Ecobank Sierra Leone and ICONA, one of the country’s leading retailers of home appliances and electronics, have entered into a new asset and financing partnership aimed at helping households and small businesses acquire essential equipment without paying the full cost upfront. The agreement introduces a structured “buy now, pay later” arrangement that allows customers to purchase appliances from ICONA and repay over time through Ecobank.
The partnership, formally signed in Freetown, responds to a long-standing challenge faced by many Sierra Leoneans: the difficulty of paying for high-value household and office items in a single lump sum. By combining ICONA’s nationwide retail presence with Ecobank’s consumer and SME financing capabilities, the two institutions say they are lowering financial barriers to everyday assets that support modern living and business productivity.
Under the arrangement, Ecobank provides financing for eligible customers who wish to buy appliances from ICONA outlets across the country. Once approved, the customer receives the item immediately and repays the loan in fixed installments through an Ecobank account over an agreed period.
How the financing works
In simple terms, the scheme allows customers to spread the cost of appliances over time. Instead of paying the full price at once, the bank pays most, or in some cases all, of the cost on the customer’s behalf. The customer then repays Ecobank gradually, making the purchase more manageable within a monthly income.
Repayment periods range from three months to as long as 24 months, depending on the value of the item and the customer’s income profile. Ecobank officials noted that the financing percentage is determined by affordability assessments, with the bank able to cover a substantial portion of the purchase price for qualifying applicants.
All repayments are made directly through the customer’s Ecobank account, creating a clear and traceable payment structure. ICONA products purchased under the scheme come with warranties, a point both partners emphasized as important for consumer confidence.
Who can apply and what is covered
The partnership is open to a wide range of applicants. Eligible customers include salaried workers in the public or private sector, small and medium-sized business owners, existing Ecobank customers, and individuals who are willing to open an Ecobank account and can demonstrate a steady source of income.
Items available under the financing arrangement include common household appliances such as refrigerators, televisions, air conditioners, washing machines, cookers, and microwaves. Smaller electronics are also covered, alongside office equipment such as printers and photocopiers that are often essential for small businesses.
To apply, customers are required to provide a national identification card and passport-sized photograph, a guarantor, a letter from their workplace, and a price invoice from ICONA. A minimum upfront contribution of five percent is also required. According to Ecobank, application processing typically takes between one and three days.
Focus on access and inclusion
Speaking at the launch, Kate Thompson, Head of Consumer Banking at Ecobank Sierra Leone, described the initiative as part of the bank’s broader effort to make financial services more accessible. She said households and SMEs consistently face real needs but often lack financing options tailored to their circumstances.
“This partnership allows the bank to fund the purchase, the customer to take the item immediately, and repayment to happen over time,” Thompson said. She added that, depending on the item and customer profile, Ecobank can finance up to 100 percent of the purchase value.
Thompson said ICONA was chosen as a partner because of its reputation and reach, noting that its outlets are visible in communities across the country. She emphasized that the arrangement is intended to ease financial pressure on families while also supporting small businesses that need equipment to operate more efficiently.
From ICONA’s perspective, Marketing Manager Kai Pengusaquee said accessibility and affordability have been central to the company’s growth strategy. He pointed to challenges faced by customers outside Freetown, including limited access to quality products and after-sales support.
Pengusaquee said ICONA has invested in extending its footprint nationwide to ensure customers in cities such as Makeni, Bo, Kenema, and Kono can access the same products and services as those in the capital. He described the partnership with Ecobank as a carefully designed solution to the financing gap that often prevents customers from purchasing durable, high-quality appliances.
A shared development message
ICONA’s Country Director, Mr. Jayesh Pradhi, framed the partnership as a response to the financial realities of working families. He said limited salaries and competing expenses often make it difficult for households to afford essential appliances, even when the need is clear.
According to Pradhi, the asset financing solution removes a major barrier by allowing customers to match payments with their income patterns. He stressed that the initiative goes beyond boosting sales, focusing instead on empowerment and inclusion for families across Sierra Leone.
Representing Ecobank’s Managing Director, Executive Director Mr. Winston George Williams said the agreement reflects the bank’s wider mission to support economic transformation through practical financial solutions. He described access to electrical and electronic assets as a necessity rather than a luxury in today’s economy.
Williams said the partnership combines ICONA’s product expertise with Ecobank’s financial strength and customer knowledge, creating a structured financing option that benefits households and SMEs alike. He linked the initiative to broader goals of financial inclusion, SME growth, and national economic resilience.
Wider economic impact
Analysts note that asset financing schemes of this kind can play an important role in expanding access to credit, particularly in markets where traditional consumer loans are limited. By tying financing to specific, income-generating or quality-of-life assets, banks can reduce risk while helping customers build credit histories.
For small businesses, access to equipment such as printers, photocopiers, or refrigeration units can directly improve productivity and service delivery. For households, reliable appliances can reduce daily burdens and improve living standards.
Raffle draw highlights event close
The launch event concluded with a raffle draw for ICONA customers, adding a celebratory note to the formal proceedings. Three winners were selected from hundreds of entries. Mr. Kallon won a four-door refrigerator, Kadiatu Bangura received a 12 BTU air conditioner, and Francess Kamara won a washing machine.
As the partnership takes effect nationwide, both Ecobank and ICONA say the focus will be on smooth implementation and customer education, ensuring that potential applicants understand how the financing works and how to apply. For many households and small businesses, the initiative offers a new pathway to acquiring essential assets without the strain of upfront payment.
