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

Sierra Leone SME Finance And Investment Summit to Address SME-Finance Challenges


The African SME Finance and Investment Network (ASFIN) will bring together key stakeholders across the country for a one-day Sierra Leone SME Finance and Investment on 31st August, 2023, at the Radisson Blu Hotel, to address some of the major challenges SMEs face in accessing finance.

According to Peter SaSellu, President and CEO of ASFIN, “In emerging markets, most formal jobs are generated by SMEs, which create 7 out of 10 jobs.” He says that access to finance is a key constraint to SME growth. It is the second most cited obstacle facing SMEs to grow their businesses in emerging markets and developing countries, especially in Africa.

Small and Medium Enterprises (SMEs) are less likely to be able to obtain bank loans than large firms; instead, they rely on internal funds, or cash from friends and family, to launch and initially run their enterprises. The International Finance Corporation (IFC) estimates that 65 million firms, or 40% of formal micro, small and medium enterprises (MSMEs) in developing countries, have an unmet financing need of $5.2 trillion every year, which is equivalent to 1.4 times the current level of the global MSME lending. About half of formal SMEs don’t have access to formal credit. The financing gap is even larger when micro and informal enterprises are taken into account.



Ashma Jalloh, the Coordinator of the Summit says the Sierra Leone SME Finance and Investment is timely. She says, “The Objective of the Summit is to focus discussions on adequate funding, access to finance and financial inclusion. This will take care of some of the problems such as provision of modern technology and low managerial skills.”

She says “the SME Finance and Investment Summit will examine the financing of SMEs in Sierra Leone and the various financing options available to SMEs. This will involve looking at debt financing by considering the role commercial, microfinance banks and other financial institutions and investors play in the financing of SMEs in the country. It will also consider the role of equity financing through venture capital and business angels financing. Efforts will aim at adequate funding of SMEs in Sierra Leone.”

According to Rebecca Paulson, Executive Director of ASPIN, “SMEs play a major role in most economies, particularly in developing countries. SMEs account for the majority of businesses worldwide and are important contributors to job creation and global economic development. They represent about 90% of businesses and more than 50% of employment worldwide. Formal SMEs contribute up to 40% of national income (GDP) in emerging economies. These numbers are significantly higher when informal SMEs are included. According to World Bank’s estimates, 600 million jobs will be needed by 2030 to absorb the growing global workforce, which makes SME development a high priority for many governments around the world.”



Source link

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

When the Banking Sector is Active, The Economy is Active


The Managing Director of Rokel Commercial Bank, Dr. Ekundayo Walton Gilpin has urged Bank accounts holders in the country to make  sure their accounts are  transactional.

He described  transactional accounts as active and also utilizing the various services banks are offering. He made this statement in a recent Interview with the African Young Voices Television Good morning Salone Program.

He revealed that as a Bank, they are working hard to make sure they provide the required services that will make people become more financially included. He recommended  that customers can be actively financially included when they are able to use mobile Banking applications, apply for loans, transfer money from the App to the Wallet,.



He encouraged people that just do deposits and withdrawals to utilize the other services RCbank is offering like the Banking Cards, Mobile applications for transactions, check balance, pay for insurance through the Banks. He affirmed that there are so many opportunities the Bank  sector is offering to customers to make them actively financially included  compared to people that are opening accounts without doing anything with it.

“If the bank becomes better, we will be able to give out more loans, people will be able to do more businesses that will pay taxes and employ more people. So when the banking sector is active, the economy is active. So we are looking forward to provide more services so we become more active so there is more financial transactions in the economy “ Dr. Gilpin stated

He further revealed that RCBank is currently penetrating to the interior because they believe it is their duty to take their services to hard to reach areas and that is why they have branches all over the country.

Sharing his vision for the Bank, Dr. Gilpin revealed that he wants to  see the financial sector rise up in Sierra Leone like other African Countries. He encapsulated that he would like  to see RCBank  reach everywhere in the country and also beyond the shores of Sierra Leone .

He acknowledged that he understands that these foreign  countries have their different level of standards that may be difficult to reach as of now but they are working towards that incrementally. Speaking on Service Provision, he added he is striving to see a bank where people can have access to their accounts through their phones, and link up with banks anywhere in the  world.

He affirmed that customers outside Sierra Leone can now  use their Banking Cards with the  VISA logo  on them to do International transactions  and they  can also send money  back home to their Bank Accounts  through RCBank various Correspondent Banks In Turkey, New York, United Kingdom e.tc.

Thanking customers for Banking with RCBank and Potential Customers, Dr. Gilpin  thank  Customers for Banking with RCBank and  all  potential customers to come onboard and join RCBank as the bank for the people and by the people.



Source link

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

Three most popular options to add money to your Ezipay SL Wallet


Nowadays, being in a possession of a secure, affordable and convenient way to store and transfer money is necessary. Ezipay SL which is arguably one of the leading digital wallet service in Sierra Leone allows users to manage their funds with ease.

What sets Ezipay SL apart from other digital wallets is the multiple ways in which users can add funds to their wallet, ensuring flexibility and simplicity.

Orange Money: One of the most popular and widely used mediums to add funds to your Ezipay SL wallet is through Orange Money. Orange Money is a mobile money transfer service that allows users to deposit money into their Ezipay SL wallet directly from their Orange Money account.



This secure and flexible method is ideal for individuals who prefer to use their mobile devices for financial transactions. Simply link your Orange Money account to your Ezipay SL wallet and transfer funds effortlessly.

Visa/Master Card: For those who prefer the convenience of using their debit or credit cards, Ezipay SL also offers the option to add funds using Visa or Master Card. Whether you are making a one-time deposit or regularly adding funds to your wallet, this method ensures a seamless and secure transaction.

Simply enter your card details, select the amount you wish to add, and confirm the transaction. With Ezipay SL’s robust security measures, you can rest assured that your card information is protected at all times.

Authorized Merchants: Another way to add funds to your Ezipay SL wallet is through an authorized merchants. Ezipay SL has established partnerships with numerous merchants across the country, allowing users to deposit cash into their wallet at these authorized locations.

This method is ideal for individuals who prefer to handle physical cash and may not have access to digital payment options. Simply visit a nearby authorized merchant, provide the desired amount in cash, and have it added to your Ezipay SL wallet instantly. Regardless of the method you choose, adding funds to your Ezipay SL wallet is a breeze.

With the growing popularity of digital wallets in Sierra Leone, Ezipay SL strives to provide its users with multiple options to cater to their individual preferences. By offering mediums like Orange Money, Visa/Master Card, and authorized merchants, Ezipay SL ensures that users can easily add funds to their wallet and have complete control over their finances.

Ezipay SL offers multiple ways to add funds to your wallet, providing users with the flexibility and convenience they need in today’s digital age. Whether you prefer mobile money transfers, card payments, or cash deposits, Ezipay SL has got you covered. So why wait? Take advantage of these various mediums and add funds to your Ezipay SL wallet today!

Get the app here:https://linktr.ee/ezipaysl or find it on Google Play Store or App Store. If you need help or have questions, you can contact them on WhatsApp or call +232 80 626010. They’re always there to improve your Ezipay SL experience.
#ezipaysl #justezipayit #moneytransfer #Sierraleone #Sierraleonean



Source link

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

RCBank Holds Public Lecture, Awards Outstanding Customers And Agents


In a strategic move towards appreciating the good work of its Agents and Customers, RCBank has held a Public Lecture and an Award ceremony for its customers and Simkorpor Agents for their outstanding contributions towards the development of the Bank on Friday, 11th August 2023, at the D’ Bim D’ Bam Hall Wellington Street, Freetown.

Mrs. Kezia Salankole, Head of Simkorpor at RCBank, pointed out that the award ceremony is in line with the  Celebration of Simkorpor 5 years Journey. In commemoration of the event,  she further revealed  that they have looked at their journey, picked out the best of their customers and Partners that have helped them through their five-year  trajectory of Success.



 

Chairman of the Programme, Mr. Aruna Dumbuya pointed out in his Public Lecture that the Bank Prioritizes financial literacy in a bid to enhance customers Protection. He affirmed that over the years, the leadership of RCBank have been doing public Lectures at Universities and in Public Places both national and International.

He added that as a bank, they have seen how climate Change and environmental issues are impacting the world,  and they  recently celebrated  their 4th anniversary of tree Planting Project at Petifu Masiaka on 27th July 2023 in a bid to become a green friendly Bank. He added that RCBank Limited is also committed towards protecting and preserving the environment.

The Managing Director Dr.  Ekundayo Gilpin revealed that as a bank they are on a Journey, a path towards digital exploit in Sierra Leone. He admitted that he has been a customer and also experienced financial inclusion in other countries which he believes can be replicated in Sierra Leone. This led to his recognition that there was a gap in digital Banking as far as expectations and deliverables are concerns in in the country. In 2017, he realized that Sierra Leonean bank can take the lead.

”When I came back in 2017, I saw an opportunity to make this happen in Sierra Leone and I believe that despite the presence of Nigerian banks, Sierra Leonean Banks, we can take the lead.  I believe 5 years down the line, I believe we have been able to make big input. We have been able to support financial transactions to vulnerable people, thousands around the world, right now we are working along with the Orange, Africell and other Teleco companies. We are piggy banking on the policies and the variables coming from the regulators. We are strongly part of the National switch and strongly part of the financial Inclusion that is being read out by the central Bank” Dr. Gilpin stated.

Representing the Ministry of Finance, Acting Director of Research and Delivery Division, Alhaji Abu Komeh expressed appreciation to the management of RCbank for giving them the opportunity to deliver a statement on digitalization in financial transactions.

He pointed out that this event marks an important milestone in emphasizing the financial sector role in enabling economic transactions, financial Inclusion, Facilitating trade, creating employment and contributing to inclusive economic growth.

He further admitted that in this age of globalization, rapid expansions on the use of green technology and innovative business approaches, the world has keep on providing digital financial services which is now a game changer in low income countries like Sierra Leone.

He affirmed that beyond, the traditional financial services offered by commercial Banks such as Account opening and credit facilities, digital financial services has become a great way to reach financially excluded communities.
RCBank recently unveiled five new kiosks as part of its Agency Banking Initiative, strategically placed at Mile 91, Rutile , and Lunsar, Kambia and Port Loko as a Key component of the bank’s vision to foster accessibility and streamline financial Processes in Sierra Leone.

As the programme climaxed with the presentation of awards, distinguish customers and Agents Praised the management of RCBank for acknowledging their roles and contributions towards the successful operations of the Bank.



Source link

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

Orange Money Launches Pay With Orange Money at Conex Station


Sierra Leone’s leading mobile money service providers, Orange Money Sierra Leone, in collaboration with Conex, launched the ‘Pay with Orange Money at Conex Station’ initiative on Friday, August 18th, 2023, at Conex Fueling Station in Brookfields, Freetown.

The event aimed to enhance staff knowledge about the new customer facility and brought together employees from all Conex branches in Freetown.

David Mansaray, CEO of Orange Money Sierra Leone, expressed excitement about partnering with Conex, emphasizing Orange Money’s goal of financial digitization.



He said rheir vision is for Sierra Leone to transition into a cash-light society, reserving physical cash for extreme situations only.

Mansaray recounted a personal experience of needing fuel without physical cash, which inspired the partnership with Conex to address such challenges.

He envisioned extending Conex’s sales hours beyond 9 pm, exclusively accepting Orange Money to minimize night-time cash handling risks.

Avrajit Kar, CEO of Conex, emphasized the partnership’s significance in digitizing Sierra Leone, highlighting the convenience and transparency of using Orange Money for payments at Conex.

Abibatu Baxter, Head of Marketing Partnership and Strategy for Orange Money, detailed how to use the product on both smartphones and local phones. Smartphone users would download the Orange Money App and scan the QR code, while local phone users could dial #144# and select option 4.

The event concluded with the official launch by the CEOs of Orange Money and Conex. A promotion was introduced, offering Orange Money customers a chance to win one hundred liters of fuel for purchases made at Conex stations until the end of August.



Source link

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

To Drastically Reduce Onion Importation in 2 Years… Agriculture Minister Examines Pee Cee & Sons Onion Cultivation Site in Port Loko District


In a recent announcement, the Minister of Agriculture and Food Security, Henry Musa Kpaka, expressed his optimism about reducing onion imports to Sierra Leone in the coming years. Kpaka, who concluded his first full week in his role, visited the onion-rich region of Port Loko District and outlined plans to curtail the country’s dependency on imported onions within two and a half years.

The onion belt in Port Loko, boasting over 1,200 hectares of suitable lowland for onion cultivation, holds the key to this ambitious endeavour. The majority of onion cultivation in this area is carried out by smallholder farmers, who possess the necessary skills but face several challenges. Despite these obstacles, the potential benefits associated with the onion value chain are apparent to these farmers.

Minister Kpaka’s pivotal moment of conviction came during a visit to the Pee Cee and Sons Ltd (PCS) mechanized onion production site in Mathen village, Lokomasama Chiefdom. This site has demonstrated that Sierra Leone has the capability to significantly increase domestic onion production and thereby reduce the reliance on imports.



Pee Cee and Sons Ltd (PCS) conducted a pilot project covering 5.6 hectares of mechanized onion production last year, yielding 10 metric tons per hectare, which is below the estimated potential. However, with adjustments to soil pH, they anticipate achieving up to 30 metric tons per hectare.

Pee Cee and Sons Ltd (PCS) has strategically planned to cultivate 75 hectares during the October-December cycle and again in the February-May 2024 cycle. If these plans are executed successfully, an additional 4,500 metric tons of onions could be introduced to the market within the two cycles. To provide context, official trade data indicates that Sierra Leone imported slightly under 1,000 metric tons of onions in the entirety of 2022.

In a noteworthy initiative, Pee Cee and Sons Ltd (PCS) supported 900 smallholder farmers last year by providing inputs, mechanized plowing services, and training in sound agronomic practices for onion cultivation. The future prospects are even brighter, as Pee Cee and Sons Ltd (PCS) aims to dedicate nearly 640 hectares to onion cultivation within the next three years. These promising statistics are indicative of a potential path for Sierra Leone to transition from an onion importer to a net-exporter.

President Bio’s Feed Salone Programme, known for its strategic integration of the private sector to drive agricultural transformation, plays a significant role in this endeavour. The Government is dedicated to supporting private sector actors such as Pee Cee and Sons Ltd (PCS), recognizing that their success contributes to the overall prosperity of the nation.

As Sierra Leone sets its sights on self-sufficiency in onion production, Minister Kpaka’s enthusiasm and the progressive efforts of entities like Pee Cee and Sons Ltd (PCS) provide hope that the nation’s reliance on imported onions could be dramatically reduced within the next two years.



Source link

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

Sierra Leone Tops West Africa in Highest Food Price Inflation


A recent World Bank Food Security Update has ranked Sierra Leone top in the list of countries to have recorded the highest Price Inflation in West Africa.

The study covers a period of three months starting from March to June 2023.

Awoko Newspaper reported that Sierra Leone is at the apex after Nominal Food Inflation surged to a new peak of 58 percent. The West African nation surpasses its previous peak which was 56 percent.



The new data shows that Sierra Leone is at the top alongside West African neighbours, Ghana.

According to World Bank, the calculations include the use of Consumer Price Index (CPI) and the overall data of the CPI.

Experts have said that the country’s food inflation is affecting the majority of low and middle income earners.

The government acknowledged that the country is undergoing one of its worst economic shocks due to the protracted effect of the Ukraine war and other factors.

Most of the countries affected by food inflation are in Africa, Asia and Latin America. Venezuela ranked top of the list in World Nominal Food Inflation with a score of 414 while Zimbabwe leads in Real Food Inflation with a score of 80.

Sierra Leone scores 58 in Nominal Food Inflation and 13 in Real Food Inflation.





Source link

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

Get More With Ezipay SL Merchant Cash Out


In today’s fast-paced world, convenience is paramount when it comes to financial transactions. We all seek hassle-free methods to meet our monetary needs swiftly and securely. That’s where Ezipay SL Merchant Cash Out comes into play, offering a seamless way to cash out money from your Ezipay SL Wallet through a reliable and trusted merchant.

Before delving into the details of Ezipay SL Merchant Cash Out, it’s important to understand the fundamentals of Ezipay SL. Ezipay SL is a digital wallet that allows users in Sierra Leone to perform various financial transactions using their smartphones. With Ezipay SL Moblie app, individuals can transfer money, conduct purchases, pay bills, and more, all with the touch of a button.



With Ezipay SL Merchant Cash Out, the days of standing in long queues or dealing with the inconvenience of finding an ATM are gone. Instead, individuals can seamlessly cash out money by visiting a merchant who is part of Ezipay SL. The process is straightforward and user-friendly, making it accessible to individuals of all backgrounds.

The benefits of using Ezipay SL Merchant Cash Out are aplenty. Firstly, it eliminates the need to carry physical cash, reducing the risk of loss or theft. Additionally, it saves users precious time by avoiding the need to visit an ATM or bank branch. Moreover, through Ezipay SL Merchant Cash Out, individuals have access to cash whenever and wherever they need it, eliminating any restrictions on financial freedom.

Ezipay SL Merchant Cash Out presents an innovative and user-friendly method for cashing out money from your Ezipay SL Wallet. By partnering with trusted merchants, Ezipay SL ensures a seamless and secure experience for its users. With this convenient feature, individuals can say goodbye to the hassle of visiting ATMs and embrace a hassle-free and efficient financial future. So why wait? Explore Ezipay SL Merchant Cash Out today and experience the ease and convenience it offers.

The App is available for download on google playstore and App Store or click here for faster download: https://linktr.ee/ezipaysl



Source link

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

Ex-Housemates Salone Star Almon Sall, Bags African Fashion Model of The Year Nomination


One of Sierra Leone’s male models and ex-housemate Salone contestant Alimamy Sall Kamara popularly known as (Almon Sall) has been nominated as best African Fashion Model of the Year 2023 by the African Fashion Desingers Awards.

Almon Sall has represented Sierra Leone on international stages and he is reportedly the first Sierra Leonean model to be nominated for the award and was nominated among different Africans models.

Almon has called on his fans and Sierra Leoneans to support him win the award by voting endlessly for him.



The African Fashion Designer Awards is a fashion exhibition event that showcases Fashion through creative designers by allowing them to display their talent thereby boosting their confidence.

The African Fashion Awards is to raise the profile of African Fashion Creatives in the Global Fashion Industry ensuring that they are featured and considered as serious contributors in the global marketplace.



Source link