A Rokel Commercial Bank delegation including the Board of Directors Chairman, Buffy Bailor, Managing Director Dr Walton Gilpin and top IT staff are in Cape Town, South Africa to attend a high-level meeting on the adoption and use of the innovative Pan African Payment System (PAPPS) by banks around the continent.
Pioneered by the Afreximbank, the PAPPS will create a flawless and highly effective international payment system that will invariably support the African Continental Free Trade Area (AcFTA) established in 2018 and signed by 43 African countries including Sierra Leone.
The new cross-border payment also seeks to operationalize a 2019 resolution by African heads of state that the PAPPS should become the main infrastructure for payments and settlements within the African financial markets.
Therefore, working with local banks like the RCbank to popularize and promote the adoption and utilization of the payment system tool has been deemed to be a critical component of its growth and success. A high point of the event was when heads from some of the partnering banks, including the Rokel Commercial Bank shared their experiences on the use of the PAPPS.
At the end of a highly interactive event, RCBank was among the financial institutions nominated as member of the Working Group of the PAPPS network/club to promote the adoption and usage of the payment platform.
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The government of Sierra Leone has directed mining company Sierra Rutile to restart mining operations in Area 1 by the end of May. This directive comes after Sierra Rutile suspended activities in January due to a dispute over taxes.
The government views the suspension as a violation of the Mines and Minerals Development Act and has given the company until May 31st to comply. Sierra Rutile, however, disagrees with this stance and is currently evaluating its options in response to the government’s order.
The disagreement stems from ongoing negotiations regarding a new tax regime for Area 1. In May 2023, both parties began discussions for a “third amendment agreement” that would define the fiscal terms. However, negotiations stalled in January when the government decided to abandon the proposed agreement, reverting Sierra Rutile to the tax regime established in 2001.
The mining company argues that the older tax structure makes continued operations in Area 1 economically unsustainable. It remains to be seen whether Sierra Rutile will comply with the government’s order or take further action to defend its position.
Orange Sierra Leone Digital Center is launching a free high-level certification training program in partnership with Coursera, the world leader in online learning.
This partnership aims to offer young people in Africa and the Middle East the opportunity to acquire essential skills in digital professions, free of charge and at their own pace.
The Orange Digital Center (ODC) network is driving digital inclusion for young people and entrepreneurs across Africa and the Middle East through its 16 centers. It is launching this initiative to provide young people in the region with key skills in essential areas such as artificial intelligence, cybersecurity, digital marketing, and entrepreneurship. These programs are designed to meet the needs of the ever-evolving job market, providing talented young people with the knowledge and skills they need to enter the job market, develop their careers, or encourage them to become digital entrepreneurs.
Orange Digital Centers are physical structures designed to be hubs of innovation and learning, free and open to all, providing a dynamic environment where young people can develop their skills, explore new technologies, and stimulate their creativity.
Equipped with the latest technologies, they support young people throughout the entire technological innovation and entrepreneurship value chain. This innovation ecosystem consists of several spaces that offer free learning programs: a Code School, a Solidarity FabLab, an ‘Orange Fab’ startup accelerator, and Orange Ventures Middle East and Africa, the Orange Group’s investment fund that invests in the most promising startups.
Asma Ennaifer, Executive Director CSR, Orange Digital Centers and Communication, Orange Africa and Middle East, says: “At Orange, we firmly believe that digital inclusion is the key to creating a fairer and more prosperous future for everyone. In partnership with Coursera and through the Orange Digital Centers, we are opening the doors of certification training to all our beneficiaries, offering educational and professional development opportunities to those who need them most. ”
You’ll find all the Orange SL Digital Center training courses on the Coursera platform here https://www.coursera.org/
Press Contacts:
Orange Sierra Leone: Mabel Mason, [email protected], + 232 76 450 189 Orange Middle East and Africa: Anita Oyono, [email protected], +33 6 75 02 03 79
Commemorating SLONEC’s First Year Anniversary, RCBank Top Management has participated in SLONEC Business Seminar on Tuesday 30th April, 2024 at the Freetown City Council.
SLONEC is an accountancy and consultancy firm that specializes and provides a wide range of accountancy and consultancy services to individuals, businesses, and organisations within Sierra Leone and beyond.
Dr. Walton E. Gilpin Managing Director of RCBank served as the Guest Speaker for the Buisness Seminar with the theme let’s celebrate and Excel in Business. Dr, Gilpin presented along side with the founder and CEO of SLONEC Mr. Ishmail Bangura, Manager and Tax guru at NRA Matilda Z. Kamara and Dr. Alpha Grace (Founder & CEO of CHANGEYOURSELF).
The Managing Director of RCBank Staged a PowerPoint Presentation on Navigating Loan Financing for SME’s and Avoiding Business Failures. Under key topics like National Public Debt Securities cycle, The Lending cycle and Access to Finance, Loan Cycle, Loan recall, Loan maturity, Cancellations and Restructuring, his presentation objectives focused on understanding the basic debt terminology in the loan cycle, Relationship between stages in the loan cycle and data requirement which could help reduce incidence of delinquency.
Speaking on the issue of granting loans, Dr. Gilpin states”debt collection is in trouble- especially when it comes to the delinquent credit. According to figures from the International Monetary’s fund‘s Global Financial Stability Report non-performing loans make up 3.925% of total gross global loans,”
Mr. Adikalie S. Kamara, Head of Operations at RCBank pointed out that the essence of the Banking system is to bring safety and soundness of the financial sector adding that there is low public understanding about loan initiation and the importance of the financial sector. He pointed out that there is a stand out guidelines by the Central Bank not to have more than 10% of loans in nonperforming category as it would be described as a delinquent loans, He applauded SLONEC as a new Financial Company set up by Sierra Leoneans to come together to contribute to enhance the financial sector.
Mr. Ishmael Bangura, CEO of SLONEC thanked the Management and Staff of RCBank for gracing the occasion. He reflected that while growing up he realized that he has to make a change and contribution to society.
He reflected on his experience in the United Kingdom and commented on what countries of the Western World are doing positively and differently. He revealed, he discovered one of the reasons why the Western Countries are far ahead of us it’s because they value the things we take for granted He cited that one of the things that sometimes people take for granted back home is integrity, which he intends to bring and to uphold it as a core value in the financial sector.
Head of Public Relations, RCBank Mr. Aruna Dumbuya pointed out in his Public Lecture that Integrity, Objectivity, sustainability, professional competence, sincerity and probity are all core values that enhance the banking sector to thrive. He acknowledges the need for people in the financial Sector to imbibe all these qualities because the absent of some of these ethical conducts then we would not have people who will manage the finances of this country.
He emphasiszed on the need for customers that will enhance the availability and procedures of securing a loan adding that the Bank Prioritizes financial literacy in a bid to enhance customers Protection. He affirmed that over the years, the leadership of RCBank have been doing public Lectures at Universities and in Public Places both national and International, which is a core value of the Sierra Leone National Strategy for Financial Inclusion (NSFI 2022-2026).
He added that as a bank, they have seen how climate Change and environmental issues are impacting the world adversely, and it is so important that the country embraces urgent actions for positive climate change.
Mr. Dumbuya expressed thanks and appreciation to the SLONEC Management for the Invitation and assured the Bank’s unwavering commitment to respond to their call and to other institutions that will contribute positively to the Development of Sierra Leone.
In a historic event on April 8, 2024, Leone Rock Metal Group (LRMG) celebrated the inauguration of its groundbreaking 30 MTPA processing plant and heavy fuel oil power plant at its Tonkolili Mine site in Sierra Leone. This plant, capable of delivering 10 million tons per year, represents a significant advancement in optimizing ore into 66% iron concentrate.
LRMG, renowned for its vertical integration approach, has set a new industry standard. Salim Sillah, Chief Technical Officer of LRMG, highlighted the company’s growth trajectory, citing the recent launch of the $200 million 12 million tons processing plant and the current $500 million investment in the 30 million tons facility within two years. Describing LRMG as “ambassadors of change,” Sillah emphasized the company’s dedication to innovation and progress.
Collin Ding, President of LRMG, underscored the project’s importance for Sierra Leone, noting the creation of over 6,000 jobs thus far, with plans to expand to 15,000 by 2025 through this project. This substantial job creation aligns with President Bio’s ambitious goal of generating 500,000 jobs by 2028. The project promises significant benefits in terms of royalties, fiscal revenue, and overall development for the country.
Julius Mattai, Minister of Mines, praised LRMG’s contributions to Sierra Leone’s mining sector, highlighting their track record of integrity and success. The collaboration between LRMG and MML resulting in the export of $800 million worth of iron ore underscores the company’s positive impact on the national economy and its commitment to collaborating with other companies to enhance the mining industry.
In his statement, Sierra Leone Vice President, Dr. Alhaji Mohamed Juldeh Jalloh commended LRMG for its dedication and investments, recognizing its pivotal role in advancing Sierra Leone economically and socially. The project symbolizes a beacon of progress for the nation, with the government committed to supporting initiatives that drive prosperity and growth.
LRMG’s Tonkolili Iron Ore project emerges as a global player in the industry, positioning Sierra Leone prominently on the world stage. The project not only enhances the country’s economic outlook but also enriches its human capital, emphasizing the collaborative efforts that have enabled this transformational project.
As the local community, government officials, and stakeholders unite in celebrating this significant milestone, the inauguration of LRMG’s processing plant marks a momentous step towards a brighter future for Sierra Leone and its people.
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RC Bank Junior Staff Association sets to host one of the biggest Fiestas in the country ahead of the Bank’s 25th Year Anniversary Celebration.
The “RCBank Cashless Fiesta “will be on show on 20th April 2024 at the Hamilton Resort, 5 Adrian Drive Hamilton.
Attending the RCBank Cashless Fiesta will introduce the unique sounds, beats and vibes of Sierra Leone and also help customers and non customers better understand the Bank’s various product and services. This incredible fiesta will combine some of the biggest names in the entertainment with local acts and other genres with their culture and heritage.
Speaking on the rationale behind organizing the Fiesta, Francis Gandi, President of the Junior Staff Association revealed that they dubbed the event as “RCBank Cashless Fiesta” because it aligns with one of the five Key Priorities of the Managing Director Dr. Ekundayo W. Gilpin. He recalled that at the start of 2024, the visionary Managing director emphasized on the need for moving away from traditional banking to that of creating a cashless environment in Sierra Leone that would facilitate banking transactions for customers. He further affirmed that the programme will be centered on the celebration of the 25th Year Anniversary, showcasing the bank’s various products and services to customers and non-customers through bonding with their clients.
“We will be having different packages for customers and staff and key among them is attractive Prizes for Winners in the quiz competition, Live Musical Performances, Rap battle among staff from various Branches, Dancing Competition, and Raffle competition for users of the Simkorpor Product amongst others. The Fiesta is for all the branches in the country as well as customers and non-customers. We want to interact with customers outside the banking halls for better understanding and we are using this opportunity for customers to witness first hand on how our Product and services works,” Mr. Ghandi States.
A fiesta which aims at promoting team bonding among the junior staff Association ahead of the Bank’s 25th Anniversary Celebration, artists like Empress P, Adfega, and many more will be performing live at this auspicious event.
The cashless Fiesta subscribed to the strives and vision the Managing Director is making to achieve a cashless society and bringing the bank closer to the people. RCBank-The Bank of Choice!!!
Responding to the devastating fire that ravaged the Female Hostel at the University of Makeni on the evening of April 15, 2024, Rokel Commercial Bank’s Management, led by Dr. Gilpin, has taken swift action to support the affected victims.
Under the guidance of Mr. Abubakarr Bah, Manager of the RCBank Makeni Branch, a team from Rokel Commercial Bank visited the university campus to offer assistance. The bank’s efforts included providing counseling services and immediate relief items such as foodstuff and cleaning supplies.
According to reports received by Rokel Commercial Bank’s PR Unit, the fire caused significant damage to properties within the hostel. However, there have been no reported casualties, offering a glimmer of relief amidst the tragedy.
The proactive response from Rokel Commercial Bank underscores its commitment to the community and its values of support and solidarity during challenging times.
As the affected individuals begin to rebuild their lives, the bank’s support serves as a beacon of hope and assistance in their recovery efforts.
MiKashBoks, Sierra Leone’s innovative mobile savings app, and Orange Money Sierra Leone have jointly announced a collaborative partnership that will allow MiKashBoks users to seamlessly deposit and withdraw funds through the widely used Orange Money platform.
The official unveiling ceremony took place at Orange’s headquarters in Hill Station, Freetown. Key stakeholders, including Orange partners, Orange Money CEO David Mansaray, MiKashBoks board members, and senior officials from Orange Money Sierra Leone, witnessed the momentous occasion.
MiKashBoks, with its motto “It Pays to Save,” is revolutionizing the Sierra Leonean savings landscape. The app offers a user-friendly platform for both individuals and groups to save money securely while earning competitive interest rates. Two standout features, “Osusu Na Yu Phone” and “Personal Cashbox”, empower users to manage their savings effectively.
Recognizing the pressing need for financial inclusion in Sierra Leone, where only 20% of adults have access to formal financial services, Orange Money has joined forces with MiKashBoks. This partnership aims to bolster efforts to expand access to financial services for all segments of the population.
MiKashBoks not only facilitates savings but also serves as a gateway to a comprehensive range of financial services. Users can build their credit history and reputation within the platform, paving the way for fairer opportunities, including access to larger loans at favorable rates.
For the convenience of its diverse user base, MiKashBoks is available on the Google Play Store for Android users. Those using iPhones or basic feature phones can easily sign up by dialing *352#.
For further information and customer support, MiKashBoks has established a dedicated Customer Support Line reachable at 075 775776.
With this strategic partnership between MiKashBoks and Orange Money Sierra Leone, the future looks promising for financial inclusion and digital savings in Sierra Leone.
