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New Bank Governor Explains The Transition From Old Leones to New Leones


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.



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Rokel Commercial Bank Champions Intra-Africa Trade at Prestigious Trade Fair in Egypt


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.



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Rokel Commercial Bank Expands Reach with First-Ever ATM in Leicester Community


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.

RCBank – The Bank of Choice!



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Rokel Commercial Bank, MD & CEO Nominated for Prestigious International Award Hosted in the UK by Reputation Poll International


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.

RCBank – The Bank of Choice



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Rokel Commercial Bank Receives Prestigious Accreditation from the International Trade Council


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.



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RC Bank Hits Le94 Billion Profit Amid Unprecedented Expansion And Digitization


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.



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GT Bank Honors Customers With Diverse Attire Display During Service Week Celebration


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.



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“Our Lives are Getting Better… We Are Better Served” – Rokel Commercial Bank Customers Proclaim


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.

The post “Our Lives are Getting Better… We Are Better Served” – Rokel Commercial Bank Customers Proclaim appeared first on Sierraloaded.



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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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