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RCBank Meets New Minimum Capital Threshold Ahead of 2027 Deadline


Rokel Commercial Bank (RCBank) has posted a substantial increase in the bank’s share capital, which rose by 200 percent from Le91.4 billion to Le274.4 billion (old Leones).

This growth was supported by a profit before tax of Le192.8 billion and a profit after tax of Le143.9 billion, indicating improved profitability and balance sheet strength, according to its 2024 financial statements released by the Bank of Sierra Leone.

In 2024, the Bank of Sierra Leone introduced a revised minimum capital requirement of Le274,455,866 billion (old Leones) for commercial banks, to be met by the end of 2027. RCBank became the first commercial bank to meet this new threshold in the same year the policy was announced, placing it ahead of the regulatory timeline.



The bank has also signaled intentions to expand beyond Sierra Leone. In November 2024, a delegation led by Managing Director Dr. Walton Ekundayo Gilpin visited Liberia to assess the feasibility of establishing operations there. During the visit, the team held engagements with senior Liberian officials, including the Governor of the Central Bank of Liberia and the Minister of Finance, while reviewing market conditions and potential strategic partnerships.

According to the bank, the Liberia engagement forms part of a broader long-term strategy aimed at expanding RCBank’s footprint within the ECOWAS sub-region.

Management believes that regional expansion could contribute to asset growth, diversify revenue streams, and strengthen Sierra Leone’s presence in the West African financial sector.

As RCBank prepares to hold its Fifty-Second Annual General Meeting on Tuesday, January 20, the 2024 results point to a year of consolidation and forward planning.

With strengthened capital, early compliance with regulatory requirements, and exploratory steps toward regional expansion, the bank enters the next phase of its operations with a reinforced financial position.



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RCBank Honours 157 Staff Members Ahead of Silver Jubilee


A total of 157 employees with long and unbroken records of service to Rokel Commercial Bank were honored for their dedication, hard work, and loyalty on Saturday, 14th September 2024, at the new Freetown City Complex.

The employees, who have worked between 15 and 35 years, include those who served during the Barclays Bank Plc era and after the transition to Rokel Commercial Bank following the transfer of ownership to the government and people of Sierra Leone.

There were emotional scenes inside the new City Hall as the awardees, divided into three categories based on their years of service, ascended a beautifully decorated stage to collect their plaques, accompanied by inspiring citations.



Millicent Cole, a long-serving female employee and the first woman to attain the rank of Director at the bank, recounted how the institution had faced a challenging period marked by liquidity and solvency issues, as well as low staff morale.

Despite these difficulties, the Director of Risk Management explained how the bank recovered from the brink and repositioned itself as a thriving, profitable, and stable financial institution in Sierra Leone.

Managing Director, Dr. Walton Ekundayo Gilpin, paid glowing tributes to the awardees, commending their dedication, hard work, loyalty, and selflessness. He urged all staff members to put aside their differences and exude positive energy as they look toward a more prosperous future with the bank.

“Let us convert our negative energies into positive energies, for it is not just the number of years you serve but the impact you make in the service of this bank and, by extension, your country,” he said.



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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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