Sierra Leone faces a significant poverty challenge, with financial inclusion recognized as a critical factor in economic growth and poverty reduction. Microfinance has emerged as a pivotal tool in empowering the economically disadvantaged by promoting sustainable economic activities. Despite the presence of microfinance services since the early 2000s, the sector struggles with growth. This study explores the barriers to expansion within Sierra Leone's microfinance market, focusing on the perceptions of various stakeholders, including NGOs, community banks, FSAs, PFIs, and commercial banks. The findings reveal that the sector is hampered by an inadequate regulatory framework, insufficient capital, and high operational costs. Moreover, client-side challenges such as the use of collateral for loan access, the grace period for loan repayment, and limited microfinance coverage also restrict service accessibility. Despite these barriers, microfinance clients have reported increased incomes and business expansion. This research suggests that legislative attention is crucial and recommends the establishment of a robust regulatory policy framework to support the sector's growth. Implementing these recommendations could significantly enhance the development and reach of microfinance services in Sierra Leone.