RCBank Partners with Fanta’s Kitchen Catering Services and Afrigas to Stage the Biggest Ever Cooking Competition


Rokel Commercial Bank, in partnership with Fanta’s Kitchen Catering Services and Afrigas, successfully staged the biggest ever cooking competition facilitated by an indigenous bank on October 12th, 2024, at the Family Kingdom Complex, Aberdeen, Freetown.

The bank, known for its trailblazing initiatives and implementation of innovative strategies, continues to set the pace in aligning with regulatory standards to meet the requirements of Sierra Leone.

The event was hosted by Fanta’s Kitchen, one of the leading catering service organizations in Sierra Leone, which has proudly represented the country in both local and international cooking competitions.

Fanta Fofanah, the CEO of Fanta’s Kitchen, is a renowned entrepreneur in the catering industry, working closely with institutions across Sierra Leone, with aspirations of gaining wider recognition in Africa and globally.

Rokel Commercial Bank Sierra Leone Ltd. has long been partnering with various organizations to fulfill its Corporate Social Responsibility (CSR) commitments. The theme for this competition, “Impacting Young Entrepreneurs,” aligns with the overarching theme of the bank’s 25th anniversary, “Taking Banking to the Grassroots.” This recent initiative builds on other partnerships and collaborations, including:

Equity and I&M Banks in Rwanda (July 2024) for cross-border transactions,

EST Applied Intelligence (February 2024) for cybersecurity and financial inclusion,

National Scrabble Association Sierra Leone (August 2023) for promoting scrabble in schools,

Institute of Public Administration and Management (IPAM) (January 2022) for a Banking & Finance seminar,

Afrimoney (November 2022) for quality service provision,

Orange Sierra Leone (March 2021) to facilitate mobile money and banking transactions, and

Keeping Hope Alive (2019) to address climate sustainability and tree maintenance.

The cooking competition, organized in collaboration with Fanta’s Kitchen and Afrigas, featured a panel of esteemed judges, including Naasu Fofanah (CEO of Susue Pemehun), Vivian Samuel Coker (CEO of Sam’s Brother’s Investment), and Mrs. Hawa Alpha of Prosgil Delicious.

Contestants hailed from various vocational institutes, including the Young Women’s Christian Association (YWCA), Useful Hands Vocational Institute, Women’s Vocational Center (Ormamy), Winning Center, and Murialdo. Other catering institutions, such as REAPS and CEFORD Vocational Center, were also present to witness the competition.

Useful Hands Vocational Institute from Wellington emerged as the winner, receiving a cash prize of Le10,000. The second position was clinched by Winning Center Vocational Institute from Murray Town, which received Le7,000, while the third-place winner received Le5,000. The contestants who finished in fourth and fifth place were awarded consolation prizes.

At the conclusion of the event, the Managing Director & CEO of Rokel Commercial Bank, Dr. Ekundayo W. Gilpin, congratulated the participants and acknowledged the contributions of the bank’s staff, the judges, and representatives from partnering institutions. He praised the collaboration with Fanta’s Kitchen and Afrigas for their role in making the event a success.

Dr. Gilpin highlighted that the competition demonstrated RCBank’s commitment to empowering young entrepreneurs by providing them with a platform to showcase their skills. This initiative, he noted, is aimed at preparing them for both local and international business challenges, ensuring they remain competitive in an ever-evolving market.

RCBank – The Bank of Choice!




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Rokel Bank Scoops NLe 191.6 Million Profit


The Bank of Sierra Leone has approved the Rokel Commercial Bank Statements of Account – revealing a staggering NLE191, 627, 038 (One Hundred and Ninety-One Million, Six Hundred and Twenty Thousand and Thirty-Eight Cents) for the 2023 Financial Year.

Profit after tax is Nle142,802,319, eclipsing the NLe69,48,024 the previous year.

This significant achievement represents a 104% increase from the NLe94 Million recorded in 2022. Consequently, customer deposits rose to NLe2.9Billion indicating a 25% increase from NLe 2.35Billion recorded in 2022.

The growth in deposits has triggered a significant growth in the bank’s balance sheet from NLe3.2Billion in 2022 to NLe3.8Billion in 2023 representing a 18.75% increase respectively. Total earnings per share also grew from NLe0.76 per share (2022) to NLe1.56 per share (2023).

In September this year, the RCBank Celebrated its 25th Anniversary after a smooth transition from Barclays Bank Plc in 1999 which had operated the bank for nearly a century.

The celebrations were marked by several indoor and outdoor activities including Christian and Muslim thanksgiving services and a special event to recognizing staff who have had 15 to 35 years of unbroken record of service.

In each of these events, the Managing Director, Dr Walton Ekundayo Gilpin re-echoed a renewed sense of hope and commitment in expanding and making Rokel Commercial Bank a dominant force in the subregional finance industry.




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British International Investment Boosts Private Sector Growth in Sierra Leone With Ecobank Partnership


The United Kingdom Government, through its development finance institution, British International Investment (BII) has announced a $25 million risk-sharing facility with Ecobank Sierra Leone to stimulate private sector growth in high-impact sectors of the economy.

The facility, which includes a comprehensive technical assistance program, will support Ecobank in increasing lending to ambitious businesses in this frontier market.

The private sector plays a crucial role in Sierra Leone’s economy, primarily through small and medium-sized enterprises (SMEs) that employ around 70% of the population. However, these businesses often struggle to access capital due to various factors, including limited financial products, high collateral requirements, and short-term loan tenors.

The new facility will support local currency lending, demonstrating BII’s ability to act as a first mover in frontier markets. By increasing credit limits and extending loan tenors, the investment will help Ecobank Sierra Leone grow its loan book and boost business growth, job creation, and private sector contribution to the economy.

This transaction marks a significant milestone as the first investment under the Africa Resilience Investment Accelerator (ARIA), a collaborative initiative launched by BII and FMO, the Dutch entrepreneurial development bank. ARIA aims to boost investment in frontier markets like Sierra Leone.

The Sierra Leone economy faces challenges including a depreciating currency, a large trade deficit, and insufficient infrastructure investment. BII’s investment targets critical sectors such as renewable energy, agriculture, agro-processing, infrastructure, and manufacturing to spur economic growth and development.

UK Minister for Development, Anneliese Dodds, expressed her delight at the partnership, stating that it will support local currency lending, bring much-needed capital into high-impact sectors, and contribute to job creation and economic growth.

Samir Abhyankar, MD and Head of Financial Services at BII, highlighted the facility’s potential to be a game-changer for Sierra Leone, providing much-needed capital for local businesses to accelerate their growth, spur job creation, and deepen impact.

Sebastian Ashong-Katai, Managing Director of Ecobank Sierra Leone, expressed his enthusiasm for the partnership, emphasizing its importance in boosting Ecobank’s lending capacity and supporting Sierra Leone businesses.

Alex Kucharski, BII’s Head of West Africa for ARIA, added that ARIA aims to unlock investment in Sierra Leone and that the investment in Ecobank Sierra Leone will bring much-needed growth capital to underserved businesses in the country.




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Sierra Leone Foreign Currency Exchange Rate For October 4, 2024


The Bank of Sierra Leone has on the 4th of October, 2024 released the official foreign exchange rate in the country.

The rates include the cost of buying and selling major foreign currencies including Pounds Sterling, Euros, and United States Dollar, amongst others.

In the week from September 30 to October 4, 2024, the US dollar experienced notable gains against both the British pound and the euro, marking a significant shift in the foreign exchange market.

The Central Bank’s disclosed rates are as follows:

Pounds Sterling: Buy at Le 30.2348, Sell at Le 29.9318

U.S. Dollars: Buy at Le 22.7415, Sell at Le 22.5153

Euro: Buy at Le 25.1831, Sell at Le 24.9328

Meanwhile, in the unofficial market, the US dollar settled at Le25 (Buying) and Le24.2 (Selling) on Monday, October 7, 2024. This is according to parallel market operators in Central Freetown and Lungi.

NOTE: The Movements in the exchange rate influence the decisions of individuals, businesses and the Sierra Leone government. Collectively, this affects economic activity, inflation and the balance of payments.




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GTBank and CAFOD Boost Financial Inclusion for Women and Girls in Sierra Leone


Guaranty Trust Bank (GTBank) and Catholic Agency for Overseas Development (CAFOD) have successfully concluded their three-year collaboration as part of the Women and Girls FIRST financial inclusion project, funded by Jersey Overseas Aid (JOA).

This initiative has made significant strides in Kenema, Port Loko, and Kambia districts, recruiting 150 “Financial Champions” from project project Village Savings and Loans Associations (VSLAs).

These champions have been registered and trained as GTBank mobile banking agents to support remote communities across eight chiefdoms, boosting financial inclusion.

The Women and Girls FIRST project aims to improve financial access and resilience for women and girls in these regions.




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RCBank Announces Plans for Further Expansion in Sierra Leone


Since 2017, RCBank has demonstrated that local brands can compete both nationally and internationally through innovation and strategic growth.

Recently, RCBank opened a second branch in Bo and announced further expansion plans across Sierra Leone, aiming to strengthen its presence in provincial areas as well.

Mrs. Millicent Cole, Director of Credit Risk, recalled that in 1999, when the bank changed ownership, it was operating as a single branch after Barclays had closed all its locations. Today, RCBank boasts 21 branches, including outlets, and is the first bank in the country to have two branches in Bo City.

 

“We now have two branches in Bo City. Very soon, we will be opening two more branches, with another one before our next anniversary. When Barclays left, we had fewer than 100 employees, but today, we have over 500, a testament to the bank’s contribution to employment in Sierra Leone,” she stated.

She also expressed gratitude to God for blessing the bank with a great team and credited the dynamic and visionary leadership of Managing Director Dr. Walton Ekundayo Gilpin for the bank’s growth.

Managing Director Dr. Walton Gilpin emphasized the significance of an active banking sector for a thriving economy. He encouraged account holders to engage in various banking transactions beyond simple deposits and withdrawals, noting the range of services offered by RCBank, including banking cards, mobile apps for transactions, balance checks, and insurance payments.

Dr. Gilpin also underscored the bank’s commitment to reaching underserved areas, stating that RCBank has branches throughout the country and plans further expansion. His vision is to elevate Sierra Leone’s financial sector and extend RCBank’s presence beyond national borders. He highlighted RCBank’s pioneering step of opening a second branch in Bo, setting a precedent for other banks by enhancing service delivery.

By implementing strong risk management frameworks, adhering to regulatory requirements, and embracing digital innovation, RCBank has built credibility and established long-term stakeholder relationships. Dr. Gilpin stressed the importance of forging strategic partnerships and ensuring regulatory compliance to help Sierra Leonean banks strengthen their competitive position, drive sustainable growth, and contribute to the country’s economic development, as well as Africa’s.

RCBank (SL) Ltd. is now fully digital, in line with the theme of its 25th anniversary: “Digitalization Towards Customer Satisfaction,” focusing on bringing banking services to the grassroots.

As RCBank continues to expand, it is poised to become a key player in the financial landscape, attracting investors and positioning itself for success in Sierra Leone’s market.

RCBank – The Bank of Choice!




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Leveraging Expansion for Growth: RCBank Announces Plans for Further Expansion in Sierra Leone


Since 2017, RCBank has demonstrated that local brands can compete both nationally and internationally through innovation and strategic growth.

Recently, RCBank opened a second branch in Bo and announced further expansion plans across Sierra Leone, aiming to strengthen its presence in provincial areas as well.

Mrs. Millicent Cole, Director of Credit Risk, recalled that in 1999, when the bank changed ownership, it was operating as a single branch after Barclays had closed all its locations. Today, RCBank boasts 21 branches, including outlets, and is the first bank in the country to have two branches in Bo City.

 

“We now have two branches in Bo City. Very soon, we will be opening two more branches, with another one before our next anniversary. When Barclays left, we had fewer than 100 employees, but today, we have over 500, a testament to the bank’s contribution to employment in Sierra Leone,” she stated.

She also expressed gratitude to God for blessing the bank with a great team and credited the dynamic and visionary leadership of Managing Director Dr. Walton Ekundayo Gilpin for the bank’s growth.

Managing Director Dr. Walton Gilpin emphasized the significance of an active banking sector for a thriving economy. He encouraged account holders to engage in various banking transactions beyond simple deposits and withdrawals, noting the range of services offered by RCBank, including banking cards, mobile apps for transactions, balance checks, and insurance payments.

Dr. Gilpin also underscored the bank’s commitment to reaching underserved areas, stating that RCBank has branches throughout the country and plans further expansion. His vision is to elevate Sierra Leone’s financial sector and extend RCBank’s presence beyond national borders. He highlighted RCBank’s pioneering step of opening a second branch in Bo, setting a precedent for other banks by enhancing service delivery.

By implementing strong risk management frameworks, adhering to regulatory requirements, and embracing digital innovation, RCBank has built credibility and established long-term stakeholder relationships. Dr. Gilpin stressed the importance of forging strategic partnerships and ensuring regulatory compliance to help Sierra Leonean banks strengthen their competitive position, drive sustainable growth, and contribute to the country’s economic development, as well as Africa’s.

RCBank (SL) Ltd. is now fully digital, in line with the theme of its 25th anniversary: “Digitalization Towards Customer Satisfaction,” focusing on bringing banking services to the grassroots.

As RCBank continues to expand, it is poised to become a key player in the financial landscape, attracting investors and positioning itself for success in Sierra Leone’s market.

RCBank – The Bank of Choice!

The post Leveraging Expansion for Growth: RCBank Announces Plans for Further Expansion in Sierra Leone appeared first on Sierraloaded.



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Rokel Bank MD Appointed Chair of African Leadership Council for Sierra Leone


Dr. Walton Gilpin, Managing Director of Rokel Commercial Bank, has been appointed Chair of the African Leadership Council for the Sierra Leone Chapter.

The announcement was made during an official event held at the Bank of Sierra Leone Complex on Sunday, 22nd November 2024. This event also coincided with the bank’s 25th Anniversary celebrations, which included a Thanksgiving Service at Wesley Methodist Church, a march-past, and a formal dinner.

Dr. Gilpin received the insignia of office and a Certificate of Listing as one of the top 40 African Caribbean business leaders for 2024 from Samuel Elaikwu, a senior representative of the African Leadership Organisation (ALO).

The African Leadership Council works to advance global opportunities for African countries, and Dr. Gilpin’s new role will focus on leveraging these opportunities to promote Sierra Leone on the international business stage.

Dr. Gilpin, who has previously been recognized as one of the top 25 African Banking Leaders by the Pan-African Leadership Magazine, described the appointment as a victory for Sierra Leone. In his statement, he encouraged his fellow citizens to unite and refrain from negative discourse.

Among his accolades, Dr. Gilpin received the prestigious US Congressional Award from the State of Carolina in 2023.

The African Leadership Organisation (UK) continues to support African and Caribbean business leaders in fostering global connections and promoting sustainable development across the continent.




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Sierra Leone Foreign Currency Exchange Rate For September 22, 2024


The Bank of Sierra Leone has on the 20th of September released the official foreign exchange rate in the country.

The rates include the cost of buying and selling major foreign currencies including Pounds Sterling, Euros, and United States Dollar, amongst others.

In the week from September 17 to September 20, 2024, the British pound demonstrated a significant rise against both the US dollar and the euro. In contrast, the euro experienced more modest fluctuations. The US dollar showed relative stability during the same period.

The Central Bank’s disclosed rates are as follows:

Pounds Sterling: Buy at Le 30.1914, Sell at Le 29.8887

U.S. Dollars: Buy at Le 22.7003, Sell at Le 22.4744

Euro: Buy at Le 25.3454, Sell at Le 25.0955

Meanwhile, in the unofficial market, the US dollar settled at Le25 (Buying) and Le24.2 (Selling) on Monday, September 22, 2024. This is according to parallel market operators in Central Freetown and Lungi.

NOTE: The Movements in the exchange rate influence the decisions of individuals, businesses and the Sierra Leone government. Collectively, this affects economic activity, inflation and the balance of payments.




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