Sierra Leone’s President, Julius Maada welcomed Sekou Drame, Chief Executive Officer of Orange SONATEL Group in a strategic meeting on Thursday 28th September 2023 at State House Freetown.
He expressed heartfelt gratitude to the government for creating the enabling environment regarding the ease of doing business in the country and the government’s Human Capital Investment.
He emphasized the Company’s Commitment to give back to society as he congratulated the president for his second term-Victory.
Speaking on their strive to achieve digital inclusion in the country, he confirmed that since 2016 they had contributed positively to bring the best of technology and service delivery to the doorsteps of Sierra Leoneans. He affirmed Orange’s commitment to continue to provide high speed internet with plans to complete the rolling out of their 5G Campaign in the Country.
He assured the President of their Continue support in the areas social and financial support to Sierra Leoneans on Supporting Health Care Programmes and education.
In his response, President Bio thanked the Company on behalf of Sierra Leoneans for their various interventions and also the constructions of Pre-Schools in various parts in the country
He assured the CEO that his government will continue to support Orange in terms of financial inclusion as he maintains an open door- Policy for all investment in the Country.
Double Up Group of companies, one the leading distributors of premium beverages has announced its exclusive partnership with the main manufacturing and distributing factory in Nigeria for the renowned “Coco Samba” herbal drink.
As the sole distributor in Sierra Leone, Double Up Companies is committed to providing Sierra Leoneans with access to this exceptional herbal beverage.
The Management of Double Up Group of Companies has extended an open invitation to interested Sierra Leoneans who are willing to do business with them. Its emphasis is on transparency and integrity, as it aims to foster mutually beneficial partnerships with individuals and organizations across Sierra Leone.
In light of this, Double Up Group of Companies urges all interested parties to pass through their organization for any form of partnership or collaboration. By doing so, individuals and organizations can ensure that they are engaging in legitimate business practices and avoiding any potential legal consequences.
It is stated that the Double Up Companies is dedicated to upholding the highest standards of quality and authenticity, as attempts to manipulate or exploit the “Coco Samba” herbal drink for personal gain will not be tolerated.
The company confirmed that the product, “Coco Samba” is not meant for sexual exploitation, emphasizing that individuals found guilty of such actions will face the full force of the law.
“We are thrilled to be the exclusive distributor of the highly sought-after ‘Coco Samba’ herbal drink in Sierra Leone,” said Chernoh Barrie (T.) Barrie), Managing Director at Double Up Companies.
“We invite all Sierra Leoneans who are interested in partnering with us to come forward and join us in promoting this exceptional beverage. We are committed to maintaining the integrity of the brand and ensuring that all business dealings are conducted in a fair and lawful manner.”
Double Up Companies encourages all interested parties to reach out to their organization for further information or to discuss potential partnerships.
Ayoung Sierra Leonean Agriculturist, Francis John Sesay has invested in the production of cassava flour.
Cassava flour could serve as an alternative to the infamous wheat flour which is currently short in market due to the war in Ukraine.
Sesay, who studied Agricultural Engineering at Njala University launched is Cassavity brand as alternative to wheat flour which is expensive now in his country due Ukraine war.
Sesay said the flour can be used for baking cakes, doughnuts, pies and other flour-related products like fish ball.
Although cassava is a famous staple crop in Sierra Leone but it usage as a wheat flour substitute is new in the West African nation.
Some experts have said that large investment in the agriculture sector especially cassava could assist Sierra Leone achieve food sufficiency.
After years of philanthropy, Orange Foundation looks back at how far they have come with the 50 Ebola kids who have been in the care of SOS with welfare support from Orange Foundation in partnership with SOS and Ministry of Social Welfare.
Orange Sierra Leone (OSL) Foundation, led by Jestina Betts, is the company’s humanitarian wing that lends a helping hand to the needy, vulnerable and less privileged in society.
The company has done a lot in caring for children whose parents succumbed to the deadly Ebola Virus which struck Sierra Leone in May, 2014, a virus that left the country ravaged for two years. Sierra Leoneans breathed a sigh of relief in November, 2016 after the virus was declared over by Government but the aftermath of its effect in the country could not go unnoticed as the deadly virus left behind many orphans. Hence Orange SL through its Foundation, in collaboration with SOS, came to the rescue of 50 Ebola kids young as six months old to be placed in the care of SOS Children’s villages across the country.
These children have been sparsely assigned to the various SOS campuses across the country. Makeni campus North of Sierra Leone hosts 18 Ebola kids, Bo campus in the South holds 21 while Sierra Leone’s capital, Freetown have 11 making a total of 50.
Orange Foundation takes care of the children’s education by ensuring that they have access to quality schooling and learning opportunities. The Foundation also caters for the children’s basic needs especially food and medical care until they turn 18.
In addition to basic care, the company also looks after other aspects of the kids’ education, a move that spells a brighter future for the kids since investment in education has no equal anywhere in the world.
With education, the kids after they become well-educated adults can positively contribute to national development when it is time to come on the stage of action.
Having it as a humanitarian obligation, the Foundation authorities often pay visit to the Ebola-affected children to get first-hand information about their well-being.
“…the OSL Foundation frequently pays courtesy visits to the children showing that we genuinely care for their welfare, and are actively involved in ensuring that they are doing well. Additionally, we send donations and hampers every year for the kids,” Jestina Betts informed the press about their valuable donations to the kids.
Such initiatives, Jestina says, showcases the positive impact businesses and organizations have on their communities especially during times of crisis and other life-threatening situations.
OSL’s/OSLF on-going commitment to these children showcases the power of corporate social responsibility and highlights the importance of long- term support in creating lasting positive change,” OSL Foundation Director tells the importance of caring for the vulnerable.
It is heartening to see that OSL Foundation and SOS are not only focused on the kids’ immediate welfare needs but also consider their transition into adulthood and support them during this critical phase of life.
These personal visits have a significant, positive impact on the children as it fosters a sense of belonging and reminds them that they are part of a larger supportive community.
The humanitarian move is a bright and inspiring example of corporate social responsibility and collective effort in making a difference in the lives of those in need.
Orange Foundation deeply appreciates the hard work and commitment of its partner SOS through the Country Director, Madam Sophie Ngong, for providing a safe and friendly home to these orphans.
The Sierra Leone Quarterly Fiscal Report has indicated that the government’s expenditure reached SLe 4.5 billion (SLE4,515,898,000) in the second quarter ending June 30, 2023.
This report, curated by the Accountant General’s Department, provides detailed insights into the government’s financial operations.
Awoko reports that the reported amount covers the spectrum of operational costs, including financial charges associated with both local and international debt, arrears clearances, and debt repayment. Accountant General Richard S. Williams confirmed that the report’s figures were collated from genuine revenue and expenditure data related to the Consolidated Fund and central government.
A breakdown of the total operational costs reveals that:
Wages and salaries consumed SLE1,127,725,000.
Social security and benefits for employees were allocated SLE241,731,000.
Expenses excluding salary and interest came up to SLE901,856,000.
Current transfers were marked at SLE1,447,170,000.
Capital expenses and transfers, inclusive of foreign debt interest, summed up to SLE583,637,000. These figures solely reflect the Consolidated Funds.
The quarter also saw financial expenses arising from local interest (SLE597,198,000) and foreign interest (SLE28,187,000).
On the revenue side, external grants for this period summed up to SLE12,853,000, with domestic revenue generation by agencies recorded at SLE32,652,000. Cumulatively, project and sub-vented agency revenues amounted to SLE45,505,000.
Furthermore, the consolidated revenue accrued during Q2 2023 was SLE2,412,809,000, with SLE2,406,882,000 stemming from domestic sources and a grant of SLE5,927,000 donated by Development Partners.
The domestic revenue of Q2 2023 comprised:
Tax income, profits, and capital gains: SLE903,892,000 (38% of domestic revenue)
Customs and excise: SLE52,424,000 (2%)
Goods and Services Tax (GST): SLE457,673,000 (19%)
International Trade and Transport taxes: SLE336,000,000 (14%)
TSA revenue: SLE319,401 (13%)
Other taxes and non-tax revenue: SLE261,810 (11% of domestic revenue).
In April 2023, there was a notable 12.69% increase in reserve money owned by the government of Sierra Leone.
This increase was primarily due to a boost in the Bank of Sierra Leone (BSL)’s net domestic assets (NDA), even amidst a decrease in net foreign assets (NFA). Reserve money is crucial for promoting investments, transactions, managing international debt, and influencing domestic exchange rates.
Regarding liabilities, the rise in reserve money was evident in the increased currency issuance, surpassing the growth in bank reserves. Broad money (M2) grew by 2.24% in April 2023, driven by a hike in the banking sector’s NDA, which overshadowed the decline in NFA. The NDA increased by 4.69%, which mirrors an uptick in net claims on the government by both BSL and Other Depository Corporations (ODCs). Conversely, the NFA of the banking system dropped by 9.36%, mainly due to a decline in both BSL’s and ODCs’ NFA. Additionally, April 2023 marked a slight 0.53% rise in credit extended to the private sector, a drop from the previous month’s 5.92%.
In response to the evolving economic environment, the Bank adjusted its monetary policy rate (MPR) and the standing lending facility (SLF) rate by 0.50 percentage points each. The MPR was set at 19.25%, and the SLF rate at 22.25%, with the standing deposit facility rate (SDF) remaining at 12.75%. In May 2023, the interbank rate slightly increased to 20.88% from April’s 20.77%, aligning with the policy corridor. Commercial banks’ average lending rates stayed at 21.23% in May 2023, while savings rates remained at 2.17%, making the gap between the two a consistent 19.06%.
Moreover, 2023 showed varied trends in government securities’ average yields. The 91-day Treasury bills weren’t traded in January, March, and April, but their average yield decreased from 8.44% in February to 4.11% in May 2023. The 182-day Treasury bills, not traded in January, March, and April, had a yield of 10.49% in May 2023. The 364-day bills maintained stability, with yields ranging from 28.24% to 28.28% between January and May, ending at 28.24% in May 2023.
Sebastian Ashong-Katai, the new incoming Managing Director of the ECOBANK in Sierra Leone, and others have on Friday 8th September 2023 paid a courtesy visit to the Minister of Finance, Sheku Ahmed Fantamadi Bangura at his George Street office in Freetown.
The delegation involved, the Chairperson of the Board, the Regional Executive for Anglophone West Africa, the Country Head of Corporate Banking and Aina Moore, the out-going Managing Director.
The reason for this visit is for the outgoing MD, Aina Moore, to bid farewell to the Minister and introduce the new MD taking over the operations of ECOBANK in Sierra Leone and other issues like compliance, digitalisation, interest rates, and foreign currency lending data sharing form part of the discussions.
The minister thanked the outgoing MD for her service in Sierra Leone as well as welcoming the new MD. He updated them on the reforms the government is implementing and called for deepened engagement with the banking sector to leverage opportunities of collaboration that will provide the needed resources for the Government and also strengthen the operations of Commercial banks like ECOBANK.
Aina Moore spoke on the issues of Forex’s availability and Leone’s depreciation and assured the government of the bank’s support, experience and expertise in implementing the Big Five Agenda, especially in agriculture Feed Salone.
Two of Sierra Leone’s major mobile networks Africell and Orange have announced the introduction of GST tax addition for any Money transfer done.
The mobile companies disclosed this in an SMS sent to some subscribers this week.
Mobile money is very popular in Sierra Leone especially in rural areas where access to banks are limited.
One Africell subscriber shared with Sierraloaded the notification which read, “Dear Customer, please note that in compliance with the new Finance Act, all Afrimoney fees will be updated to include GST. This will come into effect on the 15th of September 2023.”
That is, the new charges will take effect starting September 15.
This is a wake-up call to all mobile money users that the rate for any transfer will from September 15 include a GST that will add more to the normal transfer fee usually paid by users.
Spark Media, Sierra Leone’s top notch video production company based in Freetown, redefining the standards of quality and excellence has unveiled it top –notch Sydney studio in the heart of Cold Farm, Freetown on Sunday 2nd September 2023.
Speaking on the rationale behind naming the Facility as Sydney Studio, CEO of Spark Media, Joe L Aruna Confirmed Sydney Ebenezer Johnson was one of the founders of Spark Media and was a thriving entrepreneur with a promising talent. He acknowledges that Sydney made a mark in the media and film production Industry in Atlanta although his life and career was cut short by liver cancer in America. He described his friend as someone with a dedicated sense of fairness and humility on and off the set. The cutting of the ribbon was officially done by the mother of the late man.
He recalled that when he came back to Sierra Leone in 2019 and type Google all that comes up about the country is Negative Press and chaos. He admonished all those that have lived in the diaspora to come back home and contribute instead of complaining that the country is bad and they are not doing anything to change the narrative.
“My own little way to change the narrative is to come back home and set up an entity like this to help change the narrative. The team that are selected I carefully selected them and so far they are young and dynamic and I’m really pleased with them” he stated.
The CEO confirmed that he has lived in the United States of America for the past 20 years and there are places in America without running water but these places will not appear on the movies or CNN. However, he affirmed that Sierra Leoneans are so focused to Promote negative image whether for political reasons or for any other reasons thereby creating a negative space. He emphasized that one way to change the narrative is for us all to make a conscious efforts to know that everything we put out is brand. He added that in future, he would like to see quality videos show up on the Internet whenever somebody type Sierra Leone not just from Spark Media but also from other media Outlets.
Foday Issadin Kamara , Co-founder of Spark Media expressed his excitement for the unveiling and appreciates the various guests for gracing the occasion. He described the studio as first class that seeks to redefine the meaning of excellence and quality. He revealed that their intention is not only to create a video that will inspire many but also videos that will tell the positive story of a country. He described Media as a very vital platform for restructuring of the county global image. He made an analogy that their CEO has lived in America, and always tells them that America is not perfect but they can only show you what they want you to see So Spark Media can do the same for Sierra Leone.
He emphasized that quality comes with a Price and they are going to pay for it. He assured the audience that they are not here to do substandard works and that is why they have state of the art equipment that can give the best quality equivalent to whatever client can get in the USA, Nigeria and Ghana. The unveiling was climaxed with a raffle draw where guests won smart TV, Fan , Tablets, Bag, Perfumes e.t.c
From captivating commercials to stunning documentaries, Spark Media has the expertise and passion to deliver exceptional services like Photography, Event Coverage, Printing, Videography, Graphics design, Branding and Broadcasting.
In a strategic move to provide top-notch digital Banking services its current and Potential Customers , Rokel Commercial Bank has launched Seven new E-Banking Products and Services [ E-Banking Baskit] on Friday 1st September at the D’ Bim D Bam Hall, Wellington Street Freetown.
In his Presentation of the New E Banking Products and Services to the audience, Victor Kanu , Officer in Charge RCBank E-Banking Product and services revealed that over the years they have worked tremendously to see how they can match and surpass what their competitors are doing. He acknowledged that the current trend of Global Banking is digital and they are working hard to adopt the status quo. The seven new products and E-Banking services he listed are Prepaid Card, Classic Visa Card Proprietary /Local Card , Cardless transaction on ATM, ATM Terminals, Remittances Money gram, Western Union, RIA, POS Terminal.
He described RCBank Visa Prepaid Card as reloadable and the cardholder can either be an account holder or non account holder and denominated in Leones. He added that this will give great opportunity to reach out to all the people that are currently excluded from the financial system in Sierra Leone. Speaking on the importance of RCBank Debit Visa Classic Card, he pointed out that the card is directly linked to a customer’s account of the bank , transaction on the card impact the customer account directly. He further confirmed that the card can be used both local and International on any VISA enable terminal [ATM, POS,and Web/ Online]. He affirmed that the card is powered by VISA, a global card scheme in which the bank has a principal License membership.
Richard A.F Ashcroft, the Agency Banking Officer at RCBank, shared remarkable success stories and testimonials from Simkorpor in his Presentation.
He mentioned notable instances of their Ekorpor successes where payments were made to 26,000 recipients to NACSA, ECSL [UNDP] 91000[present], Save the Children 15,000, AFENET 25,000 and NETIPS 10,000 in a short period, many of whom did not have accounts with RCBank. While transaction limits are currently set at Le15,000 per transaction, Ashcroft expressed the bank’s commitment to further develop the service.
Managing Director of RCBank, Dr, Ekundayo Gilpin described the various E-banking products and services as a sum total of RCBank ambitious digitalization programme that has invariably transitioned into fast, reliable, modern, safe and efficient banking services. He recalled that sometimes back when they expressed their ambition to go digital, some people were casting aspersions. He pointed out that many people were calling the Bank they took up in 2017 Provocative names, but because he got a team of likeminded people which are the shareholders, and dedicated staff who work in the institution they were able to change the narrative. He further revealed that now is the time to show the world that Sierra Leoneans can emerge as people of Substance who can equal and surpass any other bank in this in the aspect of digitization. Addressing the issue of safety and security for customers data and finance, he acknowledged that in terms of digitization and Online Processing there is potential for fraud. He referenced the recent data Breach of the British Metropolitan Service as a manifestation of potential fraud. He allays the fear of the audience that they have put together solution s to protect their customers’ cash with one of best standards globally.
The Board Chairman of RCBank described the occasion as tremendous and not only for the Bank but for Sierra Leone. He acknowledged that it has not been an Easy Journey but he believes that a journey of a thousand mile begins with a first step. He affirmed that despite reaching their goals with a thousand mile, they would like to go beyond the said thousand miles. He confirmed that the board of the bank is in a strategic direction, and commends the management and staff that actualize their plans and strategies. He acknowledges that they can have the best of ideas and strategies but the people that implement them are the ones that mainly deserve applaud. He affirms the board commitment to always support management.
Representing the Acting Bank Governor, Mr. Jarret, Director of Banking and Supervision at the Bank of Sierra Leone congratulated the Chairman, Managing Director and the Board and Management of RCBANK. He pointed out that from the speech of the Managing Director, he was able to see all what RCBank has to offer and map out the path the Bank has journeyed since the time Barclays Bank left the shores of Freetown and was transformed to RCBank, to the present day. He described the apt speech of the Managing Director, Dr. Gilpin as a chronology of achievements.
Launching the RCBank E-Banking Products and Services [ E-Banking Baskit], the Deputy Minister of Finance, Madam Jeneba Bangura herself as now a potential customer of RCBank. She justified that her decision to serve as a potential customer of RCBank is as a result of the significant strides the Bank is making in Sierra Leone.
“I’m really really impressed, this is my second event. We were here about three weeks ago where I joined you 5 years of digital financial service with Simkorpor and I am here again to launch services and Products.RCBank you guys are leading. As I stand through both presentations, not only did I know that you guys are providing all these services but I am impressed that you have done within the shortest possible time and your efforts is exactly into what this government is trying to do which is innovation and digital transformation ” she stated.
She pointed out that digitization is very important especially when it comes to providing services for customers whether in the Banking sector, or revenue collection. she affirmed that it is important because it saves money , time and provide security and provides accountability for customers.
