This paper reviews the outcome of financial liberalization in Sub-Saharan Africa (SSA). Some key assumptions of financial liberalization are questioned, using a three step procedure. One of the conclusions reported is that there is little to suggest that financial liberalization as implemented in SSA achieved its expected outcomes. Years after financial liberalization was introduced, bank interest rates and spreads remained high and credit to the private sector declined, which might actually have had the unintended effect of forcing even more enterprises than before to turn to the informal credit market. Moreover, a look into the distinctive market features of African countries suggests that the financial systems in the countries of Anglophone Africa have been found to perform much better than those in their Francophone counterparts. This inference lends support to the notion that the brand of financial liberalization that was indiscriminately implemented in SSA favored countries with a market-oriented tradition.