The Bank of Sierra Leone has on the 15th of December 2023 released the official foreign exchange rate in the country.
The rates include the cost of buying and selling major foreign currencies including Pounds Sterling, Euros, and United States Dollar, amongst others.
The Central Bank’s disclosed rates are as follows:
Pounds Sterling: Buy at Le 28.718-0.35, Sell at Le 29.01588-0.35
• U.S. Dollars: Buy at Le 22.531-0.06, Sell at Le 22.7575
• Euro: Buy at Le 24.4891-0.15, Sell at Le 24.7302-0.15
Note: The Movements in the exchange rate influence the decisions of individuals, businesses and the Sierra Leone government. Collectively, this affects economic activity, inflation and the balance of payments.
Dr. Walton Ekundayo Gilpin, the Managing Director of Rokel Commercial Bank, has been honored as the African Banker of the Year at the Global Reputational & Fintech Award ceremony hosted by Reputation Poll International at London’s Marriott County Hall.
The Global Reputational Forum & Fintech and Award ceremony was hosted by Reputation Poll International on the 8th & 9th December, 2023 at the Marriott County Hall in London.
The event was staged to acknowledge rapid expansion, integration, accelerated growth, and reforms of Africa’s banking and financial sector. The event honored and celebrated outstanding Banks and Fintech Institutions that are moving Africa’s rapidly transforming the financial sector.
The first day of the event took the form of a symposium that featured four groups discussing different walks of life. Dr. Gilpin happened to be part of the banking sector group to discuss the digital transformation in the banking sector of Sierra Leone and Africa at large.
Key members of his team were adroit panelists like:
Peter Kolade Fashesin-Souza from Bank of England
Dr. Graham Bright from Euro Exim Bank
Mr. Olufemi Bakre from Paralex Bank Nigeria, and
Dr. Tony Ojobo – The lead panelist – President of the African ICT Foundation
Dr. Gilpin served as a moderator on the second day of the event that featured speeches and fire side chats with panelists like: 1. Her Excellency Atifete Jahjaga – First female president of Kosovo (2011-2016) 2. Dr. Yvonne Thompson – Founder WINTRADE GLOBAL 3. Dr. Rex Idaminabo – FRSA 4. Olori Atuwatse III – Queen of Warri Kingdom, Nigeria 5. Prof. Mthulincube – Ministry of Finance & Inv, Zimbabwe 6. Peter K. Fashesin-Souza – Head of IT, Security & Risk, Bank of England (HSBC) 7. Festus Akinbusoye – Bedfordshire Police and Crime Commissioner
Dr Walton E. Gilpin impressed the high-level panelists of finance, economic experts and leaders on the 8th & 9th of December, 2023 deliberating on the operations of traditional banks in Africa and how they are embracing technology for enhanced customer experiences and operational efficiency.
Dr. Gilpin emerging as “African Banker of The Year” is a testament of the cutting edge strategies in the technological and innovative drive of RCBank to place itself among key players in the African Continental Innovation Drive.
The prodigious fulfillment of the Sierra Leone banking industry by the astute MD will always leave an indelible blueprint for many banking and other financial practitioners.
The Managing Director who is renowned for his flawless oratory and excellent skills of the financial industry explained effortlessly the intricacies and opportunities digitalization has brought to the continent’s banking industry, making reference to Rokel Commercial Bank which he said has diligently navigated through a tumultuous transition to become a leader in innovative digital banking in Sierra Leone.
Underscoring the challenges faced by banks especially in terms of their desire to serve the whole country versus the realities of coping with infrastructural shortfalls like insufficient mobile connectivity, the MD said banks would normally have to collaborate with Mobile Network Operators (MNOs) to ensure customers have access to financial services wherever possible. To this end and considering the fact that Sierra Leone is a cash based economy, RCBank has adopted several innovative ways to ensure customers access their services in almost every part of the country.
This type of plenary session is the dream of great bankers and financial practitioners who may want to develop their up-skills and want to be part of a team of highbrows. RCBank – The Bank of Choice!!!
Rokel Commercial Bank, the people’s choice, extends a warm welcome to the month of December. We would like to wish all our valued customers a very happy new month. As this month begins with a Friday, we also want to take this opportunity to wish you all a delightful weekend ahead.
As we approach another festive season, Rokel Commercial Bank is excited to be part of your celebrations. We understand that this time of the year is filled with joy and excitement, and we are here to support you in making your dreams come true.
At Rokel Commercial Bank, we strive to provide exceptional banking services that cater to your unique needs. Whether it’s managing your finances, saving for the future, or planning for special occasions, our dedicated team is ready to assist you every step of the way.
As the year comes to an end, we encourage you to reflect on your achievements and set new goals for the upcoming year. Rokel Commercial Bank is committed to helping you achieve financial success and providing innovative solutions that empower you to reach your aspirations.
We value your trust and loyalty as our esteemed customers. Your satisfaction is our top priority, and we continuously work towards enhancing our services and offerings. As always, we welcome any feedback or suggestions you may have as it helps us improve and serve you better.
This December, let Rokel Commercial Bank be your financial partner in making memories that will last a lifetime. We are here for all your banking needs and looking forward to serving you with excellence throughout this festive season.
On behalf of Rokel Commercial Bank, we would like to extend our warmest wishes to you as we enter into a new month and looking forward to celebrate the holidays with you, family members and friends. We hope that this message finds you in good health and high spirits.
Rokel Commercial Bank and its Managing Director were honored with prestigious environmental awards by Shout Climate Change Africa on November 24, 2023.
The bank received the title of Environmental Excellent Bank of the Year, while the Managing Director was named Climate Champion CEO of the Year 2023.
The bank, known for its exceptional banking services and dedication to corporate social responsibility, was honored with this prestigious Excellence Bank of the Year award.
This recognition is a testament to Rokel Commercial Bank’s unwavering efforts in integrating sustainable practices into its operations. From implementing energy-efficient technologies to promoting responsible lending practices, the bank has consistently demonstrated its commitment to reducing its environmental footprint.
The esteemed title to the MD & CEO highlights the exceptional leadership skills and visionary approach of the Managing Director in driving sustainable initiatives within the organization.
Under the Bank’s guidance, Rokel Commercial Bank has implemented various innovative strategies to mitigate climate change risks and promote environmentally friendly practices. These include tree planting site, investing in renewable energy projects, supporting green businesses through tailored financial solutions, and actively engaging with stakeholders to raise awareness about environmental issues.
The Climate Champion CEO of the Year award not only recognizes the individual achievements of the Managing Director but also acknowledges Rokel Commercial Bank’s overall commitment to sustainability under the Bank’s leadership. It serves as a testament to the Bank’s dedication towards creating a greener future for Sierra Leone’s banking industry.
By receiving these prestigious awards, RCBank and its Managing Director have set an inspiring example for other financial institutions and business leaders across Sierra Leone. These successes demonstrate that it is possible for banks and other financial institutions to prioritize environmental care while maintaining excellence in their core services.
Moving forward, Rokel Commercial Bank remains committed to upholding its reputation as an environmentally conscious institution. The bank will continue to work towards implementing sustainable practices throughout its operations and fostering a culture of environmental responsibility among its stakeholders.
Through this initiative and other sustainable practices; the bank continues to maintain its tree planting site at the rural district of Sierra Leone and also embarks on raising awareness, empowering local communities, and inspiring collective action towards building a greener future for generations to come. RCBank – The Bank of Choice!!!
Sierra Leone’s Bank Governor, Dr Ibrahim Stevens, has confirmed that the old Leones is to finally ceased to be a legal tender in the country by the end of 2023.
He was speaking in an exclusive interview with Radio Democracy 98.1, on Wednesday 22nd November, 2023 where He better explained the transition from the old Leones to the new one.
He said by the 31st December of this year, the old notes would not be allowed to be used in transactions, adding that it will totally cease to circulate in transactions.
However, he noted that although the old Leones would not be allowed in transactions after that period, Sierra Leoneans would not forfeit their monies. He said they would not lose any value, adding that they only need to go with their old currency to the Bank of Sierra Leone or any Commercial Bank from the 1st January to 31st March next year, and exchange them for the new notes with the same face value as the ones they went with.
“if you bring with you OLE 10,000, you should be given Nle 10” he assured.
Sierra Leone is presently using two Leone notes: the Old Leones (Le) and the New Leones (NLE). This has been since the introduction of the redenominated currency on the 1st July, 2022.
The old Leones would have ceased to be a legal tender in October last year, according to the announcement by the government a few weeks after the launch of the New Leones. The expiry date was later extended to the 31st March, 2023.
However, the old notes remained dominant in the market, even after the end of the extension, raising questions on the adequacy of the redenominated notes.
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.
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.
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.
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.
The Bank of Sierra Leone has approved the 2022 financial statements and balance sheet of the Rokel Commercial Bank, showing a staggering profit (before tax) of Le94BN (Ninety-four Billion Old Leones), representing a 5.96% increase from Le88BN. (Eight-Eight Billion Old Leones) profit in 2021.
Customer deposits also grew from Le1.7 Trillion (old Leones) in 2021 to Le2.4 Trillion (Old Leones) in 2022. While its 2023 balance sheet is yet to be reported, sources say RCbank is set to announce a record-breaking profit of aroud Le200 BN (Two Hundred Billion old Leones) this year. The bank has again pulled this through in the midst of a harsh global economic environment invariably affecting the local economy.
Clearly, the Rokel Commercial Bank is unrelenting in its pursuit to become the biggest and most digitalized financial institution in Sierra Leone and the entire sub region.
Currently, the bank boasts of the highest number of branches and cash points across the country triggering an exponential increase in customer base. In September, this year RCbank launched a number of Electronic Banking (E-Banking) products and services, prominent among are Pre-Paid Cards, Visa Cards and cardless Automated Teller Machines (ATMS).
While plans are afoot to extend these user friendly and highly securitized banking cards to other institutions, the bank is completing the installation of 20 additional ATMs to its current stock of 15 at branches and outlets nationwide – leaving the Rokel Commercial Bank with largest spread of ATMS ever in the history of the Sierra Leone banking industry.
