Sierra Leone’s Ministry of Finance has engaged the banking sector and other key private sector players in the 2024 finance bill formulation.
The Ministry commenced consultations with these sector players in developing tax policies to form part of the 2024 Finance Bill to be tabled by the Minister of Finance later this year for proper justification and approval.
These consultations according to them are part of the Ministry’s approach to formulating revenue and tax policies with public institutions and the private sector to get their input and seek cooperation when these policies eventually come into effect.
They maintained that the engagements would continue with Importers, exporters, Local Manufacturers, Telecoms, and private sector players.
Africell, one of the leading mobile money service providers, has announced a new, customer-centric initiative. Under the slogan, “Send Money for FREE everyday on Afrimoney,” the company is now offering its users the opportunity to send money without incurring any charges, regardless of the transaction amount.
Africell’s Afrimoney, a trusted mobile money platform, has long been recognized for its commitment to customer satisfaction and its dedication to simplifying financial transactions for its user base. This new offer underscores the company’s mission to make financial services more accessible and affordable for all.
Africell confirmed this new offer in their recent SMS message they sent to their customers, “Send Money for FREE everyday on Afrimoney. Zero charges, no matter the amount EVERYDAY only on Afrimoney. Dial 1611# now. Afrimoney cares for you.”
From their message, customers are now able to send money to friends, family, or business associates without the burden of fees or transaction costs. This bold move aligns with Afrimoney’s motto, “Afrimoney cares for you,” demonstrating the company’s unwavering commitment to the financial well-being of its customers.
To take advantage of this exciting offer, customers can simply dial 1611# on their mobile devices and follow the prompts to initiate fee-free money transfers on Afrimoney. This initiative is set to make a significant impact on mobile money services in the region, empowering users to manage their finances with greater ease and convenience.
Africell’s Afrimoney is expected to gain even more prominence in the mobile money service sector with this initiative, setting a precedent for affordable and customer-friendly financial solutions in the region.
In a grand culmination of the Customer Service Week, staff at Guaranty Trust Bank Sierra Leone (GT Bank SL) headquarters showcased a vibrant array of attires representing their diverse clientele on Friday, October 14.
This gesture of appreciation for customers’ contributions resonated across its 14 nationwide branches, highlighting various professions such as nursing, teaching, engineering, sports, law enforcement, and students, among others.
To emphasize its commitment to a customer-centric approach, GT Bank organized an interactive session to garner feedback for improving its services.
Arthur Kallon, Head of Corporate Affairs, spoke about the significance of the Customer Service Week. He said, “Internationally observed in the first week of October, this week is a special occasion for corporate entities to express gratitude towards their customers.” Kallon praised the enduring bond between GT Bank and its customers, emphasizing the bank’s dedication to aligning its services with customer feedback.
Shedding light on the week’s intent, Kallon said, “This celebration goes beyond appreciating just our customers. It’s also about acknowledging the symbiotic relationship between our staff and customers.” He elaborated that it serves as an avenue to celebrate the mutual relationship in a festive spirit.
Detailing the week’s activities, Kallon mentioned, “Our five-day celebration aligns with what’s being observed across all GT subsidiaries in Africa and the UK. There are areas we’ve amplified and others we’ve maintained consistency.” He pointed out the various celebrations at the branches, noting the symbolic attire staff wore, reflecting GT Bank’s official colors, orange and white. “Our branches buzzed with activities, from raffle draws where staff won various items to refreshments for a light-hearted mood,” he added.
In a poignant finale to the week, staff dressed in outfits symbolizing the diverse professions they cater to, reinforcing the profound connection the bank shares with its myriad customers.
Guaranty Trust Bank, with its 14 branches in Sierra Leone, caters to a wide range of clients across consumer, commercial, and corporate sectors. Upholding its mission to make banking more accessible, GT Bank continues to pioneer digital banking solutions for its patrons.
Rokel Commercial Bank is set to unleash what could go down in history as the biggest spread of Automated Teller Machines (ATMs) across the country. With 15 already installed in branches and other designated areas, 20 more will soon be added to what would become the biggest ATM distribution in Sierra Leone’s modern banking history.
In September this year, Rokel Commercial Bank made a statement of intent. The bank’s quest to become Sierra Leone’s most forward-looking financial institution was expressly demonstrated with the launch of upscale, user-friendly and highly securitized Electronic Banking (E-Banking) products and services.
The launch, attended by prominent actors in the financial industry including the Ministry of Finance and the Bank of Sierra Leone was equally, a statement that further lent credence to the all-two familiar narratives that the bank’s management, headed by seasoned finance and economic expert, Dr. Walton Ekundayo Gilpin has not wavered in its ambition to promote financial inclusion – a government commitment for the country’s attainment of Middle-Income Status by 2035. Apparently, this resonates well with President Julius Maada Bio’s call for a sound financial management system in Sierra Leone. The grand launch was also a testament to RC Bank’s level of consistency in maintaining an upward growth trajectory as shown by yearly bigger profit margins and impressive prudential statistics.
The products and services unveiled at the E-Banking launch like the enhanced and securitized Prepaid Card, Visa Card, Proprietary/Local Card, Cardless Transaction on ATM, ATM Terminals and Money Transfer platforms like Moneygram, Western Union and Ria, have become an instant hit in the financial market with customers sharing appetizing testimonies barely two months after they were launched. In fact, the cards are so exceptional that the Bank intends to roll them out to other institutions.
Rokel Commercial Bank prepaid cards and visa cards are certainly not your usual banking transaction card. According to a customer who has utilized the Rokel Bank prepaid card.
“These cards are on a whole new different level. Aside from the feel good element in using them as a customer, I feel my transaction is now far more smoother and secured than any other card I have used from another bank…..I am filled with pride and enjoy each time I use my card because not too long ago, some of these things are simply not available in our indigenous banks….”
49-year-old Kainde Mary Sesay, a petty trader in Freetown said other cardless transaction products like the Rokel Sim Korpor application now holds a special place in her heart as she can directly deal with customers whether they are RCbank account holders or not.
“Nowadays, I do not have to worry about being paid in cash as my customers and I can easily transact business using the Rokel Commercial Bank Simkopor app….it has made life a lot easier and I have started seeing growth in my business…” she said.
According to many observers, the bank’s recent exploits hold greater promise for customer satisfaction, its growth and overall contribution to the economy. Indeed, this new flavor of RCBank under the sound professional counsel of Dr. Gilpin, has made us proud as Sierra Leoneans – to see one of our local institutions growing with such finesse.
Orange Money, the leading mobile money transaction services in Sierra Leone has made clarifications to its customers on the new 15% GST increment on its services.
The 15% GST increment on all Orange Money transactions came into effect on Sunday 15th October 2023 which sparked contravenes among customers for lack of better understanding of the new tariff.
According to Orange Money, the cash-out fee of 1-14.99 is 0.45 with a GST of 0.07 and a total fee of 0.52, while 15-29.99 fee is 0.97 with a GST of 0.12 and a total fee of 0.91.
QNET, the global wellness and lifestyle-focused direct-selling company celebrated its 25th anniversary with a spectacular double convention in Penang, Malaysia. The milestone event brought together a staggering 20,000 attendees from over 20 countries, including Sierra Leone, for two back-to-back conventions in September.
In line with the company’s commitment to promoting a healthy lifestyle and reducing its environmental impact, QNET launched two standout products at the anniversary conventions.
1) Homepure Nova with Pi-Plus Cartridge – An enhanced version of the company’s bestselling HomePure Nova 9-stage water filtration system, which promises improved hydration and fortified antioxidant benefits in your drinking water.
2) Bernhard H Mayer OMNI Watch Collection – A new range of Swiss timepieces crafted with eco- friendly materials certified by LEED (Leadership in Energy and Environmental Design), proving luxury and sustainability can go hand in hand.
The five-day conventions provided a valuable platform for QNET’s customers and distributors to deepen their product knowledge, engage with experts, and experience dynamic product demonstrations.
Attendees also benefited from business-building training sessions, learning opportunities from accomplished distributors, and insights into industry knowledge. The events were further enlivened by guest appearances from Bollywood celebrities and performances by international entertainers.
Demonstrating its commitment to sustainability, QNET implemented several eco-conscious initiatives during the conventions to reduce carbon footprint. From partnering with environmentally responsible vendors for booth constructions, eliminating single-use plastics, minimising printed materials through digital alternatives like QR Codes, to distributing purchases in reusable bags made from eco-friendly materials, every facet of the event embodied sustainability.
QNET’s venue of choice, the Setia SPICE Convention Centre in Penang is the world’s first hybrid solar-powered convention centre and is also Green Building Index certified. The centre has also implemented initiatives such as bottling drinking water in-house, waste segregation, and rainwater harvesting to support its net zero goals.
In a further step towards environmental stewardship, QNET has pledged to plant 2,500 trees in Malaysia, to offset the event’s carbon footprint.
“We are immensely proud of the empowering ecosystem we’ve nurtured, grounded in our core philosophy of RYTHM—Raise Yourself To Help Mankind. As we commemorate this significant milestone, we also cast our eyes forward to a future filled with promise and potential. With our commitment to innovation, sustainability, and global community building, QNET is poised to not only adapt but thrive in the dynamic landscape of wellness and lifestyle, offering unparalleled opportunities for entrepreneurship and personal development to individuals around the world. Here’s to the next chapter of impacting lives positively and promoting holistic wellness, as we continue this remarkable journey together,” stated Malou Caluza, CEO of QNET.
About QNET
QNET is a prominent lifestyle and wellness company that uses a direct selling business model to offer a wide selection of exclusive products that enable individuals to embrace a healthier, more balanced life. Established in 1998, QNET marks 25 years of making an impact around the world through its product offerings and e-commerce-powered business model, in 2023.
QNET proudly holds memberships in the Direct Selling Association in several countries, the Hong Kong Health Food Association, the Health Supplements Industry Association of Singapore, and more.
QNET is also active in several global sports sponsorships including in its role as the official direct selling partner of the Manchester City Football Club and the Confederation of African Football (CAF), underscoring its commitment to excellence and global reach.
To learn more about QNET and its mission of RYTHM – Raise Yourself To Help Mankind, please visit www.qnet.net
Sierra Leone’s mobile money providers Orange and Africell, have begun implementation of the Goods and Services Tax (GST) on all their financial services.
The implementation took effect today October 15, 2023, in line with the recently introduced Finance Act of 2023.
For consumers, the introduction of GST means it will now cost more money to use mobile money services.
🔵 Clarification on Africell Cash Out Charges with GST🔵
❕For 100: Old Charge: 3.05, New Charge with 15% GST: 3.51
❕For 500: Old Charge: 11, New Charge with 15% GST: 12.65
❕For 1000: Old Charge: 20, New Charge with 15% GST: 23
❕For 2000: Old Charge: 35, New Charge with 15% GST: 40.25
🟠 Clarification on Orange Cash Out Charges with GST 🟠
❕For 100: Old Charge: 3.05, New Charge with 15% GST: 3.51
❕For 500: Old Charge: 11.5, New Charge with 15% GST: 13.23
❕For 1000: Old Charge: 26.1, New Charge with 15% GST: 30.02
❕For 2000: Old Charge: 43.5, New Charge with 15% GST: 50.03
Kindly note that the 15% GST is applied on the transaction fees, NOT on the cashout amount.
African Global Logistics (AGL), the new owners of Freetown Terminal Limited, have announced a groundbreaking addition to their port operations by acquiring two state-of-the-art Gaussin Electric Terminal Tractors and a multi-charge station in Sierra Leone.
The APM75T HE Tractor is the result of a collaborative effort that brings together Gaussin’s expertise in handling vehicle production, Blue Solutions’ excellence in electric battery technology, and the vision of African Global Logistics. This 100% electric model is set to revolutionize port logistics, offering substantial energy savings while championing a carbon-free approach.
Moreover, it is expected to reduce maintenance costs, boost productivity, enhance safety standards, and provide unmatched driving comfort.
The introduction of this cutting-edge equipment aligns seamlessly with the Green Terminal labeling process initiated in June 2021 by the former owners, Bollore Transport and Logistics. This eco-conscious initiative aims to gradually reduce carbon emissions associated with container and vehicle transportation within port terminals.
This environmental commitment is comprehensive and grounded in an eight-pillar methodology, covering all aspects of sustainability in port operations. Importantly, the entire process, from project definition to rigorous auditing, has received validation from Bureau Veritas, a globally recognized leader in testing, inspection, and certification services.
The Gaussin Electric Terminal Tractors are designed to deliver annual fuel savings of up to 90%, streamlining operations with reduced maintenance requirements. Furthermore, they promise a rapid return on investment (ROI) when compared to traditional diesel tractors. Their construction is tailored to meet the exacting demands of port operations, ensuring seamless integration and exceptional performance.
AGL’s investment in these electric tractors underscores their commitment to sustainable and eco-friendly port logistics. It positions Freetown Terminal as a leader in green initiatives, contributing to Sierra Leone’s environmental conservation efforts and promoting a cleaner, more efficient future for port operations in the country.
Leading mobile money providers in Sierra Leone, Orange and Africell, have announced a new date for the implementation of the Goods and Services Tax (GST) on all their financial services.
Set to begin on October 15, 2023, this move is in direct response to the recently introduced Finance Act of 2023.
Africell relayed the forthcoming changes through an announcement which stated, “As of 15th October they will be updating all Mobile Money Fees to reflect GST. This adjustment will take effect on the 15th of October 2023 and this is in accordance with the Finance Act of 2023…”
Orange also shared a message to its customers saying: “Dear Customer, Please note that in compliance with the new Finance Act, all our Orange Money fees will be updated to reflect GST. This will come into effect on 15th October 2023.”
With the integration of GST, users who frequently use mobile money for their financial dealings can expect changes in the overall fee structure. All charges and fees will now be inclusive of the newly imposed GST.
Despite the impending fee alterations, Orange Money expressed its gratitude to its vast customer base for their unwavering support. They also emphasized their commitment to delivering high-caliber services. This GST incorporation is seen as a strategic alignment with the nation’s evolving financial and tax regulations, cementing Orange Money’s position as a compliant and reliable mobile money service provider.
For consumers, the bottom line is clear: the introduction of GST means it will now cost you more money to use mobile money services.
The National Revenue Authority (NRA) has rolled out a substantial three-month initiative for monitoring Electronic Cash Registers (ECRs) in GST registered businesses within Freetown.
This extensive effort is geared towards improving compliance and precision in ECR receipt issuance, thereby enhancing the accuracy of GST returns.
The key objectives of this monitoring initiative encompass:
Identifying businesses that may not be complying with ECR machine usage.
Estimating the average number of periodic receipts issued by GST-registered businesses.
Observing voluntary ECR receipt issuance to customers by businesses.
Verifying the presence and operational status of ECR machines in various business premises.
Addressing challenges associated with ECR machine use from a business perspective.
In pursuit of these goals, the NRA will deploy its personnel to all GST registered businesses within the Municipality. Their primary task will be to gather data on the effective utilization of electronic cash registers by local businesses. The NRA extends an invitation to all business entities to collaborate and facilitate this critical endeavor by welcoming NRA staff during this period.
This comprehensive monitoring initiative highlights the NRA’s dedication to bolstering tax compliance and promoting precise financial reporting within Freetown’s business community.
