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Rokel Commercial Bank Champions Intra-Africa Trade at Prestigious Trade Fair in Egypt


Rokel Commercial Bank, a leading financial institution in Sierra Leone, has been selected among prominent banks in Africa to participate in the intra-Africa Trade Fair in Egypt. With a comprehensive range of services, including personal and business banking, international banking, and electronic banking, the bank’s involvement underscores its commitment to fostering trade and investment within Africa.

As the renewable energy equipment market in Egypt reaches billions of dollars, Rokel Commercial Bank’s participation aligns with Egypt’s Integrated Sustainable Energy Strategy, aiming for a 42 percent share of renewable energy by 2035. By showcasing at the trade fair, the bank not only promotes its brand but also advocates for increased intra-Africa trade, encouraging economic cooperation and integration.

Furthermore, Rokel Commercial Bank actively supports initiatives like the African Continental Free Trade Area (AfCFTA), using the trade fair as a platform to discuss and enhance trade facilitation. The presence of high-level representatives emphasizes the bank’s dedication to fostering business opportunities and partnerships across the continent.



Participating in the event with over one thousand six hundred exhibitors from seventy countries, Rokel Commercial Bank seeks potential collaborations and network expansion. By aligning with the African Union’s vision for economic integration and the 2063 Africa Union Finance Charter, the bank reaffirms its commitment to contributing to Africa’s overall economic growth and development.

In essence, Rokel Commercial Bank’s presence at the intra-Africa Trade Fair underscores its active role in promoting economic cooperation, regional integration, and intra-African trade. Through participation, the bank aims to foster business opportunities, expand its network, and contribute to the growth and development of the African continent.



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Muvah Produce Participates in China International Import Expo


“ More than Just Produce, Cultivating Community“

China International Import Expo (CIIE) is a historic event hosted in Shangai, by the Ministry of Commerce of the People’s Republic of China from the 5th – 10th November 2023. There was a display of locally grown and made in Sierra Leonean products by one named SME – Muvah Produce in the Poultry/ Agro – Processing industry that pursue passion in alignment with the vision of his Excellency the President Julius Maada Bio to feed Sierra Leone.

Sierra Leone’s Deputy Minister of Trade and Industry, Fatmata Wurie, led the delegate to China marking the first-ever participation of Sierra Leone in this international event. Amongst these display of dynamic products showcased was Muvah Produce from Sierra Leone. A farm that deals in poultry and palm oil production.



The farm over the years have demonstrated so much commitment and resilience in meeting its objective of providing healthy, organic, agriculturally mechanize and safe products for Sierra Leoneans. Muvah produce pride itself in egg, chicken and palm-oil production. The farm’s consistency and credibility has been nothing but impressive to its customers. The farm has professionals with wealth of experience and knowledge in the production of quality products that set it apart from competitors.

At Muvah Produce, standard and quality is our top priority, and as always Muvah Produce “De gro nd eat watin dem we plnt or produce” promoting local content.



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Orange Supports NYEEF 2023, Offers Lucrative Opportunities for Young Entrepreneurs


Orange Sierra Leone, a key player in the mobile industry, has played a vital role in backing the National Youth Employment and Entrepreneurship Fair (NYEEF) 2023 with substantial financial support. As a frontrunner in Sierra Leone’s business landscape, Orange acknowledges the significance of empowering youth in their entrepreneurial pursuits.

In a commendable initiative, Orange Sierra Leone is hosting a “Pitch Your Business Idea” event at this year’s NYEEF on November 15th, from 2 pm to 4 pm. This platform enables young entrepreneurs to present their business ideas, offering a chance to win Le 10,000 and fostering innovation and creativity among the youth.



Furthermore, Orange Sierra Leone has extended its support by offering additional opportunities for the youth during the NYEEF program from the 13th to the 16th of November, 2023. This includes the Orange Esport Experience, where the winner stands to gain Le 7,000, and the 2nd winner Le 4,000. Additionally, the Orange Digital Center Hackathon 2023 presents a chance for participants to win Le 7,000, Le 5,000, and Le 3,000 for the first, second, and third positions, respectively.

To participate in these exciting programs, interested youth are encouraged to register their business ideas during the NYEEF program. Registration can be done by visiting the Orange booth or through the provided link: https://forms.gle/mCDpURKNLMbWuW4cA

Orange Sierra Leone’s commitment to fostering youth entrepreneurship is evident through these initiatives, reinforcing its role as a socially responsible corporate entity.





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Tough Macroeconomic Policies Needed to Stabilize Sierra Leone’s Economy


Sierra Leone’s economy is projected to grow at 3.7 percent on average during 2023–25, below its long-term trend. This scenario is predicated on sound domestic policies, including a tight monetary stance to combat inflation, and an equally conservative fiscal policy to decrease debt pressures and rebuild fiscal space.

Headline inflation could moderate gradually to 14 percent and the fiscal deficit decline to 3.9 percent of GDP by 2025, according to the new World Bank Sierra Leone Economic Update launched recently in Freetown. The report notes that risks to debt sustainability will remain elevated until fiscal balances improve further and the reliance on expensive and short-term domestic borrowings is addressed through the lengthening of maturities and greater access to concessional borrowing.

“Sierra Leone is faced with a challenging macroeconomic environment and the rapid rise in the cost of living combined with weak growth and deterioration of macroeconomic fundamentals threaten to increase the level of poverty among the population,” said Abdu Muwonge, World Bank Country Manager for Sierra Leone. “Therefore, the Government’s policy priorities should focus on restoring macro stability while protecting vulnerable households and maintaining focus on long-term reforms that are geared toward fiscal and debt sustainability.”



The economy experienced overlapping setbacks during 2022 as external shocks aggravated domestic macroeconomic vulnerabilities, resulting in a rapid debt build-up, rising inflation, and food insecurity. GDP growth slowed from 4.1 percent in 2021 to 3.5 percent in 2022, while inflation rose from 12 percent in 2021 to 27 percent in 2022, and further to over 40 percent by May 2023, threatening the welfare of households and worsening food insecurity and poverty. The fiscal deficit increased from 7.6 percent of GDP in 2021 to 9.6 percent in 2022, driven by a combination of macroeconomic headwinds and policy slippages. Public debt-to-GDP ratio increased from 84.7 percent at the end of 2021 to 96.3 percent at the end of 2022. The report notes that, though the outlook for the economy will be shaped by external developments, domestic policy remains key and should focus on restoring macroeconomic stability.

“Enforcing fiscal discipline and renewing the commitment to consolidation will be crucial in ensuring fiscal and debt sustainability. Active debt management can also support debt sustainability and reduce vulnerabilities,” said Smriti Seth, World Bank Senior Economist and one of the lead authors of the report.

The 2023 Economic Update devoted a special section on food security, examining recent trends, challenges and opportunities in three major agricultural value chains – rice, cocoa, and horticulture. It identifies the importance of supporting and empowering the private sector to undertake the required investments in the country’s agricultural sector. The report comes at a time the government has launched its ‘FEED SALONE’ flagship program with the aim to increase agricultural productivity and achieve food security and sovereignty.

The report notes that some 4.5 million people (55 percent of the population) have insufficient food consumption, 3.9 million (48 percent of the population) have crisis or above crisis-level food-based coping strategies, and 3.22 million (38 percent of the population) face challenges accessing markets. While the rate of chronic undernourishment is relatively stable (with a slight upward trend), the report notes that rapid population growth means that the size of the problem is steadily increasing in absolute terms. As policy priorities over the short to medium-term, the report identifies structural weaknesses of the food system as well as global shocks as having negatively impacted the livelihoods and incomes of farmers and exacerbated food security risks. To mitigate these challenges, focus should be placed on prioritizing safety net measures to enhance short-term food availability and access for the most food-insecure and vulnerable households, as well as addressing structural challenges to improve agriculture productivity and competitiveness and enhance the livelihoods of smallholder farmers.





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How to Make Deposits and Withdrawals with Elephant Bet


Are you eager to learn how to deposit and withdraw on Elephant Bet, Sierra Leone’s leading betting company? Look no further; your worries are over! Here’s how to deposit and withdraw on Elephant Bet Sierra Leone using Orange and Africell

Deposit Process

Navigate to the Elephant Bet website



https://www.elephantbet.sl/#/

with your chrome browser and log in to your account.
Locate and click on the “Deposit” option.

Insert Amount and Choose Network: Enter the amount you want to deposit.

Choose either “ORANGE” or “AFRICELL” as your preferred network.

Activate Bonus and Proceed Payment: If there’s a bonus available, activate it. Click on “PROCEED PAYMENT.”

 

Provide Phone Number and Token: Insert your ORANGE or AFRICELL phone number.

Enter the token provided by ORANGE (if applicable).
Click on “Deposit.”

 

Withdrawal Process (Using Africell)
Click on the space next to Register

Scroll down to my profile

In “MY PROFILE,” insert your AFRICELL PHONE NUMBER in the personal information section.
Scroll down and click on “SAVE CHANGES.”
Initiate Withdrawal: Scroll up and click on “MENU.” Select “WITHDRAWALS.”

Insert the withdrawal amount.
In the payment account section, choose “AFRICELL.”
Click on “WITHDRAWAL.”

Proceed Payment:

Click on “PROCEED PAYMENT.”

 

 

Withdrawal Process (Using Orange Money)

 

 

Access Withdrawal Section:

Click on the provided link for withdrawals.
Enter Withdrawal Details:

 

 

Complete Withdrawal:

Insert the withdrawal amount.
In the payment account section, select “ORANGE MONEY.”
Click on “WITHDRAWAL.”

 

 

 

 

Click on “PROCEED PAYMENT.”

 

 

 

Check Confirmation: Check the message sent by ORANGE MONEY for confirmation.


By following these steps, you can easily manage your deposits and withdrawals on Elephant Bet using either ORANGE or AFRICELL, ensuring a smooth and secure gaming experience.





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Rokel Commercial Bank Expands Reach with First-Ever ATM in Leicester Community


With the inauguration of Leicester’s inaugural ATM, Rokel Commercial Bank advances its commitment to financial inclusion in western rural Leicester. Now, residents can access funds conveniently, enjoying services such as cash withdrawals, balance inquiries, and fund transfers.

Recognizing the significance of financial inclusion, especially during festive seasons, Rokel empowers Leicester and nearby communities with reliable banking services. The ATM’s strategic placement at Peak Energy fuel station ensures accessibility for Leicester, Gloucester, Regent, Mount Aureol, and the Tree Planting community, saving customers time and effort.

Mr. Adikalie S. Kamara, Head of Operations, reiterated Rokel’s dedication to improving services and expanding reach. The Leicester ATM marks a step in this ongoing effort, emphasizing Rokel Commercial Bank’s commitment to providing innovative and accessible banking solutions in Sierra Leone.



Dr. Walton E. Gilpin, Managing Director & CEO, celebrated the Leicester ATM’s launch, emphasizing equal opportunity and access to finance for all. He highlighted Rokel’s various products, encouraged digital payments, and assured customers of modern, secure banking.

In closing, the managing director expressed belief in the Leicester ATM as a milestone, shared the community’s prayer for a bank, and committed to further expansion. He underscored Rokel’s economic rationale, encouraging bank accounts and cards for financial inclusivity in Sierra Leone, envisioning dominance in West Africa’s financial sector.

The ceremony concluded with the ATM’s opening by the head of corporate affairs, the chairman of Okada Riders, the Headman, and Rokel Commercial Bank staff.

RCBank – The Bank of Choice!



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Government to Add 5% Tax Increase on Lottery Winnings


Martin E Michael, the Managing Director of Mercury International, took to Twitter to highlight a crucial change within the Sierra Leone Finance Bill 2024 which will see a 5% tax increase winnings .

In his tweet, Michael specifically noted the impact on Mercury International’s customers, stating that starting from the 1st of January 2024, a revised tax rate will be imposed on winnings above 1,000 units. He highlighted a 5% increase, explaining that individuals falling within this bracket will now have to pay 15% of their winnings to the government.

He remarked, “All Mercury customers who from 1st January 2024 (I presume that is the start date) win above 1,000 will have to pay 15% of their winning to Govt, an increase of 5%. So if you win 1,000 you pay currently 100 to Govt but from next year it will increase to 150.”



To elucidate the implications, Michael provided an example, stating that currently, if an individual wins 1,000 Leones, they are obligated to pay 100 Leones to the government. However, with the incoming alteration in the tax policy, this figure will rise to 150 units from the upcoming year, marking a 50% increase in the amount directed towards the government from their winnings.

The adjustment in the tax rates on lottery winnings, as highlighted by Michael, is poised to have a direct impact on customers participating in Mercury International’s lottery offerings. The increase, though aimed at bolstering government revenue, may potentially alter the financial landscape for individuals who experience such winnings.

The announcement by the Mercury International MD underscores the importance for stakeholders and customers to prepare for the upcoming changes in tax policy, indicating a significant shift in the financial responsibilities associated with lottery winnings in Sierra Leone from the commencement of 2024.



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Rokel Commercial Bank, MD & CEO Nominated for Prestigious International Award Hosted in the UK by Reputation Poll International


The Africa Branding Agency is an organization based in Sierra Leone, which collaborates with Africa Achievers Award and Reputation Poll UK.

Rokel Commercial Bank was recently honored by being named one of Sierra Leone’s Top 10 Most Reputable Financial Institutions on November 4, 2023, during the nomination and certification program held at The TEES Shopping Mall, Wilkinson Road, Freetown.

The Bank’s Managing Director & CEO, Dr. Walton E. Gilpin, was also nominated as one of the Top 5 Financial Leaders in the country and will represent Sierra Leone at the Global Reputational Forum & Reputation Fintech and Award Night, that will be hosted by Reputation Poll International on December 8th and 9th, 2023, at the Marriott County Hall in London.



The Chairman responsible for the certification of the merit program, Mr. Mohamed Ahmed Kanu, underscored the credibility and significance of the nomination process. He also stressed the substantial contributions made by the nominated Financial Leaders and Institutions.

Speaking on behalf of The Africa Branding Agency, the CEO of BRAND SALONE, Mr. Abdul Wahab Bangura, extended his congratulations to the leaders and financial institutions representing Sierra Leone at the Marriott County Hall in London. He emphasized, “These programs and similar initiatives are consistently organized to acknowledge dedicated individuals, institutions, and various sectors that contribute positively to Sierra Leone’s development and growth as a nation.”

This accolade serves as a testament to Rokel Commercial Bank’s steadfast dedication to excellence and its substantial contributions to the financial sector.

The prestigious honor bestowed by Brand Salone reflects the Bank’s exceptional reputation and its continuous commitment to delivering outstanding banking services to its customers. With a strong emphasis on customer satisfaction and innovation, Rokel Commercial Bank has established itself as a trusted name in the financial industry.

As one of Sierra Leone’s leading financial institutions, Rokel Commercial Bank has played a crucial role in fostering economic growth and development in the country.

Through its participation in this global platform, Rokel Bank will have the opportunity to demonstrate its exemplary reputation management practices and innovative Fintech solutions. This acknowledgment underscores the bank’s commitment to excellence and its ongoing endeavors to strengthen customer trust and satisfaction.

Aruna Dumbuya and Kadijah Jalloh from the Public Relations Department represented RCBank. They expressed their gratitude for the nomination and certification program, which they viewed as a testament to the tireless efforts of the Bank’s Board, Management, and leadership.

Addressing the Bank’s Leadership and Management ideologies, Mr. Dumbuya highlighted Dr. Gilpin’s commitment to fostering innovation and embracing advanced technologies to cater to evolving customer needs. These efforts are aimed at improving accessibility and convenience for customers while upholding high service quality standards.

RCBank – The Bank of Choice



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Rokel Commercial Bank Receives Prestigious Accreditation from the International Trade Council


Rokel Commercial Bank in Sierra Leone has secured a notable milestone by obtaining accreditation from the esteemed International Trade Council (ITC).

As the latest addition to the league of accredited financial institutions, the bank now joins a globally recognized chamber of commerce committed to fostering international trade, dismantling trade barriers, and enhancing global commerce through education, networking, and pivotal business intelligence.

For numerous years, the ITC has been a leading advocate for market liberalization and equitable trade practices worldwide. The organization’s primary focus lies in promoting transparent, predictable, and multilaterally coordinated regulations while aiding members in navigating the complexities of international trade through streamlined processes and essential resources.

With local chapters established in 28 countries and a membership spanning 179 nations, the ITC’s influence encompasses government trade and investment agencies, Chamber of Commerce associations, and various business organizations. Widely regarded as a global trade advocacy powerhouse, the ITC’s impact has been palpable, creating job opportunities and enhancing living standards across the globe.

In an accreditation letter issued to Rokel Commercial Bank, signed by Nina Escarda from the organization’s Secretariat, the bank was certified for demonstrating compliance and acknowledgment as a member of the International Trade Council.

Expressing enthusiasm about the accreditation, Dr. Walton Ekundayo Gilpin, the Managing Director of Rokel Commercial Bank, highlighted the bank’s commitment to leveraging this achievement to make significant strides. Gilpin emphasized the potential for increased trade opportunities and expanded coverage, emphasizing the substantial win for Sierra Leone. He affirmed the bank’s dedication to becoming the preferred banking institution in the region.

The accreditation from the International Trade Council signifies a remarkable endorsement for Rokel Commercial Bank, reinforcing its position and signaling a new chapter in facilitating global trade and economic growth within Sierra Leone.



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