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Standard Chartered Bank Employees Protest in Freetown


Employees of Standard Chartered Bank gathered outside the bank’s headquarters on Thursday in Freetown, Sierra Leone to stage a protest, demanding their long-awaited terminal benefits.

This protest comes in the wake of a recent court ruling that ordered the bank to pay a substantial sum of $5.5 million (NLE 124,018,730.55) to its former employees.

On October 6th, 2023, the High Court of Sierra Leone, with Mrs. Justice Hannah Bonnie presiding, issued an order mandating Standard Chartered Bank to disburse the substantial sum within a seven-day timeframe. The court’s decision was met with a mixture of relief and jubilation by the bank’s former employees, who had been waiting for their terminal benefits for a considerable period.



However, Standard Chartered Bank is not taking the court’s ruling lightly. In response, the bank has sought leave to appeal the order, with their case being heard by Justice Jamesina King. The matter has been adjourned to Wednesday, October 18th, for further proceedings, leaving both the bank and its former employees in a state of uncertainty.

This legal battle has captured the attention of many, not only within the financial sector but also in Sierra Leone as a whole. The outcome of the appeal will have significant implications for the bank’s former employees, as well as set a precedent for similar cases in the country.

As the legal saga continues, employees remain determined in their quest for the much-needed terminal benefits, while Standard Chartered Bank’s legal team strategizes its appeal, ensuring that this case remains a focal point of discussion in Sierra Leone’s financial and legal circles.





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GT Bank Sierra Leone Celebrates Customer Service Week With Assorted Gifts


In a grand display of customer appreciation during Customer Service Week, Guaranty Trust Bank (GT Bank) Sierra Leone distributed a variety of gifts to its patrons at the main headquarters in Freetown on Tuesday, October 11th. The celebratory atmosphere extended from the Wilberforce headquarters to its 14 branches across the nation.

Speaking on the rationale behind the GT Bank Customer Service Week, Head of Cooperate Affairs, Arthur Kallon revealed that Customers Service Week which normally occurs in the first week of October is an international celebration that cooperate institutions use to appreciate their customers.

Kallon extolled the longstanding harmonious relationship between GT Bank and its customers, highlighting the customer-centric nature of the bank’s products and services, informed primarily by customer feedback.



 

He described their celebration of the week as a gesture to appreciate GT Bank customers for their loyalty to the brand. He confirmed that the celebration can’t be completed if they only targeted customers without taking the staff into consideration, so they are celebrating a staff customer’s service week. He justified that it’s a win situation where in the bilateral relationship between the staff and the customers is being expressed in celebratory mood.

Describing GTBank line of activities with customers and staff during the 5 days celebration, Kallon said, “We stay consistent to what others are doing across all subsidiaries, across GTCO, Africa and the United Kingdom. There are some areas we go overboard; there are some areas we stay within the limit. What we are doing here we dedicated the five working days to different activities from Monday to Friday. If you check out our branches in Freetown and all 14 branches you will notice that there are different types of celebrations. The attire that staffs are using throughout this week is remarkable, and beautiful. The official colours of GT Bank which Orange and white is being expressed in the way we dress throughout the cause of this week. We have raffle draws that staff are winning Top up Cards, Teacups, Keys or Key Holders, Pens, diaries and refreshments that ranges from sweets biscuits to create a relaxing mood.”

As the culmination of the week, staff will dress in the attire of various professions they serve, including the police, teachers, journalists, and pilots, symbolizing the deep connection between the bank and its diverse clientele.

The distributions of gifts to customers, were done by staffs with great delight, as the team distributed hundreds of assorted items to most of their customers in the banking hall.

Kallon called on customers and staff to enjoy the week and trust the GT Banking Process. He acknowledged that there are some challenges even outside the industry, but they will continue to work on them.

A beneficiary driver at the GT Bank Headquarters, Alusine said, ‘I am very happy with what you people are doing. This afternoon I didn’t even know I was going to get a special gift. I am surprised.”

Similarly, Isatu Mansaray thanked GT Bank for the donated items. She added that this is the first time she has received such a gift from a Banking institution in Sierra Leone.

GT Bank has consistently built its reputation on exceptional customer service and anticipating their needs, standing out for its commitment to delivering quality banking experiences.



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UNDP, Apex Bank And LAPO Microfinance Team up For Sierra Leone’s Informal Economy Advancement


In a significant stride towards advancing economic inclusivity and prosperity, UNDP Sierra Leone has unveiled a strategic alliance with Apex Bank and LAPO Microfinance for their joint informal economy initiative.

Under this cooperative endeavor, UNDP Sierra Leone, Apex Bank, and LAPO Microfinance will collaborate closely to craft, test, and extend financial products and services customized explicitly for the informal enterprises and entrepreneurs in Sierra Leone. This pioneering venture is an integral component of the expansive Informal Economy project, generously underwritten by the European Union in Sierra Leone.

This partnership materialized following the initiation of an innovation challenge by UNDP Sierra Leone, wherein Apex Bank and LAPO Microfinance distinguished themselves as the victors.



Consequently, both financial institutions have been awarded grants of $150,000 each to innovate financial solutions finely tuned to meet the distinct requirements of informal enterprises in the nation.

The core objective of this initiative is to unlock the latent potential of Sierra Leone’s informal economy. By facilitating access to financial services and advocating for formalization, the project aspires to nurture inclusive economic growth, catalyze economic transformation, and enhance the livelihoods of individuals involved in the informal sector.

This ambitious undertaking will be jointly executed by UNDP Sierra Leone and the International Labour Organization, reinforcing the dedication of these entities to catalyzing positive transformations and sustainable development in Sierra Leone.

The partnership uniting UNDP Sierra Leone, ApexBank, and LAPO Microfinance signifies a pivotal stride towards harnessing the economic prowess of the informal sector, ushering in a path towards heightened prosperity and progress within the nation.



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Bank Governor, Keifala Kallon Defends Decision One Year After Currency Redenomination


In a recent interview on the popular “Good Morning Sierra Leone” program on Radio Democracy 98.1, the Central Bank Governor of Sierra Leone, Prof. Keifala Kallon addressed the redenomination of the Leone, clarifying key points and provided insights into the rationale behind the currency reset.

Prof. Kallon started by denying claims that he had promised the redenomination would raise the exchange value of the Leone. He likened the process to resetting a virus-infected phone, where it starts anew but retains the same value. According to the governor, the redenomination was primarily done to reset the monetary system of the country, rather than to boost the exchange rate.

The governor acknowledged that the redenomination process faced political opposition from the start. He expressed his belief that some individuals worked against its success due to concerns that the government would benefit from it at their expense. He argued that redenomination is a technique used in various countries, particularly during hyperinflation, to encourage responsible spending by reducing the number of currency units.



Prof. Kallon pointed out that some factors, beyond their control, played a significant role in the post-redenomination dynamics of Leones’ exchange rate. He mentioned the U.S. central bank’s monetary policy, which led to an increased demand for the U.S. dollar, causing the dollar to appreciate against the Leone. This, he emphasized, was a key issue that occurred after the redenomination.

The governor explained that the initial plan was to have both the new and old currency coexist for some time before phasing out the old Leone notes. However, the volume of unused old Leone notes returned to the bank exceeded expectations, leading to an extension of the dual currency system. Prof. Kallon argued that the extension was necessary to prevent a crisis similar to the one experienced in Nigeria.

When questioned about the timing of printing new currency, Prof. Kallon admitted that the timing was not ideal. He attributed the decision to print new Leone notes to hoarding of the old currency, which exceeded their estimates. The government resorted to printing new currency due to the overwhelming amount of old Leone notes in circulation.

In response to whether the redenomination strategy had failed, the governor disagreed. He questioned the assertion that redenomination had caused exchange rate depreciation, pointing out that even countries that did not undergo redenomination faced economic challenges. Prof. Kallon emphasized the fundamental economic principle that everything comes at a cost and that various factors influence exchange rates.



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Celebrating Customer Service Week, NP SL Put Smiles on The Faces of Its Customers


In a strategic move to bring maximum fulfillment to its customers during Customer Service week, NP Sierra Leone Limited has distributed assorted items to its various customers on Friday 6th October 2023 at various fuel stations in Freetown.

From NP SL Motorway in the East to the NP Aberdeen filling station, the focus of the distribution exercise was to appreciate customers for using NP SL products and services.

Speaking on the rationale behind NP Customer Service Week, NP SL Acting Sales Manager John Conteh revealed that Customers Service Week which normally occurs in the first week in October is an international celebration that cooperate institutions use to appreciate their customers. He described their celebration of the week as a gesture to appreciate NP customers for their loyalty to the brand.



 

Describing NP’s relationship with their customers, the Acting Manager states “As our mantra says, we are first for customer care,. We always try to exhibit our value added products which are the various ways we treat our customers. The quality service and products we are providing for our customers make it difficult for them to leave us for our competitors because what we are providing for customers, our Competitors cannot”.

Highlighting Some of the facilities NP SL is providing for customers which makes the company outstanding from others, he stated that they provide tanks, dispensers for their customers, expertise knowledge on how to run the fuel stations, training of staff and many more. He further pointed out that the Company even gives out generators to customers because most time people build fuel stations without the financial strength to buy generator, tank and dispensers to run the business.

Responding to concerns that some customers are now shifting from the use of fossil Fuel to electric or clean Energy, NP SL Communications Manager, Dr. Williette James affirmed that it is a good thing that the world is now moving to renewable energy. She pointed out that as a responsible company they are also venturing into that aspect. She emphasized that in the area of renewable energy they have started with the solar lights. However, she revealed that Sierra Leone still has a long way to fully transform from using fossil fuel to renewable energy completely.

The distribution of gifts to customers, which was led by the Communications Manager, followed by her communications team and other staff, was done with great delight, as the team distributed hundreds of assorted items to most of the drivers at various NP SL Fuel Station.

A beneficiary driver at the NP SL Siaka Steven Street Fuel Station, Alusuine said,´I am very happy with what you people are doing. This afternoon I didn’t even know I was going to get a special gift. I am surprised.”

Fatmata Kalokoh thanked NP SL for the donated items. She added that this is the first time she has received such a gift from a Petroleum company in Sierra Leone.

NP SL is an indigenous business that is built on customers ‘service and anticipate their needs. The Company is well known for its provision of quality petroleum products, sells them at a fair price, delivers them as scheduled, and follows up, as necessary, to satisfy customers. This commitment of service has led to customers being loyal to the NP brand.



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Sierra Leone Mobile Telecommunication Networks to Normalize Tariffs


Due to the recent hike in the prices of petroleum products, electricity tariffs, and the foreign exchange rate in the country, the telecommunication sector is expected to normalize its tariff soon.

It is without gainsaying that all other sectors have adjusted their charges as a result of the factors listed above but it is only the telecommunication sector that has been left unattended.

We are of the view that if nothing is done to protect the sector from facing economic insolvent it will be counterproductive to the state in terms of revenue generation, youth employment, and providing financial and moral support to national activities. This sector which has been ostensibly neglected is currently one of the highest taxpayers in the country that has the highest rates of youth employment.



With no iota of doubt, if the tariff normalization does not take effect soon, there is a tendency for over 50% of staff within the sector to lose their jobs and there is also a proclivity for the sector to scale down or short down some sites in remote areas where they are spending millions of leones to provide connectivity. This itself will be a burden on the people and government of Sierra Leone which is more the reason that the tariff adjustment is needed now to prevent such shortfall in the sector.

Other areas, like the media, sport, entertainment, tourism, education, child welfare, civil society, and other sectors that are currently benefitting hugely from the magnanimity provided by the telecommunication sector will be left to suffer; particularly the media fraternity to which we belong.

A seasoned economist, Mr. Dennis Sankoh has argued that when the cost of producing goods or services is higher than the profit margin, it will lead to a shutdown of operation. Therefore, he has urged the government of Sierra Leone to intervene by factoring a new tariff adjustment to protect the telecommunication industry from falling or find a win-win situation that will lead to economic equilibrium in the sector.

“If the telecommunications sector continues to face serious economic challenges or crisis it will hurt the economy in terms of services, trade, Corporate Social Responsibility, and employment,” he warned, adding by applauding the telecom sector for still being committed to driving investment in the sector.

However, the economic expert is of the view that the constant rise in input costs whilst the tariffs are stagnated at a rate that had been fixed since January 2023, it difficult for the sector to make more gains in terms of investment and creation of jobs in the country. He added that the situation will be further exacerbated by the devaluation of the Leone as against the dollar.



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Ministry of Finance Conducts National Policy Hearings For All MDAs Ahead of 2024 Budget


Sierra Leone’s Ministry of Finance has announced that its National Policy hearings for all Ministries, Departments, and Agencies (MDAs) will take place on Friday, 6th October 2023.

The event will be held at the New Brookfields Hotel, Freetown, starting at 8:30 a.m. according to a recent press release made available to Sierraloaded.

As part of the FY2024 Budget preparation process, the Ministry describes the Policy Hearing as a key starting point. “The Policy Hearing initiates the budget preparation process, enabling Ministries, Departments, Agencies (MDAs), and Local Councils to discuss and reassess sectoral policies, all of which are outlined in the Medium-Term National Development Plan,” the statement reads.



The release further specifies attendees for the policy discussions, emphasizing the focus on bilateral budget deliberations to establish guiding policies for revenue creation. The Ministry stipulates, “Attendance is limited to Ministers, Deputy Ministers, Professional Heads, and Vote Controllers. These Bilateral Budget Discussions aim to reach a consensus on policies that will steer revenue generation and resource distribution among the various MDAs.”



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Bank of Sierra Leone Reveals How Inflation Remains a Serious And Persistent Challenge


The recent monetary policy statement issued by the Bank of Sierra Leone has revealed that inflationary pressures have remained persistent since their previous MPC Meeting due to the demand and supply side factors.

The Policy statement affirmed that headline inflation edged up from 44.3 percent in May 2023 to 44.81 percent in June 2023 and increased significantly further to 50.94 – percent in August 2023.

The monetary statement further pointed out that headline inflationary pressures continue to be largely driven by both food inflation and non-food inflation.



The Monetary Policy Committee of the Bank of Sierra Leone met on 28 September 2023 in a meeting chaired by the Acting Bank Governor, Dr. Ibrahim L. Stevens. After a careful assessment of recent macroeconomic and financial developments in the global and domestic economy and the implications for domestic inflation and growth, the MPC decided to raise the Monetary Policy Rate [MPR] by 2.0 Percentage points, to 21.25.





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QNET Introduces WhatsApp Hotline to Clamp Down on Scammers


QNET, a global lifestyle and wellness company that employs a direct selling business model, stands firm in its commitment to transparency and taking decisive action against individuals misrepresenting its brand.

To reinforce this commitment, the company announces the launch of a Compliance Hotline on WhatsApp (+233256630005) specifically tailored for its operations in Sub-Saharan African countries, including Ghana, Nigeria, Sierra Leone, Burkina Faso, Liberia, Cameroon, Mali, Guinea, Benin, Togo, and others.

Transparency is of paramount importance in the direct selling industry, especially in emerging economies where QNET continues to gain traction. The company actively encourages strict adherence to its Code of Conduct and Compliance Policies and Procedures, aiming to set and maintain high industry standards.



In a concerted effort to combat policy violations and discourage unethical practices, QNET has taken robust disciplinary actions against those found in breach. Over the past three years, QNET has terminated numerous independent representatives (IRs) across 30 countries for non-compliance, policy violations, and unethical behavior.

The legal representatives of QNET have aided authorities from nine African nations in submitting complaints against more than 50 Independent Representatives (IRs). These actions underscore QNET’s unwavering commitment to upholding the integrity of the direct selling industry.

Mr. Biram Fall, QNET’s Regional General Manager for Sub-Saharan Africa, emphasized, “To enhance communication with our stakeholders in Sub-Saharan African markets, including customers, independent representatives, and distributors, QNET has introduced the WhatsApp Compliance Hotline exclusively for this region”.The hotline number is now operational, enabling individuals to easily reach out with questions or concerns regarding QNET’s policies and procedures or to report any irregularities. Our dedication to transparency and the fight against scammers remains steadfast, and we continue to collaborate with security and judicial agencies across the region to deter fraudulent activities.”

QNET encourages the public to utilize the QNET WhatsApp Compliance Hotline for Sub-Saharan African markets (+233256630005) or reach out via email to [email protected] for inquiries related to the company’s Policies and Procedures, Code of Ethics, complaints, or to report any irregularities.

This hotline offers both English and French as language options.

About QNET
QNET is one of Asia leading direct-selling companies offering a wide range of health, wellness and lifestyle products that enable people to live better lives. QNET’s grass-roots business model, fuelled by e-commerce, has helped empower millions of entrepreneurs in more than 100 countries worldwide.

Since its inception 25 years ago, the company has operated a unique business model that allows individuals, both men and women, to start their businesses and earn an income by selling the company’s products.

QNET is headquartered in Hong Kong and has a presence in more than 25 countries worldwide through subsidiaries, branch offices, agency partnerships, and franchisees. QNET is a member of the Direct Selling Association in several countries, the Hong Kong Health Food Association, and the Health Supplements Industry Association of Singapore, among others.

QNET is also active in sports sponsorships around the world. Some more prominent partnerships include being the Direct Selling Partner of Manchester City Football Club and the Confederation of African Football (CAF).

For more information, please visit QNET at:https://www.qnet.net/



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Bank of Sierra Leone Raises Monetary Policy Rate to 21.25%


The Bank of Sierra Leone has announced a hike in the Monetary Policy Rate (MPR) by 2 percentage points, increasing it to 21.25 percent.

This decision was revealed in a recently published document following a meeting of its Monetary Policy Committee (MPC) on 28 September 2023. The meeting was chaired by the Acting Governor, Dr. Ibrahim L. Stevens.

The document noted, “After an assessment of recent macroeconomic and financial developments in the global and domestic economy and the implications for domestic inflation and growth, the MPC decided to raise the Monetary Policy Rate (MPR) by 2.0 percentage points, to 21.25 percent.”



In explaining the rationale behind this decision, the Bank of Sierra Leone pointed to several factors. Global economic developments, inflation rates, domestic economic activities, fiscal development, as well as the state of money, banking, and financial system stability were all cited as significant considerations that influenced the monetary stance.

The document went on to emphasize the challenges of inflation, stating, “Inflation remains a serious and persistent challenge and there are upward risks to the outlook for inflation. These risks include further hikes in fuel and transportation costs, exchange rate depreciation, expansion in monetary aggregates, the continuous rise in the price of imported commodities, and inflation expectations. Given these risks and the level of persistence, the MPC is of the view that the stance of monetary policy going forward has to be contractionary (tight) over the next few quarters.”

More on this document could be read below:



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