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

RCBank Honours 157 Staff Members Ahead of Silver Jubilee


A total of 157 employees with long and unbroken records of service to Rokel Commercial Bank were honored for their dedication, hard work, and loyalty on Saturday, 14th September 2024, at the new Freetown City Complex.

The employees, who have worked between 15 and 35 years, include those who served during the Barclays Bank Plc era and after the transition to Rokel Commercial Bank following the transfer of ownership to the government and people of Sierra Leone.

There were emotional scenes inside the new City Hall as the awardees, divided into three categories based on their years of service, ascended a beautifully decorated stage to collect their plaques, accompanied by inspiring citations.



Millicent Cole, a long-serving female employee and the first woman to attain the rank of Director at the bank, recounted how the institution had faced a challenging period marked by liquidity and solvency issues, as well as low staff morale.

Despite these difficulties, the Director of Risk Management explained how the bank recovered from the brink and repositioned itself as a thriving, profitable, and stable financial institution in Sierra Leone.

Managing Director, Dr. Walton Ekundayo Gilpin, paid glowing tributes to the awardees, commending their dedication, hard work, loyalty, and selflessness. He urged all staff members to put aside their differences and exude positive energy as they look toward a more prosperous future with the bank.

“Let us convert our negative energies into positive energies, for it is not just the number of years you serve but the impact you make in the service of this bank and, by extension, your country,” he said.



Source link

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

RCBank Engages Market Women, Motorbike, and Keke Riders in SME Development Programme


As Rokel Commercial Bank (RCBank) prepares for its 25th-anniversary celebration, the bank is expanding its Small and Medium Enterprises (SMEs) development programme, targeting market women, Okada riders, and Keke drivers in Freetown.

The Managing Director, Dr. Walton Ekundayo Gilpin, along with his team, recently visited the Salad Ground Market and the bustling Dwarzak intersection to strengthen partnerships and introduce new digital financial solutions aimed at grassroots businesses.

RCBank’s outreach is part of a broader strategy to bring banking services to the informal sector, which constitutes a significant portion of Sierra Leone’s economy. Since launching the SME programme in 2021, the bank has made strides in supporting small businesses across the country.



Now, by focusing on digital payment solutions like QR codes and the Rokel Simkorpor mobile payment app, RCBank is making it easier for market women, Keke riders, and Okada operators to accept payments without handling cash.

Speaking to the traders and riders, Dr. Gilpin emphasized the importance of integrating grassroots businesses into the formal financial system.

“Our vision is to take banking to the grassroots because these businesses are the backbone of the economy,” he said.

“We want them to understand that they can be part of the financial system by having bank accounts and receiving payments directly into those accounts.”

Dr. Gilpin also highlighted the convenience and security that digital transactions offer. He explained that by using the QR codes or USSD payment methods, even those without cash on hand can quickly make payments via mobile phones. This reduces the need for physical cash, minimizes wear and tear on currency, and alleviates the burden of standing in long queues at the bank.

RCBank’s digitalization efforts aim to make banking more accessible and efficient for everyone, with the ultimate goal of promoting financial inclusion across all sectors of the economy. “We believe that the informal sector holds the key to unlocking much of Sierra Leone’s GDP. By focusing on these businesses, we are connecting with the real drivers of the economy,” Dr. Gilpin added.

The Chairlady of the Vegetable Sellers at Salad Ground revealed that, based on information from the bank’s marketing staff, the institution offers an account known as the “Osusu Account,” which she described as highly beneficial for businesswomen.

She further explained that they often save their money with individuals who disappear without a trace, but with the Osusu Account, this problem would be resolved.

She also mentioned learning about the Visa Card, which makes payments easier when they travel abroad for business.

To secure the educational future of their children, she encouraged her colleagues to consider opening the “Kombra Account” with the bank.

The bank’s initiative was also warmly welcomed by Sorie Kamara, Vice Chairman of the Dwarzark Bike Riders Association, expressed his appreciation, noting how this system would improve security by reducing the need for riders to carry physical cash, which often attracts thieves.

He also emphasized that the ease of digital payments would help resolve frequent disputes between riders and passengers over fares.

As RCBank looks to the future, it aims to continue leading the way in digital banking, enhancing its services to better meet the needs of its customers while driving financial growth and stability throughout Sierra Leone.



Source link

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

Sierra Rutile Announces New Board Members Following Leoneoil Takeover


Sierra Rutile has announced the appointment of three new directors to its board following the recent takeover by Leoneoil.

The new directors are Mohamed Cole, Ibrahim Cole, and Patrick Lambert. Mohamed Cole brings extensive in-country experience and a background in engineering, having previously served as Marketing Manager and Managing Director for Sierra Leone National Petroleum. He is also a major shareholder in Leoneoil.

Ibrahim Cole is a seasoned Sierra Leone executive with experience in various sectors, including banking, international development, and infrastructure. He currently serves as the Managing Director of Leoneoil and has held positions at Bank of America, the European Union Delegation, and the Sierra Leone Roads Authority.



Patrick Lambert is a prominent lawyer in Sierra Leone with a strong track record in both local and international law. He is a Senior Partner at Lambert & Partners and has served as local counsel for negotiations with the Government of Sierra Leone.

Chairman Greg Martin expressed his enthusiasm for the new appointments, stating, “I would also like to welcome Mohamed Cole, Ibrahim Cole and Patrick Lambert to the Board. They will collectively bring a great depth of in-country experience to support Sierra Rutile in its next phase of development.”



Source link

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

Here’s What the Chief Minister and His Wife Did to ‘Waka Fine Bus’


In a delightful display of community spirit and commitment to radical inclusion, Chief Minister David Moinina Sengeh, accompanied by his wife, took an afternoon ride onboard the WAKA Fine bus. The couple joined ordinary citizens, experiencing firsthand the modern, comfortable public transport that has become a symbol of Sierra Leone’s drive towards improved urban mobility.

This simple yet profound act was not just a show of leadership, but a living embodiment of the Chief Minister’s philosophy of radical inclusion — the belief that every Sierra Leonean, regardless of status, should have equal access to the nation’s growing opportunities and shared infrastructure.

As the bus moved through the vibrant city streets, Dr. Sengeh stood alongside ordinary citizens, engaging in conversations and listening to their stories. His decision to remain standing, without taking a seat, sent a powerful message about leadership grounded in empathy and humility. “Radical inclusion is about breaking down barriers — not just in policies but in everyday life.



The WAKA Fine Bus initiative is a transformative project aimed at revolutionizing public transportation and stands as a testament to President Bio’s efforts to create more accessible, reliable, and affordable mobility options for all Sierra Leoneans. Dr. Sengeh’s presence on the bus was a clear affirmation of the government’s resolve to prioritize inclusive growth, ensuring that national development reaches even the most marginalized. By participating in this public experience, the Chief Minister demonstrated his belief that leadership is most effective when it is both visible and engaged with the everyday realities of citizens.

This symbolic journey was a powerful reminder that true leadership is not about privilege but about being present and standing with the people in both word and action. Through his example, Chief Minister Sengeh continues to champion radical inclusion, leading Sierra Leone toward a future where every citizen has a place — and a voice — in the nation’s progress.



Source link

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

At 25years…RCBank Exceeds Expectations


The Rokel Commercial Bank will on the 17th September celebrate its Silver Jubilee – 25 years of  existence since 1999 when Barclays PLc (which owned the bank since 1917) transferred 100% ownership to the government and people of Sierra Leone. The period following the transfer witnessed stable growth until the escalation of hostilities in Sierra Leone’s civil war of the 90’s.

After the war, there was a period of decline with liquidity and solvency challenges until around 2013 when the government of Sierra Leone provided a bailout package. Consequently, the recapitalization led to a 65% government ownership of a bank that was to become one of the most profitable financial institutions as well a major contributor to the country’s economy.

However, despite the bailout, the problems persisted until 2017 when a new Managing Director was appointed.

The new management beaded by a seasoned economist and financial expert, Dr Walton Ekundayo Gilpin apparently had a better understanding of its terms of reference as it set about implementing bold and viable reforms that quickly streamlined the operations of the Bank into a modern, resilient and profitable financial institution. Key among these initiatives was an ambitious marketing and re-branding programme that witnessed the launch of a new logo, heightened customer outreach, publicity and visibility campaigns, etc.

Almost immediately, there was a surge in public confidence and goodwill and prudential statistics like customer deposits, capital adequacy, A performing loans etc grew exponentially while annual profit margins increased at th a consistent trajectory.

From a paltry Le1.5Billion in 2016 to Le64 Billion in 2017, it was clear that new management team was on a mission to save the bank from total collapse. In 2020, the bank scooped a mouth watering profit of Le83.5Billion while retained earnings rose from Le966 Million in 2019 to Le44Billion. In three years, the
Bank had cleared over Le100Billion of its retained losses and with positive retained earnings. Therefore, for the first time in decades, RCBank was poised to pay dividend. It eventually paid a dividend Le6.5 Billion to its Majority and Minority.

shareholders. The following year, the figure increased to 10.6 billion and in 2022 the bank paid a staggering Le 17 Billion as dividend.

The installation of a robust IT infrastructure ins heralded a highly securitized and user- friendly core banking system. This In system has reduced the length of time customers spend inside banking halls with a transactions becoming almost paperless. A revolutionary mobile money platform, the Rokel SimKorpor has become a major revenue stream for the Bank, and it keeps changing lives through direct and Indirect employment.

Last year, the Bank launched top-of the-range Electronic Banking products and services like repaid cards, credit cards, Visa Cards ATM machines, MoneyGram, Western Union, Ria etc. The effectiveness of these products and services has been palpable with satisfactory testimonies from customers.

Today reputable government and non- governmental organizations like NACSA, TSC, UNDP, World Bank and several others utilizes Rokel Commercial Bank’s digital services to pay their employees and vulnerable groups through social safety net programmes.

The drivers of this phenomenal transformation have not overlooked the need for strong correspondent banking with banks like the Ghana Commercial Bank, UBA-USA, AICTIF Bank, Standard Chartered Bank with a potential to expand further. They have also established strong relationships and leveraged on several business opportunities with giant financial institutions across Africa and beyond.

In the midst of these impressive achievements, the bank has remained a front-line campaigner of financial inclusion. To this end, it had unwittingly tailored its products and services to align with its financial inclusion evangelism. For example, in 2021, RCbank introduced an SME (Small and Medium Enterprise) loan scheme that targeted customers with little or no collateral. The scheme had low interest rates, a flexible payment plan and business development training. Okada riders, market women and other groups in the formal sector significantly benefitted from the scheme.

The post At 25years…RCBank Exceeds Expectations appeared first on Sierraloaded.



Source link

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

NP (SL) Limited on a Trajectory of Digitally Transforming The Oil And Gas Industry in Sierra Leone


The oil and gas industry in Sierra Leone is highly competitive, with NP SL leading the way in the country’s market. NP SL has digitized its sales and is now moving towards cashless transactions. This transformation is making the Company more competitive, efficient, and the leading fuel dealer in the country.

The Company’s decision to embrace digitization is driven by the growing demand for petroleum and gas products due to an increasing population and industrialization. On April 24, 2024, NP SL unveiled its pilot phase of the Energy Pass Card. This innovative device aims to revolutionize the fueling experience and promote a cashless system. The main objectives of this new system are to drive towards a cashless solution, safeguard cash sales, achieve real-time fuel balance and ensure flexibility, self-service, availability, and accessibility of fuel nationwide.

The NP Energy Pass card is a user-friendly smart card that offers both online and offline usability, along with high-security features. It provides instant SMS notifications after every transaction to ensure transparency and accountability. NP SL is increasingly leveraging digital transformation to improve operational performance and accuracy, eliminating human error and making operations more efficient and risk-free. By leveraging the latest technologies, NP is able to gain greater insight into the full potential of their operations and make data-driven decisions.



With over 40 years of experience, NP SL has enjoyed dominance in market share position in Sierra Leone and has recently invested billions to rehabilitate a sophisticated Terminal facility in the country.The Company currently supplies over 80% of Government ministries, departments and agencies.

It is no secret that oil and gas will continue to be the main energy sources through 2040 as a result of the world’s growing need for primary energy. This is why, other oil marketing companies in Sierra Leone need to emulate NP’s footsteps to adapt to these changes to have a chance to compete in the local market by embracing new technologies or they will be left behind.



Source link

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

UBA Launches Legacy Promo to Celebrate 15 Years in Sierra Leone


United Bank for Africa (UBA) celebrated its 15-year milestone in Sierra Leone with the launch of its UBA Legacy Promo at the bank’s head office on Charlotte Street.

The event, held on Friday, marked both the bank’s 75th global anniversary and its significant presence in the country.

Sallieu, Head of Communication, opened the event by highlighting the purpose of the promotion. “This promo is a way for us to thank our customers and celebrate our anniversary by giving back,” he said. The campaign will see 60 customers win various cash prizes, reflecting UBA’s commitment to acknowledging the support and trust of its clientele.



Chief Operating Officer Chiedu Ngene emphasized that the promotion is a key component of the anniversary celebrations. “We believe that celebrating our 15 years in Sierra Leone is best done by giving back to those who have been with us through the years,” he stated. Ngene also noted UBA’s significant contributions to Sierra Leone’s financial sector, including its pioneering role with AI-driven account opening via WhatsApp and being the first in West Africa to install an ATM.

Ngene introduced the bank’s range of account options, such as the UBA Sharp Sharp account, which can be opened with a minimum deposit of Le10. “Having an account is not just a privilege but a responsibility,” he added, encouraging everyone to take advantage of the bank’s accessible services.

The official launch was conducted by Christiana Saio Lamina, Head of Retail Banking, who outlined the promo’s details. “We have established many legacies over the years and are committed to continuing this tradition,” Lamina said. The promo will offer three prize tiers: Le10,000 for twenty winners, Le5,000 for another twenty, and Le2,500 for twenty more. The draws will occur in two phases: one in September and the second in the last week of December.

To participate, customers must deposit Le10,000 to be eligible for the top prize, or as little as Le2,000 for the lower category. Deposits must remain in the account until the draw is completed, with larger deposits increasing the chances of winning.

UBA’s Legacy Promo reflects the bank’s ongoing dedication to enhancing customer engagement and celebrating its long-standing impact on Sierra Leone’s financial landscape.



Source link

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

Leonoil to Acquire Sierra Rutile Holdings Limited in A$0.18 Per Share Deal


Sierra Rutile Holdings Limited has agreed to be acquired by Leonoil, a local Sierra Leonean company.

Leonoil has offered to purchase each share of Sierra Rutile for A$0.18 (Australian dollars), and the board of Sierra Rutile has recommended that all shareholders accept this offer.

According to Sierra Eye, Previously, another company, Gemcorp, had made a lower offer of A$0.16 per share, but they have decided not to proceed with their bid. With no other companies making higher offers, it seems likely that Leonoil will take over Sierra Rutile.



Leonoil, known for selling fuel and owning several gas stations in #SierraLeone and other West African countries, is 100% owned by Sierra Leoneans. This means that a significant part of Sierra Leone’s mining industry could soon be owned by a local company.

The directors of Sierra Rutile, who hold shares in the company, have already agreed to the deal with Leonoil. The board believes that this is the best option for the company and does not expect any better offers to come along.



Source link

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

FRAUD AT ZENITH ACCUSED REMANDED


Mohamed Kamara appeared before Magistrate Sahr Kekura at Pademba Road Court No. 1 on Monday, facing serious charges related to forgery. Kamara is accused of forging the signature of Magistrate Abubakar Bangura from Pujehun District to withdraw money from Zenith Bank.

The accused is charged on three counts: Conspiracy to defraud, Forgery of documents, and Uttering forged documents, all under the Forgery Act of 1913.

According to court documents, on July 26, 2024, Kamara allegedly conspired with unknown individuals to commit forgery at Zenith Bank’s Fourah Bay Road Branch in Freetown. He is accused of forging a Zenith Bank cheque (No. 1663692) in the name of Magistrate Bangura, intending to defraud the bank. The prosecution claims that Kamara knew the cheque was fraudulent when he presented it.



No bail was granted, and Kamara was remanded in custody. The case has been adjourned until Wednesday. ASP Ibrahim Mansaray is leading the prosecution.

 

 



Source link

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

NP-SL Hosts New Standard Bureau Executive Director


The newly appointed Executive Director of the Sierra Leone Standards Bureau (SLSB), Dr. John Paul Kaisam, and his team paid a courtesy visit to the management of NP (SL) Limited.

The visit marked an important milestone in the relationship between the SLSB and NP (SL) Limited, demonstrating the commitment of both parties to work closely together.

During the visit, Mr. Mansaray expressed delight in welcoming the team from the Agency. He emphasized that NP’s first commitment is to work assiduously and collaborate with them, noting that collaboration is crucial for promoting accountability, integrity, and quality standards within the country’s petroleum industry.



Dr. Kaisam expressed his gratitude to NP for its unwavering partnership over the decades, highlighting several significant infrastructures that have been built together, including the remarkable construction of the petroleum lab at NP’s Terminal.

Dr. Kaisam also emphasized the importance of fostering strong collaboration between SLSB and NP. Both parties expressed their commitment to regular communication and coordination to achieve tangible results in the petroleum industry.

The visit underscored the shared commitment to maintaining high standards of operations and ensuring quality petroleum products for the benefit of consumers and the overall economy.



Source link