First Bank Sierra Leone has partnered with Icona London to launch a ground-breaking asset financing initiative aimed at making essential household appliances more accessible to Sierra Leoneans. The program introduces a flexible “shop now, pay small small” model, allowing customers to purchase items without the financial burden of upfront payments.
Salary account holders of First Bank can now buy a wide range of products from Icona, including televisions, refrigerators, air conditioners, washing machines, freezers, and solar panels, through convenient monthly instalments. Payments are deducted directly from salaries or arranged through other agreed methods, providing a stress-free financing solution.
At the launch event, Mamoud Bangura, Marketing Manager of First Bank Sierra Leone, explained that the idea emerged after recognizing the challenges customers face in securing loans for basic needs. “This product is designed to help salary earners acquire essential appliances without financial strain,” he said, noting that eligibility requires just one month’s salary credited into a First Bank account.
Kai Pengusaquee, Marketing Manager of Icona London, emphasized that the partnership, which began discussions in October, is rooted in a shared commitment to improving lives in Sierra Leone. “This initiative aligns with Sustainable Development Goal 17, emphasizing the power of partnerships,” he said. Pengusaquee highlighted Icona’s commitment to quality and affordability, with branches operating in Bo, Kenema, Kono, Masiaka, Lungi, Kambia, and Freetown, so customers can access products without traveling to the capital.
A representative from First Bank underscored the bank’s strong heritage as a subsidiary of First Bank Nigeria Limited, which boasts over 132 years of banking experience, more than 700 branches in Nigeria, and tens of millions of customers. He expressed confidence that Sierra Leoneans would embrace the new asset finance product, citing the success of similar offerings in Nigeria.
Joshua from Icona further noted the company’s community contributions in Sierra Leone, including donations in Makeni, and suggested expanding the product to business account holders to broaden accessibility.
The Executive Director of First Bank, representing the Managing Director, stressed the bank’s focus on customer-centric solutions. She confirmed that the asset finance product is not limited to electronics but can also be applied to other assets, including land and property. Even self-employed individuals and business owners may qualify on a case-by-case basis, with the primary requirement being a First Bank account.
Jayesh Pardhi, Country Director of Icona London, highlighted the company’s global reach, with operations in more than 21 countries, including offices in Dubai, China, and the UK. Since entering Sierra Leone in 2019, Icona has been active in pharmaceuticals, cosmetics, FMCG, building materials, and electronics. The new partnership formalizes salary-based financing to help customers afford essential appliances.
The launch event was attended by press, staff, and members of the public, who were encouraged to take advantage of the new financing option. The program is now live across all First Bank branches and Icona stores nationwide, promising to transform how Sierra Leoneans access essential household assets without the burden of large upfront costs.