/ By admin / Blog/ • • • • • • • • • • • • / 0 Comments

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.



Source link

/ By admin / Blog/ • • • • • • • • • • / 0 Comments

“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.



Source link

/ By admin / Blog/ • • • • • • • • • / 0 Comments

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.





Source link

/ By admin / Blog/ • • • • • • • • • • • • / 0 Comments

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.



Source link

/ By admin / Blog/ • • • • • • • • • • • • • • / 0 Comments

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.



Source link

/ By admin / Blog/ • • • • • • • • • • • • / 0 Comments

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.



Source link

/ By admin / Blog/ • • • • • • • • • • • / 0 Comments

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.





Source link

/ By admin / Blog/ • • • • • • • • • • / 0 Comments

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:



Source link

/ By admin / Blog/ • • • • • • • • • • • / 0 Comments

Bank of Sierra Leone Foreign Currency Exchange Rate For October 2, 2023


The Bank of Sierra Leone has on the 2nd of October 2023 released the official foreign exchange rate in the country.

The rates include the cost of buying and selling major foreign currencies including U.S. dollars, Pounds Sterling, Euros, and Canadian Dollar, amongst others.

The Central Bank’s disclosed rates are as follows:



  • Pounds Sterling: Buy at Le 27.1073, Sell at Le 27.3888
  • U.S. Dollars: Buy at Le 22.2410, Sell at Le 22.4646
  • Swiss Franc: Buy at Le 24.3908, Sell at Le 24.6325
  • Euro: Buy at Le 23.5143, Sell at Le 23.7482

The exchange rate for other currencies is available here. 

Meanwhile, in the unofficial market, the US dollar settled at Le25 on Monday, October 2, 2023. This is according to parallel market operators in Central Freetown and Lungi.

As per Hanke’s currency watchlist, the Leone is currently the fifth most depreciated currency globally.





Source link

/ By admin / Blog/ • • • • • • • • • • • / 0 Comments

Bank of Sierra Leone Foreign Currency Exchange Rate For October 2, 2023


The Bank of Sierra Leone has on the 2nd of October 2023 released the official foreign exchange rate in the country.

The rates include the cost of buying and selling major foreign currencies including U.S. dollars, Pounds Sterling, Euros, and Canadian Dollar, amongst others.

The Central Bank’s disclosed rates are as follows:



  • Pounds Sterling: Buy at Le 27.1073, Sell at Le 27.3888
  • U.S. Dollars: Buy at Le 22.2410, Sell at Le 22.4646
  • Swiss Franc: Buy at Le 24.3908, Sell at Le 24.6325
  • Euro: Buy at Le 23.5143, Sell at Le 23.7482

The exchange rate for other currencies is available here. 

Meanwhile, in the unofficial market, the US dollar settled at Le25 on Monday, October 2, 2023. This is according to parallel market operators in Central Freetown and Lungi.

As per Hanke’s currency watchlist, the Leone is currently the fifth most depreciated currency globally.



Source link