Sebastian Ashong-Katai, the new incoming Managing Director of the ECOBANK in Sierra Leone, and others have on Friday 8th September 2023 paid a courtesy visit to the Minister of Finance, Sheku Ahmed Fantamadi Bangura at his George Street office in Freetown.
The delegation involved, the Chairperson of the Board, the Regional Executive for Anglophone West Africa, the Country Head of Corporate Banking and Aina Moore, the out-going Managing Director.
The reason for this visit is for the outgoing MD, Aina Moore, to bid farewell to the Minister and introduce the new MD taking over the operations of ECOBANK in Sierra Leone and other issues like compliance, digitalisation, interest rates, and foreign currency lending data sharing form part of the discussions.
The minister thanked the outgoing MD for her service in Sierra Leone as well as welcoming the new MD. He updated them on the reforms the government is implementing and called for deepened engagement with the banking sector to leverage opportunities of collaboration that will provide the needed resources for the Government and also strengthen the operations of Commercial banks like ECOBANK.
Aina Moore spoke on the issues of Forex’s availability and Leone’s depreciation and assured the government of the bank’s support, experience and expertise in implementing the Big Five Agenda, especially in agriculture Feed Salone.
Two of Sierra Leone’s major mobile networks Africell and Orange have announced the introduction of GST tax addition for any Money transfer done.
The mobile companies disclosed this in an SMS sent to some subscribers this week.
Mobile money is very popular in Sierra Leone especially in rural areas where access to banks are limited.
One Africell subscriber shared with Sierraloaded the notification which read, “Dear Customer, please note that in compliance with the new Finance Act, all Afrimoney fees will be updated to include GST. This will come into effect on the 15th of September 2023.”
That is, the new charges will take effect starting September 15.
This is a wake-up call to all mobile money users that the rate for any transfer will from September 15 include a GST that will add more to the normal transfer fee usually paid by users.
Spark Media, Sierra Leone’s top notch video production company based in Freetown, redefining the standards of quality and excellence has unveiled it top –notch Sydney studio in the heart of Cold Farm, Freetown on Sunday 2nd September 2023.
Speaking on the rationale behind naming the Facility as Sydney Studio, CEO of Spark Media, Joe L Aruna Confirmed Sydney Ebenezer Johnson was one of the founders of Spark Media and was a thriving entrepreneur with a promising talent. He acknowledges that Sydney made a mark in the media and film production Industry in Atlanta although his life and career was cut short by liver cancer in America. He described his friend as someone with a dedicated sense of fairness and humility on and off the set. The cutting of the ribbon was officially done by the mother of the late man.
He recalled that when he came back to Sierra Leone in 2019 and type Google all that comes up about the country is Negative Press and chaos. He admonished all those that have lived in the diaspora to come back home and contribute instead of complaining that the country is bad and they are not doing anything to change the narrative.
“My own little way to change the narrative is to come back home and set up an entity like this to help change the narrative. The team that are selected I carefully selected them and so far they are young and dynamic and I’m really pleased with them” he stated.
The CEO confirmed that he has lived in the United States of America for the past 20 years and there are places in America without running water but these places will not appear on the movies or CNN. However, he affirmed that Sierra Leoneans are so focused to Promote negative image whether for political reasons or for any other reasons thereby creating a negative space. He emphasized that one way to change the narrative is for us all to make a conscious efforts to know that everything we put out is brand. He added that in future, he would like to see quality videos show up on the Internet whenever somebody type Sierra Leone not just from Spark Media but also from other media Outlets.
Foday Issadin Kamara , Co-founder of Spark Media expressed his excitement for the unveiling and appreciates the various guests for gracing the occasion. He described the studio as first class that seeks to redefine the meaning of excellence and quality. He revealed that their intention is not only to create a video that will inspire many but also videos that will tell the positive story of a country. He described Media as a very vital platform for restructuring of the county global image. He made an analogy that their CEO has lived in America, and always tells them that America is not perfect but they can only show you what they want you to see So Spark Media can do the same for Sierra Leone.
He emphasized that quality comes with a Price and they are going to pay for it. He assured the audience that they are not here to do substandard works and that is why they have state of the art equipment that can give the best quality equivalent to whatever client can get in the USA, Nigeria and Ghana. The unveiling was climaxed with a raffle draw where guests won smart TV, Fan , Tablets, Bag, Perfumes e.t.c
From captivating commercials to stunning documentaries, Spark Media has the expertise and passion to deliver exceptional services like Photography, Event Coverage, Printing, Videography, Graphics design, Branding and Broadcasting.
In a strategic move to provide top-notch digital Banking services its current and Potential Customers , Rokel Commercial Bank has launched Seven new E-Banking Products and Services [ E-Banking Baskit] on Friday 1st September at the D’ Bim D Bam Hall, Wellington Street Freetown.
In his Presentation of the New E Banking Products and Services to the audience, Victor Kanu , Officer in Charge RCBank E-Banking Product and services revealed that over the years they have worked tremendously to see how they can match and surpass what their competitors are doing. He acknowledged that the current trend of Global Banking is digital and they are working hard to adopt the status quo. The seven new products and E-Banking services he listed are Prepaid Card, Classic Visa Card Proprietary /Local Card , Cardless transaction on ATM, ATM Terminals, Remittances Money gram, Western Union, RIA, POS Terminal.
He described RCBank Visa Prepaid Card as reloadable and the cardholder can either be an account holder or non account holder and denominated in Leones. He added that this will give great opportunity to reach out to all the people that are currently excluded from the financial system in Sierra Leone. Speaking on the importance of RCBank Debit Visa Classic Card, he pointed out that the card is directly linked to a customer’s account of the bank , transaction on the card impact the customer account directly. He further confirmed that the card can be used both local and International on any VISA enable terminal [ATM, POS,and Web/ Online]. He affirmed that the card is powered by VISA, a global card scheme in which the bank has a principal License membership.
Richard A.F Ashcroft, the Agency Banking Officer at RCBank, shared remarkable success stories and testimonials from Simkorpor in his Presentation.
He mentioned notable instances of their Ekorpor successes where payments were made to 26,000 recipients to NACSA, ECSL [UNDP] 91000[present], Save the Children 15,000, AFENET 25,000 and NETIPS 10,000 in a short period, many of whom did not have accounts with RCBank. While transaction limits are currently set at Le15,000 per transaction, Ashcroft expressed the bank’s commitment to further develop the service.
Managing Director of RCBank, Dr, Ekundayo Gilpin described the various E-banking products and services as a sum total of RCBank ambitious digitalization programme that has invariably transitioned into fast, reliable, modern, safe and efficient banking services. He recalled that sometimes back when they expressed their ambition to go digital, some people were casting aspersions. He pointed out that many people were calling the Bank they took up in 2017 Provocative names, but because he got a team of likeminded people which are the shareholders, and dedicated staff who work in the institution they were able to change the narrative. He further revealed that now is the time to show the world that Sierra Leoneans can emerge as people of Substance who can equal and surpass any other bank in this in the aspect of digitization. Addressing the issue of safety and security for customers data and finance, he acknowledged that in terms of digitization and Online Processing there is potential for fraud. He referenced the recent data Breach of the British Metropolitan Service as a manifestation of potential fraud. He allays the fear of the audience that they have put together solution s to protect their customers’ cash with one of best standards globally.
The Board Chairman of RCBank described the occasion as tremendous and not only for the Bank but for Sierra Leone. He acknowledged that it has not been an Easy Journey but he believes that a journey of a thousand mile begins with a first step. He affirmed that despite reaching their goals with a thousand mile, they would like to go beyond the said thousand miles. He confirmed that the board of the bank is in a strategic direction, and commends the management and staff that actualize their plans and strategies. He acknowledges that they can have the best of ideas and strategies but the people that implement them are the ones that mainly deserve applaud. He affirms the board commitment to always support management.
Representing the Acting Bank Governor, Mr. Jarret, Director of Banking and Supervision at the Bank of Sierra Leone congratulated the Chairman, Managing Director and the Board and Management of RCBANK. He pointed out that from the speech of the Managing Director, he was able to see all what RCBank has to offer and map out the path the Bank has journeyed since the time Barclays Bank left the shores of Freetown and was transformed to RCBank, to the present day. He described the apt speech of the Managing Director, Dr. Gilpin as a chronology of achievements.
Launching the RCBank E-Banking Products and Services [ E-Banking Baskit], the Deputy Minister of Finance, Madam Jeneba Bangura herself as now a potential customer of RCBank. She justified that her decision to serve as a potential customer of RCBank is as a result of the significant strides the Bank is making in Sierra Leone.
“I’m really really impressed, this is my second event. We were here about three weeks ago where I joined you 5 years of digital financial service with Simkorpor and I am here again to launch services and Products.RCBank you guys are leading. As I stand through both presentations, not only did I know that you guys are providing all these services but I am impressed that you have done within the shortest possible time and your efforts is exactly into what this government is trying to do which is innovation and digital transformation ” she stated.
She pointed out that digitization is very important especially when it comes to providing services for customers whether in the Banking sector, or revenue collection. she affirmed that it is important because it saves money , time and provide security and provides accountability for customers.
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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.”
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.
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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.
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.
