech has a thriving Fintech ecosystem. Companies like Interswitch, Flutterwave, and Paystack have made significant strides in digital payments, enabling seamless transactions and online commerce. The country has also witnessed the rise of mobile money services like Paga, which has become a popular platform for financial transactions.

Senegal has been at the forefront of Fintech innovation in West Africa. The country has seen the emergence of mobile money services like Orange Money and Wari, which have transformed the financial landscape by providing access to financial services for the unbanked population. Fintech startups like InTouch and CoinAfrique have also gained traction, offering digital payment solutions and e-commerce platforms.

Côte d’Ivoire has experienced significant growth in Fintech adoption. Mobile money services, such as Orange Money and MTN Mobile Money, have become widely used for financial transactions. Fintech startups like Ovillage and CinetPay have also made strides in providing digital solutions for education and payment processing.

These are just a few examples of Fintech success stories in West Africa. Each country has its own unique Fintech landscape, with various startups and services catering to the specific needs of their populations. The growth of Fintech in the region is driven by a combination of factors, including increasing smartphone penetration, rising digital literacy, and a need for innovative financial solutions.

Proptech and Fintech

Proptech helps manage, buy, and sell real estate by utilizing software, hardware, technologies, and tools like data virtualization, blockchain, open house management software, AI, and even 3D printing.

 Fintech is revolutionizing the real estate sector by digitilizing and automating the entire property evaluation and purchase process, lowering costs and friction, and increasing investment opportunities.

Fintech is to banking and finance what proptech is to the real estate industry. Both are upending the status quo and acting as the engine behind the digital transformation of real estate and financing.

Fintech in Affordable Housing.

One way Fintech helps in affordable housing finance is through online platforms and apps that simplify the mortgage application process. These platforms use digital tools to collect and analyze financial data, making it easier and faster for individuals to apply for a mortgage or other housing finance options. This helps reduce paperwork and streamline the process, making it more efficient for lenders and borrowers.

Fintech also enables the development of innovative lending models. Conventional banks, besides the high-interest rate, often have strict requirements and criteria for approving mortgages, making it difficult for low-income individuals to qualify. Fintech companies, on the other hand, leverage alternative data sources and advanced algorithms to assess creditworthiness. This allows them to provide loans to individuals who may not meet the traditional criteria but still have the ability to repay the loan.

Furthermore, Fintech platforms can help connect potential homebuyers with affordable housing options. These platforms aggregate listings of affordable homes and provide tools for individuals to search, compare, and apply for these properties. This makes it easier for people to find housing options that fit their budgets and needs.

In addition to mortgage lending, Fintech also plays a role in facilitating affordable rental housing. Some Fintech companies have developed platforms that allow landlords to screen tenants, collect rent, and manage properties more efficiently. By digitizing these processes, Fintech helps reduce costs and administrative burdens for landlords, ultimately resulting in more affordable rental rates for tenants.

Sierra Leone Readiness

Sierra Leone, like many other countries, is gradually embracing Fintech and showing signs of readiness in terms of its introduction and adoption. While it may be at a different level than some more developed nations, several positive indicators suggest Fintech is gaining traction in Sierra Leone.

Firstly, mobile money services have seen significant growth in the country. Mobile money platforms, such as Orange Money and Africell Money, have gained popularity and are widely used for various financial transactions, including money transfers and bill payments. This demonstrates that Sierra Leoneans are open to adopting digital financial services. For instance, a partnership arrangement between Orange Money and Empire Solutions, a Micro Finance Company, has served well over 55,000 customers with unsecured credit facilities and total disbursement exceeding $ 3.5 million. The customer repayment level has been resoundingly praised.

Secondly, the government of Sierra Leone has shown interest in promoting Fintech. In recent years, initiatives have been launched to encourage digital financial inclusion, such as the National Strategy for Financial Inclusion and establishing a regulatory sandbox for Fintech companies. These efforts highlight the government’s recognition of the potential benefits of Fintech and its willingness to create an enabling environment for its growth.

Additionally, there are emerging Fintech startups in Sierra Leone that are addressing specific financial needs. For example, companies like PayGo Energy and eTranzact Sierra Leone are leveraging technology to provide innovative solutions in the energy and payment sectors, respectively. These startups indicate a growing entrepreneurial spirit and a willingness to embrace Fintech solutions.

However, it is important to note that Fintech still has challenges to overcome to reach its full potential in Sierra Leone. These challenges include limited access to affordable internet connectivity, low levels of financial literacy, and regulatory barriers. Addressing these challenges will further enhance Sierra Leone’s readiness for Fintech introduction and adoption.


Sierra Leone has yet to establish a thriving Fintech industry, but it holds tremendous potential for enhancing affordable housing finance. Integrating Fintech solutions could increase the availability and affordability of housing for low-income individuals and families, making a significant positive impact on their lives.

Global Salone Property & Investment Co. Ltd has been operating in Sierra Leone’s real estate sector for more than ten years. We are enthusiastic about the prospects Fintech could bring and welcome discussions with interested parties from all over the world.

Let’s join forces to explore ways to introduce Fintech to Sierra Leone and improve the lives of millions of people. 


In conclusion, Sierra Leone is showing promising signs of readiness in terms of Fintech introduction and adoption. The increasing use of mobile money services, government initiatives, and the presence of Fintech startups indicate a growing interest and potential for Fintech to contribute to financial inclusion and economic development in the country.

Overall, Fintech is revolutionizing affordable housing finance by leveraging technology to streamline processes, increase access to credit, and improve the overall affordability of housing options. It brings efficiency, convenience, and innovation to the housing finance industry, making it easier for individuals to find and secure affordable housing.

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