Jeneba Bangura, Commissioner General of Sierra Leone’s National Revenue Authority (NRA) has warned thattraditional aid flows to developing nations are drying up, revealing that the country’s annual budget support from the World Bank has plummeted from $\text{\$100}$ million to a projected zero in just two years.
Bangura made the sobering disclosure during a high-level panel at the IMF–World Bank Annual Meetings, underscoring the intense fiscal pressure now driving an aggressive push for self-reliance in Freetown.
“In the past, we received about $100 million a year in budget support from the World Bank,” Bangura stated. “But in 2024, that dropped to $40 million, and as I speak for 2025, we may not receive anything at all.”
She noted that other key partners, including the UK’s FCDO, have followed a similar trend, although the European Union has resumed limited support.
Bangura explained that these sharp cuts often occur after national budgets have been finalized, forcing the government to scramble to “reprioritize and rearrange spending.” This abrupt loss of funding, she said, “intensifies the demand for more domestic revenue.”
In response, Sierra Leone has embarked on a drastic domestic revenue mobilization campaign. Bangura disclosed that the government raised its revenue target by 46 percent in 2024 and is projecting a further 30 percent increase in 2025. Oversight has been intensified, with the finance ministry now monitoring tax collection on a daily basis.
The panel, titled “Taxing Smarter after Aid,” explored the difficult path for countries like Sierra Leone as traditional aid flows dry up. The discussion also touched on the constraints of international lending programs, with experts from Tax Justice Network Africa arguing that IMF conditions limit countries’ policy flexibility and can reinforce inequality.
While Ceren Ozer, a World Bank manager, pointed to nearly $7 billion in active concessional lending projects aimed at boosting domestic revenue, the immediate budget crisis described by Bangura painted a stark picture of the challenges on the ground.
Shareholders of Union Trust Bank (UTB) have formally petitioned the Bank of Sierra Leone (BSL), requesting an immediate suspension of the central bank’s decision to place UTB under a caretaker management and approve Rokel Commercial Bank (RCB) as its acquirer.
The petition, filed by ACE Legal Partners on behalf of major UTB shareholders and consultant Dr. Jonathan Bangura, alleges significant statutory and constitutional violations in the process that led to the decision.
The petition was submitted in response to BSL’s public notice on December 8, 2025, which declared that UTB would be placed under caretaker management and that RCB would take over the bank.
According to the petitioners, the central bank’s actions contravene the Banking Act, 2019, particularly Section 69, which mandates a 45-day period for UTB to submit a capital restoration plan. They claim that BSL shortened this statutory period to just 30 days, disregarding the required timeframe.
In the petition, which is addressed to the Governor of the Bank of Sierra Leone, the shareholders argue that BSL’s letter of November 14, 2025, directed UTB to submit its capital restoration plan within 30 days. However, they assert that this period was inadequate, as it fell short of the 45 days required under the Banking Act.
The petition also highlights that the central bank failed to honor even the shortened 30-day period. According to the petitioners, the letter, received on November 18, 2025, set a deadline of December 18, 2025, for the submission. However, the resolution date in the BSL’s public notice was approximately 20 days later, in violation of both statutory and constitutional principles.
The petitioners claim that this deviation from the Banking Act not only constitutes a statutory breach but also amounts to a constitutional illegality. Citing Section 105 and Section 171(15) of the Sierra Leone Constitution, they argue that any law inconsistent with the constitution is void and of no effect. As such, the petitioners contend that BSL’s actions, which diverged from the Banking Act, are unconstitutional.
ACE Legal Partners, representing the shareholders, state that they act on behalf of several prominent UTB stakeholders, including Messrs. Sabanor Trust Investment Fund, Aureol Insurance Company, Mr. Mohamed Kwanza, Mr. Yayah Nesser, Ms. Yema Woobay, and Mr. Wusu B. Koroma. Additionally, they represent Dr. Jonathan Bangura, UTB’s consultant and the individual entrusted by the late founder and CEO of UTB, Mr. Sanpha Koroma, to oversee the bank’s succession and fiduciary transition.
The petitioners have outlined three primary requests in their letter to the Bank Governor. First, they call for an immediate suspension of the BSL’s December 8 public notice, asking that all receivership, resolution, and acquisition processes be put on hold pending a transparent and good-faith review.
Second, they demand an urgent meeting involving Dr. Bangura, key UTB stakeholders, the Director of Banking Supervision, and other senior BSL officials to engage substantively on the proposed roadmap for the bank’s future. Finally, they seek approval from the central bank to proceed with UTB’s recapitalization and restructuring plan, which they assert should be carried out under BSL’s direct supervisory oversight.
In support of their position, the petitioners reference several provisions of the Banking Act, 2019, including Sections 116(1), 59, 66, 67, and 69. They also invoke constitutional principles of “fair administrative actions” and common law doctrines such as “legality, reasonableness, proportionality, and procedural fairness.”
The petitioners have expressed their hope that the Bank Governor will give “kind consideration” to their requests and allow for a swift and transparent review of their proposed recapitalization plan under the supervision of BSL. As of the time of writing, the Bank of Sierra Leone has not publicly responded to the petition.
The petitioners argue that the statutory instruments regulating public entities, such as the Bank of Sierra Leone, have quasi-constitutional effect, as they define the scope of executive discretion. They conclude that any deviation from the Banking Act would constitute not just a statutory breach, but a constitutional illegality, with far-reaching consequences for the integrity of the country’s financial system.
Sierra Leone Commercial Bank (SLCB) has taken a significant step toward regional integration and institutional strengthening by signing a technical cooperation agreement with Republic Bank Ghana.
This strategic partnership aims to enhance SLCB’s operational capacity and accelerate its transformation into a modern, innovation-led financial institution within West Africa.
More than just a ceremonial accord, the agreement signifies a commitment to deep technical collaboration, focusing on knowledge exchange, capacity building, and the enhancement of expertise. These elements are core to SLCB’s long-term vision of becoming a resilient bank that meets diverse financial needs across the region.
The official signing ceremony took place in Accra, Ghana, and featured key leadership figures from both banks. Republic Bank Ghana was represented by its Managing Director, Board Chairman, and other senior executives, while SLCB’s delegation included its Board Chairman, Managing Director, Director of Finance, and Head of the Company Secretariat, highlighting the strategic importance of the partnership.
Through this alliance, SLCB aims to leverage Republic Bank Ghana’s extensive experience and technical knowledge to drive excellence in service delivery, digital transformation, and sustainable banking practices. The collaboration is expected to lead to improved product offerings, more efficient systems, and greater customer satisfaction within Sierra Leone’s banking sector.
Both banks reaffirmed their shared vision of promoting higher standards in regional banking. The partnership is anticipated to yield mutual benefits, strengthening institutional performance and contributing to broader economic development in both Sierra Leone and Ghana.
This technical cooperation marks a pivotal moment in SLCB’s growth journey, signaling its readiness to embrace regional opportunities and deliver lasting value to customers, employees, shareholders, and the financial ecosystem at large.
The Monetary Policy Committee (MPC) of the Bank of Sierra Leone (BSL) has reduced the Monetary Policy Rate (MPR) by 1 percentage point to 23.75%, effective June 24, 2025, in a move aimed at lowering borrowing costs and stimulating private sector investment.
The decision, approved by the BSL Board of Directors on June 23, follows a review of global and domestic economic conditions. Governor Dr. Ibrahim L. Stevens announced corresponding adjustments to the Standing Lending Facility Rate (SLFR) and Standing Deposit Facility Rate (SDFR), now set at 26.75% and 17.25%, respectively.
The MPC’s decision comes amid a cautiously optimistic outlook for Sierra Leone’s economy, underpinned by a significant decline in domestic inflation from 13.78% in December 2024 to 7.55% in May 2025. This drop, attributed to prudent monetary policies, fiscal discipline, stable fuel prices, and a relatively steady exchange rate, has created room for the BSL to ease monetary policy to support investment and growth.
Globally, the economic landscape remains challenging, with the International Monetary Fund (IMF), the Organisation for Economic Co-operation and Development (OECD), and the World Bank revising down their 2025 global growth forecasts to 2.8%, 2.9%, and 2.3%, respectively. These downgrades reflect trade policy shifts and geopolitical tensions, which could disrupt supply chains and exert inflationary pressures on Sierra Leone’s economy. Despite these risks, the MPC noted that global inflation is expected to decline in 2025 and 2026 due to tighter monetary policies and falling commodity prices.
Domestically, Sierra Leone’s economy is projected to grow by 4.5% in 2025, up from 4.0% in 2024, driven by strong performances in mining, agriculture, and services. The MPC anticipates growth to rise further to 4.7% in 2026 and 2027, supported by government initiatives to enhance agricultural productivity. However, external risks such as global supply chain disruptions and trade tensions could pose challenges, prompting calls for policies to bolster economic resilience.
The MPC highlighted mixed developments in Sierra Leone’s external and fiscal sectors. The trade deficit widened in the first quarter of 2025 due to higher import costs and lower export earnings, while foreign exchange reserves fell to cover just 1.8 months of imports. On the fiscal front, the budget deficit grew in early 2025 due to lower domestic revenue and higher interest payments, though reduced spending on goods, services, and subsidies narrowed the primary deficit. A decline in the 364-day Treasury Bill rate has eased borrowing costs, providing fiscal space for the government.
Monetary developments showed a contraction in reserve money but moderate growth in broad money (M2) in the first quarter. While credit to the private sector increased, it remains insufficient to drive significant investment. The MPC stressed the need for a more inclusive credit environment to support private sector growth.
In its statement, the MPC emphasised that the rate cut aims to encourage private sector credit, reduce borrowing costs, and promote sustainable growth while maintaining vigilance over inflationary risks. The next MPC meeting is scheduled for 25 September 2025.
As the sacred festival of Eid al-Adha is celebrated across the country, Rokel Commercial Bank (SL) Ltd, proudly known as the “Bank of Choice,” has extended heartfelt greetings to its valued customers, staff, and partners.
In a message marking this important occasion, the bank emphasized that Eid al-Adha symbolizes sacrifice, compassion, and unity—values that resonate deeply with Rokel Commercial Bank’s commitment to serving its clients with integrity and excellence.
“We celebrate these principles every day through our dedication to providing trusted and reliable financial services,” the bank stated.
Rokel Commercial Bank wished peace, prosperity, and abundant blessings to all during this festive period, expressing gratitude for the continued trust and partnership of its customers.
Eid Mubarak from Rokel Commercial Bank — your trusted financial partner
Popular Sierra Leonean comedian Kindo Armani, who also serves as brand ambassador for Rokel Commercial Bank, joined the bank’s team for a public street campaign to promote the RC Bank VISA Prepaid Card across Freetown.
The campaign aimed to educate Sierra Leoneans on how the new prepaid card offers simple, secure, and convenient payment options for everyday use.
As the demand for modern banking services grows in Sierra Leone, Rokel Commercial Bank continues to introduce innovative solutions.
The RC Bank VISA Prepaid Card allows customers to enjoy global financial services without the need for a traditional bank account. This makes financial services more accessible to the unbanked population in Sierra Leone.
Key Benefits of the Rokel Commercial Bank VISA Prepaid Card
During the street sensitization campaign, Kindo Armani and the Rokel Commercial Bank team explained several advantages of the VISA Prepaid Card:
No bank account needed: Anyone can apply and receive the prepaid card.
Accepted worldwide: Use the card at any VISA merchant globally.
Safe and secure: Ideal for online shopping and international payments.
ATM access: Withdraw cash from ATMs around the world.
Competitive exchange rates: Get favorable rates for foreign transactions.
High limit: Load up to NLE 200,000 on the card.
Supporting Financial Inclusion in Sierra Leone.
Kindo Armani emphasized that the RC Bank VISA Prepaid Card is a major step in making financial services in Sierra Leone more inclusive.
“With this prepaid card, even people without a bank account can now shop online, pay bills, book hotels, and travel without stress,” he said.
The activation campaign took place in busy areas of Freetown, reaching traders, shop owners, pedestrians, students, and business workers who were eager to learn about this new payment solution.
Rokel Commercial Bank: Leading the Future of Payments
Rokel Commercial Bank Sierra Leone continues to position itself as a leader in digital financial services. With the introduction of the VISA Prepaid Card, the bank is helping Sierra Leoneans embrace cashless payments, e-commerce, and secure online transactions.
Rokel Commercial Bank remains committed to providing reliable, customer-friendly, and innovative financial services — living up to its proud slogan: RC BANK!!! The Bank of Choice.
The Bank of Sierra Leone has announced an extension of the deadline for all financial institutions and fintech companies to fully integrate into the National Payments Switch.
In a press release issued on April 10, the bank stated that the new deadline is now set for June 30, 2025, extending the original date of March 31, 2025.
This extension is aimed at accommodating financial institutions and fintechs that were not ready to complete their integration by the initial deadline. All institutions are now required to route all domestic transactions through the National Switch to enhance the efficiency and security of payments in Sierra Leone.
The Bank of Sierra Leone has formally instructed all financial institutions and fintechs that have not yet joined the National Switch to engage with the National Switch Department to ensure complete integration into the system.
Additionally, the bank has confirmed that all existing bilateral arrangements between financial institutions and fintechs will remain permissible during the extended period from March 31 to June 30, 2025. By the end of this period, the Bank of Sierra Leone expects all institutions to be fully integrated into the National Payments Switch.
Rokel Commercial Bank (RCBank) hosted a grand farewell ceremony on Wednesday, February 12, 2025, to honor its outgoing Board Chairman, Mr. Buffy Bailor, who served from 2018 to 2024.
The event brought together key stakeholders from Sierra Leone’s financial sector, including the Governor of the Bank of Sierra Leone, representatives from the Ministry of Finance, and senior management staff of RCBank, to celebrate Mr. Bailor’s remarkable contributions to the bank’s growth and transformation.
Welcoming guests, Head of Public Relations, Aruna Dumbuya, stated that the farewell was organized to recognize Mr. Bailor’s tremendous work and unwavering commitment during his six-year tenure.
Joining virtually from abroad, Board Member Marcella Jones highlighted the significant professional transformation and unique cooperation fostered under Mr. Bailor’s leadership. She described his legacy as indelible, emphasizing his role in steering the bank through key transitions and innovations.
Representing minority shareholders, Mrs. Margaret Bernard Jones acknowledged the inevitability of the transition due to bank policy. Drawing a symbolic reference, she compared Mr. Bailor’s six years of service to the six days of creation, expressing that it was time for him to rest after his dedicated efforts on behalf of shareholders.
Bank Governor Dr. Ibrahim Stevens praised Mr. Bailor’s contributions to both RCBank and the broader financial sector, wishing him success in future endeavors. Deputy Managing Director Emmanuel Borbor echoed similar sentiments, crediting Mr. Bailor’s leadership for the bank’s increased profitability and well-structured board. He noted that Mr. Bailor’s successor would inherit a strong foundation built on professionalism and strategic foresight.
Managing Director Dr. Walton Ekundayo Gilpin delivered an emotional tribute, describing Mr. Bailor as an outstanding and remarkable leader whose charisma, intellect, and forward-thinking mindset left an indelible mark on the bank. He lauded Mr. Bailor’s ability to lead not just through words but through decisive actions that propelled RCBank to new heights.
Dr. Gilpin highlighted the numerous challenges they faced together, particularly during the bank’s digital transformation journey. “There were formidable challenges, but Mr. Bailor never relented. His favorite phrase, ‘Let go and let God,’ became a mantra that kept us going even in the most trying times,” he recalled.
He further emphasized Mr. Bailor’s unwavering belief in progress and excellence, stating, “No matter how difficult things got, Mr. Bailor believed that as long as we kept moving forward, success was inevitable. His leadership ensured that we didn’t just aim to be among the top three banks, but to be among the top two, always striving for the best.”
Dr. Gilpin acknowledged Mr. Bailor’s pivotal role in embracing digital banking, navigating regulatory policies from the Central Bank, and ensuring that RCBank remained resilient amidst financial uncertainties. He praised Mr. Bailor’s insistence on respect, diligence, and service delivery as the core values that drove the bank’s achievements.
Reflecting on the implementation of major projects like the change of currency and digital banking platforms, Dr. Gilpin noted, “Mr. Bailor always supported forward-looking initiatives. His touch of gold ensured that every project we undertook was executed with precision and excellence. Today, RCBank stands tall because we had a chairman who believed in what he was doing and never got discouraged.”
In his farewell speech, Mr. Buffy Bailor was visibly moved, admitting that he was short of words at such a solemn moment. Reflecting on his journey, he revealed that he initially hesitated to accept the chairmanship, as he was focused on other pursuits. However, after consultations with key stakeholders and his wife, he accepted the challenge, determined to turn around the fortunes of RCBank, which was in a precarious state at the time.
“When I took over, RCBank was struggling. My first task was to identify the core issues and find ways to move forward together. It wasn’t easy, but with a dedicated team, we managed to transform the bank,” Mr. Bailor stated.
He expressed deep attachment to the bank, describing it as a family he was leaving behind. As a chartered accountant, he recounted how he leveraged his network to bring numerous customers and businesses to RCBank. Highlighting key achievements, he disclosed, “During the Afreximbank regional meeting, we successfully negotiated a $10 million regional loan and a $25 million trade finance facility, which will be available to the bank after completing necessary processes. I urge the management to ensure these facilities are fully realized.”
Mr. Bailor emphasized that RCBank has the potential to become Sierra Leone’s biggest bank, given its current resources and human capital. “My prayer is that whoever takes over will build on this foundation and make the bank twice or even three times better,” he said, encouraging staff to believe in their abilities and continue their hard work.
He also urged the government to consider appointing board members with fewer external engagements to ensure active participation in the bank’s governance. Presenting a comprehensive handover note to President Julius Maada Bio, Mr. Bailor detailed the bank’s successes and challenges, offering valuable insights for his successor.
“A good captain must navigate rough seas to prove their worth. I believe we have navigated those rough seas well, and I am proud of what we have achieved together,” he concluded, expressing gratitude to the President, Parliament, the Managing Director, Deputy Managing Director, board members, staff, and all stakeholders who supported him during his tenure.
The event concluded with the presentation of gifts from senior and junior management staff to Mr. Bailor. Mrs. Bailor, speaking on behalf of her husband, thanked everyone for their support, expressing hope that their bond with RCBank would remain strong.
Mr. Bailor’s departure marks the end of a transformative era for Rokel Commercial Bank, leaving behind a legacy of resilience, innovation, and growth.
As Sierra Leone ushers in 2025, the Senior Staff Association (SSA) of Rokel Commercial Bank has delivered a heartfelt New Year message, extending appreciation and hope for the year ahead.
In their statement, the SSA commended the exemplary leadership of the bank’s Managing Director, Dr. Walton Gilpin COOR, whose visionary guidance has elevated Rokel Commercial Bank to a prominent position within Sierra Leone’s banking sector. They highlighted his dynamic approach as instrumental in achieving remarkable milestones over the past year.
The SSA also expressed gratitude to the Board of Directors, management, staff, and the bank’s loyal customers for their unwavering support and dedication, which have collectively contributed to the institution’s success.
Looking forward to 2025, the association emphasized its commitment to fostering growth, collaboration, and continued excellence within the bank and the broader financial sector.
Concluding the message, the SSA wished everyone a prosperous and successful New Year filled with opportunities and achievements.
HAPPY New Year to all from the Senior Staff Association of Rokel Commercial Bank!
On Monday, December 9, 2024, Rokel Commercial Bank officially launched its partnership with Vult by Metro Cable, a groundbreaking initiative aimed at transforming financial inclusion in Sierra Leone.
The ceremony, attended by senior management teams from Rokel Commercial Bank and Vult, marked a significant step in advancing digital banking solutions and expanding access to financial services across the country.
Providing insight into Vult’s operations and its role in promoting digital financial inclusion, Abdul Salam Kallon, Head of Compliance at Vult, explained that the Metro e-wallet is a payment platform under the Bank of Sierra Leone’s Sandbox Program. He noted that the initiative integrates Vult with digital wallets, offering users access to wallet services, cards, and payment systems for various needs.
He highlighted that the Vult app is available for download on Google Play Store, allowing users to sign up easily using their phone numbers and email addresses. “Since it operates online, the platform is equipped with strict security features to ensure user safety,” he said.
Kallon emphasized the platform’s versatility, stating that Vult enables users to receive money locally and internationally, conduct cross-border transactions, and make payments for goods across international borders. “It functions much like opening a bank account, and our cards can be used at Rokel Commercial Bank ATMs and POS machines both within and outside Sierra Leone,” he explained.
He concluded by reiterating that the primary goal of the partnership with Rokel Commercial Bank is to enhance financial inclusion and make digital financial services more accessible.
Vult’s Chief Operating Officer, Pierre Johnson, provided updates on the platform’s progress and achievements. He noted that within just six months of operation, the app has been downloaded by 200,000 users, with 13,000 active accounts and 2,500 cards issued.
Johnson also mentioned the establishment of over 30 merchant locations in Freetown, Bo, and Makeni, reflecting the platform’s growing reach. Additionally, he disclosed a partnership with Mastercard and Money-Me to facilitate seamless transfers to mobile money accounts.
Dr. Walton Gilpin, Managing Director and CEO of Rokel Commercial Bank, highlighted the transformative impact of the partnership in advancing digital banking and financial inclusion.
“We have been working on this initiative for some time, and our partnership with Vult has significantly widened our reach and improved financial accessibility,” he said. Dr. Gilpin added that digital banking has enhanced transaction speed and efficiency, while also supporting macroeconomic growth.
He noted that the platform allows users to access quality materials and services digitally, contributing to greater convenience. “This partnership expands product possibilities, and our goal is to position Sierra Leone as a hub for excellent digital banking services,” Dr. Gilpin emphasized.
David Pakima, Founder and CEO of Vult, expressed gratitude to Rokel Commercial Bank’s management, particularly Dr. Gilpin, for supporting the initiative from its inception.
Pakima explained that Vult originated from the success of their metro cable project, which made Freetown one of the most connected cities in Africa. “We realized that many users lacked access to premium versions of various platforms, and this inspired us to develop Vult to empower communities and enhance their digital experiences,” he said.
He described Rokel as the ideal partner, noting that their shared vision has driven the initiative forward. “Rokel brings the right appetite, and Vult contributes the intensity to make this partnership successful,” Pakima remarked.
He revealed that Vult has been the most downloaded app in the region on Google Play for the past three months and announced plans to expand into three new markets next year. “This partnership will enable thousands of unbanked Vult users to open accounts with Rokel Commercial Bank,” he added.
Pakima concluded by thanking the teams at Rokel and Vult for their collective efforts in ensuring the initiative’s success. “Together, we are providing seamless access to digital financial inclusion,” he said.
