Cryptocurrency exchange Binance announced support for the Sierra Leonean Leone (SLL) on its peer-to-peer (P2P) platform in February 2023.
This addition allows Sierra Leone residents to directly buy and sell cryptocurrencies like Bitcoin (BTC), Tether (USDT), Ethereum (ETH), Binance Coin (BNB), and Binance USD (BUSD) using their local currency.
Through Binance P2P, users can now:
Post trade advertisements: Advertise their desire to buy or sell cryptocurrencies with SLL.
Zero fees: Enjoy zero transaction fees when trading with other users or verified merchants.
Multiple crypto options: Trade directly with other users for various cryptocurrencies beyond just Bitcoin.
Binance is also seeking local P2P merchants in Sierra Leone. These merchants can benefit from:
Exclusive support: Receive dedicated customer support from Binance.
Verified badges: Gain increased trust from potential trading partners through verified badges.
Advanced tools: Utilize advanced trading tools to manage their P2P business effectively.
VIP programs: Enjoy benefits like VIP discounts and zero commissions.
This move by Binance opens up new opportunities for Sierra Leonean residents to participate in the cryptocurrency market using their local currency. It also fosters a more accessible and efficient way to buy and sell crypto within the country.
Orange Sierra Leone launches the 6th edition of the Orange Social Venture Prize (OSVP) in Sierra Leone and 14th edition in Africa and the Middle East to support social innovation and encourage local entrepreneurship.
This will mark the 6th Edition of the OSVP competition in Sierra Leone and 14th edition in Africa and Middle East. The Competition will officially open for submission of applications Monday, March 25th 2024. Applicants from the 17 Orange affiliates in Africa and Middle East including Sierra Leone must apply for both the National and International competition and should submit their applications on or before 26th May 2024 at the website below:
Through this competition, Orange Sierra Leone, as a responsible corporate and social investor, aims to contribute to the human capital development, support local social and environmental innovations, and encourage entrepreneurship in Sierra Leone.
Since 2019, OSVP prize has been awarded to innovative projects in the field of education, healthcare, e-commerce, and agriculture and projects that contribute to achieving sustainable development goals using digital technology. The competition has two stages:
The National Stage
Applications will be submitted from the 25th March – 26th May 2024 for the National and Women’s competition. At the end of this application phase, a national pitch competition will be held in August 2024 to award the National and Women’s category winners. The winners will receive the following prizes:
NLe 200,000 – National Winner
NLe 120,000 – Women’s Winne
The International Stage
The National and Women category winners from each subsidiary in the 17 Orange affiliates in Africa and Middle East will automatically be selected for the international phase. After their evaluation, 10 finalists will be selected. A final jury of African tech influencers will select the top 3 winners of the OSVP International Grand Prize in October/November 2024.
As equal opportunity is a key aspect of Orange policy, an International Women’s Prize will also be awarded for the fifth consecutive year. This prize will be awarded to a woman who offers a technological solution to improve the living conditions of women (women’s independence, job creation or preservation, gender data collection, digital and financial inclusion, etc.).
The winners of the international and women’s competition will receive the following prizes:
The management of Sierra Rutile Holding Limited has informed affected staff by the redundancy notice including Sub stewards and General Staff that the company will commence a three-day distribution service of redundancy letters to its affected personnels effective Tuesday 26th March 2024 to Thursday 28th March 2024.
The redundancy letters will be issued alongside the payment slips and redundancy calculation in relation to end of service benefits.
The company is however calling on the attention of all those affected to attend a verification exercise to meet the appropriate requirements for payments.
Payment will be made into individual accounts by the end of March 2024.
In a situation where an affected is unable to attend the verification process, an opened communication is required ahead of the stipulated time frame through the union providing reasons for your absence.
The company however disclosed not taking responsibility of any deferral after the verification exercise as a payment requirement.
One of Sierra Leone’s leading financial institutions, Rokel Commercial Bank has issued a Communiqué from the National Symposium on Cybersecurity and Financial Inclusion Organized by the RCBank and EST Applied Intelligence (UK) On the 22nd February 2024 at the Freetown City Council Auditorium.
The event which attracted over 500 participants from financial Institutions, MDAS, the private sector, educational institutions, security agencies etc, was part of the bank’s contribution towards the strengthening and or establishment of a robust cybersecurity capability in Sierra Leone.
The symposium was immediately followed by a working breakfast where a smaller group of carefully selected participants from RCBank and other relevant institutions further deliberated to identify six key variables that subsequently became the communique for the RCBank National Symposium on Cybersecurity and Financial Inclusion in Sierra Leone. These are as follows:
1) Increased awareness of the evolving cybersecurity threat landscape and the importance of proactive measures to mitigate risks.
2) Enhanced understanding of best practices, frameworks and strategies for safeguarding digital assets and infrastructure including sensitive customer data
3) Strengthened professional connections and collaboration opportunities within the financial services, defence, national security and wider cybersecurity communities
4) Formation of the first ever Cybersecurity Tiger Group in Sierra Leone for cross sector collaboration and capacity building.
5) Formation of the first ever Financial Services Cybersecurity Chapter in Sierra Leone The Gilpin Chapter
6) Formation of the first ever Defence Cybersecurity Chapter in Sierra Leone – The Lavahun Chapter.
The Management of the Bank further express their immense gratitude to our distinguished guests, esteemed speakers, panelists, media representatives, and partners for their invaluable support and contributions. Your expertise and dedication significantly enriched the symposium and breakfast experience and contributed to its success. They also extend a special thank you to the organizing committee and volunteers whose hard work and dedication made these events possible.
“Your tireless efforts behind the scenes were instrumental in ensuring a seamless and impactful symposium and breakfast. As we reflect on the insights shared and connections made during the symposium and breakfast, let us continue to collaborate and innovate in the field of cyber security. Together, we can strengthen our defences, adapt to evolving threats, and build a more secure and resilient digital ecosystem. We encourage you to stay connected with us and secure and resilient digital ecosystem. They encourage all participants to stay connected with them and each other, whether through professional networks, follow-up discussions, or future collaborative initiatives,”the communiqué states.
The Bank urge for all to harness the momentum generated by the African Banker’s symposium and breakfast to drive positive change and advance cyber security excellence.
Immediately news broke out of the proposed takeover of Sierra Rutile Limited by PRM the share price rise by 34%. At the global financial market this is what happened when good takeovers are announced. The hike is normally generated from the goodwill and reputation built over the years by the proposed company.
PRM the investment arm of Gerald Group, a US company with over 60years track record made a $40m takeover of the remaining shares being offered on the Australian Stock Exchange. PRM already have 11.46% interest and voting right in the mineral sand mining company that was originally founded in 1971 my US based steel company Armco and Nord Resources.
Prior to PRM bid Sierra Rutile had suspended all mining and processing activities which will result in about 25% of staff mostly Sierra Leoneans losing their jobs. It is hope that this new takeover will not only save their jobs but brings renew hope to the future of the mineral sand mining company.
The mining landscape in Sierra Leone have had many challenges in the last decade which was down to the volatility of the commodity market and the inability to absorbed shock driven by the many global activities.
The takeover of Sierra Rutile Limited by PRM under the leadership of Craig Dean has been a welcome news by many in the mining and investment community both in and outside of Sierra Leone. His track record of running a successful trading company and the backing from Gerald Group the parent company cannot be over emphasised.
When he took over Marampa Mines Limited just over 3 years ago he focused on differentiation strategy. He secured and invested in the technology and personnel to produced a high grade Iron Ore product referred to as Marampa Blue from Lunsar. This product is amongst the best and highest grade in the world therefore showcasing Sierra Leone as hub for quality Iron Ore.
The level of investment Gerald Group had made to date at the Marampa Mines Limited is in excess of $300m all from equity. Only serious investor with vested interest and trust for the people of Sierra Leone can convince his Board to approve such amount.
His track record in Sierra Leone in the last three years includes payment of over $40m to date to the Government of Sierra Leone through royalties, PAYE etc. A record setting CDA payment. Over 2000 jobs created whilst pushing government agenda in having over 30% of the workforce being women.
Having credible takeovers from companies like Gerald Group will only increase investor’s confidence and attract Foreign Direct Investment from similar players that will benefit Sierra Leone.
With their track record and every indication this takeover by PRM, there is hope for the future of Sierra Rutile Limited.
Dr. Ibrahim Stevens, the Governor of the Bank of Sierra Leone, has introduced an innovative Agricultural Credit Scheme. This program aims to extend vital financial assistance to credible entrepreneurs within the agricultural sector, facilitating their efforts to expand production and bolster economic progress.
Through the Agricultural Credit Scheme, eligible entrepreneurs will have the opportunity to secure loans of up to $100,000, a substantial sum capable of fostering significant growth and innovation within the agricultural domain. One distinguishing feature of this scheme is its remarkably low-interest rate of 10%, contrasting sharply with the historically burdensome rates that have hindered agribusiness growth in the region, often surpassing 30%.
The decision to launch this proactive initiative underscores the Bank of Sierra Leone’s dedication to nurturing an enabling environment for agricultural advancement and economic diversification. By providing accessible credit to entrepreneurs with viable agricultural enterprises, the scheme aims to tackle persistent financing barriers that have stifled the sector’s potential.
Dr. Ibrahim Stevens, in elucidating the rationale behind the Agricultural Credit Scheme, emphasized agriculture’s pivotal role in propelling socio-economic advancement and alleviating poverty in Sierra Leone. He highlighted the necessity for innovative financial tools tailored to the unique requirements of agribusinesses, acknowledging their capacity to foster employment, enhance food security, and invigorate rural development.
The unveiling of the Agricultural Credit Scheme has been met with enthusiasm from diverse stakeholders, including farmers, agribusiness proprietors, and policymakers. Many perceive this initiative as a transformative endeavor capable of unlocking Sierra Leone’s agricultural sector’s untapped potential, positioning it as a primary catalyst for sustainable economic growth and prosperity.
As the scheme is implemented, focus will shift towards evaluating its execution and influence, with stakeholders eagerly anticipating the transformative impacts it is poised to deliver across Sierra Leone’s agricultural landscape.
A High Court judge in Sierra Leone has granted a stay of execution in a fuel supply dispute between Jaffer Zeghir, Chief Executive Officer of SKM Group of Companies and Leonoil Company Limited.
According to the particulars of the case, Zeghir purchased 200,000 liters of fuel from Leonoil in 2021 for Le 1.29 billion (old Leones) at the pre-hike price of Le 7,000 per liter. Leonoil refused to deliver the fuel after a fuel price increase, citing confusion over tax payment responsibility.
Zeghir sued and won a judgment in February 2024, ordering Leonoil to deliver the fuel.
Leonoil appealed the judgment and requested a stay of execution, arguing “special circumstances” due to the tax issue. Justice Samuel O. Taylor granted the stay on the conditions that Leonoil must deposit Le 6 billion (old Leones) in an interest-bearing account within 14 days and Leonoil must guarantee payment of the judgment amount plus interest if they lose the appeal.
Leonoil claimed the National Revenue Authority’s (NRA) late response regarding tax responsibility created a “special circumstance.” Zeghir Opposed the stay, arguing that Leonoil failed to act during the trial by not joining the NRA as a party to clarify the tax issue. He also pointed out Leonoil’s signed undertaking to accept any court judgment.
Whether Leonoil will comply with the court order and deposit the Le 6 billion remains to be seen.
The Sierra Rutile Holdings Limited has announced suspension of its Area 1 operations and commenced redundancy Program.
The company confirmed that further to its announcement dated 29th February 2024 about the 2023 annual financial report has now suspended all mining and processing activities at its Area 1 operations and will commence a process of engagement with the Government of Sierra Leone and staff that will result in approximately 25% of staff, including expatriates being issued with redundancy notices by the end of March 2024.
The action, according to the company is said to be a prompt response to both ongoing weak market conditions and uncertainty regarding the fiscal regime applicable to Area 1 operations.
However, the company is optimistic that the suspension of operations will be brief, and an agreement will be reached with the Government of Sierra Leone on an appropriate fiscal regime that would again support production alongside supportive Rutile market conditions.
Should this not be achieved in the coming weeks, the company will need to consider the full closure of mining operations at Area 1 which will impact the great majority of the remaining workforce as well as potentially, a large number of personnel employed by various contractors.
The company will for the main time continue to monetise its finished goods inventories in the ordinary course of business and will use these funds to fund statutory termination benefits to members of the workforce that are made redundant.
Sierra Rutile Holdings Limited continues to advance the definitive feasibility study for the Sebehun project, results of which are expected to be announced in April 2024.
In the event that Area 1 operations move to full closure, the Company may look to undertake a strategic review of its Sebehun project with the objective of maximising value for the benefit of all Sierra Rutile Stakeholders.
Sierra Rutile Holdings Limited (SRX) is a Multi – Mineral Sands Operation straddling the Bonthe and Moyamba Districts in Southern Sierra Leone with over 2000 employees, representing one of the largest private employers in Sierra Leone.
The Company also holds ownership of rutile deposits, the Sebehun project.
One Sierra Leone’s fuel distribution Companies NP (SL) Limited has Commissioned new Fuel Station on Friday 8th March, 2024 at Madina, Kambia district.
The goal of opening this station in Kambia is to provide high-quality petroleum products to remote areas in Sierra Leone. This new development has created employment opportunities for young people and made petroleum products easily accessible in the district.
The Paramount Chief for Tonko Limba Chiefdom, PC Alimamy Lamina Kargbo IV, thanked NP for the commissioning of the New Station. He lamented that they have been suffering too long and hope the company will open more fuel stations within the districts He assured the Management that they will take good care of the facility and ensure proper monitoring for the investment to sustain the People of “Tonko Limba”.
CEO of NP, Kobi Walker expressed his excitement as the commissioning coincides with the International Women’s Day. The CEO confirmed that that they have a long standing relationship with Madina. He pointed out that during the construction process they faced some logistical challenges along the line but the station now stands a sight to behold.
“When we came to Madina, we have listened to all the cry, we listen to the chief, we listen to the Hounorable and the People and we recognize the importance of this strategic town”. CEO Walker stated Considering it vast marsh land, he reminded the people that the town has the potential of to feed Sierra Leone. As of the Big 5 in the government Agenda, The CEO urged those that are implementing the Feed Sierra Leone Project to consider Madina as a solution to solve the food Problem in Sierra Leone.
Climaxing the event was the cutting of the tape by the Paramount Chief marking the official commissioning of the NP Madina Fuel Station
Kambia District is a district in the North West Province of Sierra Leone. Kambia District borders the Republic of Guinea to the north, Port Loko District to the south and Karene District to the east. The district provides an important Trade route to or from the Sierra Leonean capital Freetown to the Guinean capital Conakry.
betPawa emphasised its ambition to help make betting friendly at an event announcing its arrival in Sierra Leone, marking the 12th country the brand is entering in Africa.
Representatives greeted members of the press and public at Lor Restaurant in Freetown on Wednesday March 6. Speakers included Mchezo Managing Director Ntoudi Mouyelo, betPawa Chief Brand Officer Spencer Okach and Sierra Leone Franchisee Thomas Nsongka (LionBets & Fastwins Ltd).
In addition to expressing their excitement at being welcomed to the Sierra Leone scene, they discussed betPawa’s customer focus and determination to champion responsible gambling.
Mr. Mouyelo said: “We’re thrilled to be live in Sierra Leone and appreciate the warm welcome. Everything we do is driven by our mission to make betting friendly, and we relish the opportunity to win the trust of sports fans and casino players throughout the country as we have in 11 other African countries.”
Mchezo Managing Director Ntoudi Mouyelo during the launch of betPawa Sierra Leone that was held at the Lor Restaurant. Mchezo is the owner of the betPawa betting brand.
Attending the event on behalf of the government, Minister of Youth Affairs Mohamed Bangura said: “Sierra Leone warmly welcomes betPawa to our nation, and we look forward to collaborating with a compliant and responsible gaming brand that will not only spur economic growth but also support the development of sports in our country.”
He added: “betPawa’s presence in Sierra Leone aligns with our government’s commitment to job creation. We anticipate that this partnership will contribute significantly to our goal of generating 100,000 jobs, further empowering our youth and fostering economic prosperity.”
betPawa has demonstrated its commitment to corporate social responsibility across Africa through various initiatives, including sport development, sponsorship and healthcare. As it expands into Sierra Leone, it pledges to continue these efforts and potentially broaden their impact even further, promising to contribute positively to the local community.
Mr. Nsongka said: “Today we launch a friendly, entertaining and customer-focused gaming brand. As a representative of the brand locally, I assure you of our unwavering commitment to compliance with all regulatory requirements, as is required of a responsible corporate citizenry.”
Lionbets Director Winifred Boyah during the launch event. Lionbets is the franchise holder for the betPawa brand in Sierra Leone.
Key pillars of betPawa’s mission to make betting friendly include 24/7 customer support, instant payouts, low stakes and the prospect of life-changing wins with a 1000% Win Bonus. This is underpinned by partnerships with proven mobile money payment operators like Orange.
The brand attracted headlines throughout Africa last October when 27,938 customers became millionaires within 10 days. Between the 21st and 30th, Le1.52 Trillion was paid out in total.
About betPawa
betPawa is a mobile sports betting brand owned by Mchezo Limited. It operates across 12 countries in Africa, with over 10 million users. betPawa is on a mission to make betting friendly by providing 24-hour customer support, a user-friendly platform, the lowest minimum stakes and guaranteed & instant payments.
About LionBets & Fastwins Ltd
LionBet & Fastwins Ltd is a leading betting and gaming company with a presence spanning multiple countries such as Sierra Leone, Cameroon, Guinea, Angola, Gambia, Senegal, and Ivory Coast. We specialize in collaborating with premier betting brands to deliver exceptional gaming experiences to our esteemed clientele. Our dedicated team, fueled by industry expertise and a drive for innovation, ensures the provision of top-tier services and products to meet the diverse needs of our customers.
Committed to fostering the growth and prosperity of the betting industry in West Africa, LionBet & Fastwins Ltd achieves this through strategic partnerships and unmatched service delivery, solidifying our position as a market leader. Operating under the regulatory oversight of the National Tourism Authority in Sierra Leone, we uphold the highest standards of integrity and professionalism to create a secure and enjoyable betting environment for all.
