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Bank of Sierra Leone Issues First Local Currency Corporate Bond


Sierra Leone’s financial sector witnessed a historic moment with the Bank of Sierra Leone approving the country’s first-ever local currency corporate bond on June 12, 2024, as reported by Invest Salone. This milestone paves the way for a more developed capital market in the nation.

United Capital Plc, a prominent pan-African investment banking firm, and Pennarth Greene, a Sierra Leonean corporate finance advisory firm, played a pivotal role in arranging the bond issuance. Support also came from Invest Salone’s PROSPER Salone grant scheme.

The bond, valued at SLE32 million (approximately US$1.4 million), was secured by LAPO Microfinance Company. LAPO, focusing on providing financial services to micro, small, and medium enterprises in Sierra Leone, has a unique characteristic – 99% of its clients are women. The proceeds from the bond will fuel LAPO’s expansion plans, allowing them to strengthen their loan portfolio and establish new branches.



Eshiague Gabriel, LAPO SL’s Managing Director/CEO, hailed the bond issuance, highlighting its significance as a new, cost-effective funding source, free from foreign exchange risks often associated with foreign debt.

Claudius Bart-Williams, CEO of Pennarth Greene, emphasized the creation of a novel long-term funding channel in Sierra Leone. He commended the transparent process, adhering to international standards, that included a prospectus, credit rating assessment, and a trust deed. He noted the strong interest from both local and international investors, recognizing the LAPO bond as a new asset class and a benchmark for corporate bond yields in the country. Bart-Williams also expressed his appreciation for the Bank of Sierra Leone’s guidance in achieving this milestone.

The Africa Local Currency Bond Fund (ALCB Fund), aiming to develop thematic bond markets in Africa, served as the anchor investor. Brock Hoback, Fund Lead at ALCB Fund, expressed his enthusiasm in supporting this historic transaction. He anticipates the bond to stimulate Sierra Leone’s bond market, ultimately providing women from low-income households with access to affordable loans, promoting financial independence and empowerment.

Invest Salone’s Investment Lead, Christina Clark-Lowes, pointed out the bond’s potential to diversify the domestic capital market, attracting a wider range of investors. She addressed the current challenge of limited access to finance for Sierra Leone’s private sector, with many institutions relying heavily on bank overdrafts due to undercapitalization. Corporate bonds, according to Clark-Lowes, offer an attractive alternative, especially for companies seeking long-term financing. The local currency aspect eliminates the risks associated with foreign exchange fluctuations.

Dr. Gbadebo Adenrele, Managing Director of Investment Banking at United Capital Plc, highlighted the significance of this transaction in establishing a strong corporate bond framework and fostering the growth of Sierra Leone’s capital market. He reaffirmed United Capital’s commitment to strengthening capital markets across Africa by actively participating in such groundbreaking initiatives.

The approval of this landmark bond issuance is anticipated to attract new international investors to Sierra Leone and provide existing investors with new diversification opportunities. This milestone signifies a positive outlook for the country’s economic future.



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GTBank Sierra Leone Unveils Bigger and Better Kip For D Bambai Reloaded, Deposit And Win Promotion


Guaranty Trust Bank Sierra Leone (GTBank SL) is pleased to announce the second edition of its popular savings and reward promotion “Kip For D Bambai Reloaded.”

This year’s edition promises even more exciting prizes for new and existing customers who make fresh deposits and maintain them in their accounts within each month through the campaign.

Participants stand the chance to win prizes including motorcycles (Okada), bags of rice, and vegetable oil, among other enticing rewards.

Speaking at the unveiling in Freetown, GTBank SL’s Head of Corporate Affairs, Simonette Wilkinson emphasized the bank’s dedication to customer satisfaction.

She said: “We are passionate about rewarding our loyal customers and empowering them through innovative banking solutions. This year, we’ve significantly increased the number of eligible winners compared to the last edition.”

She mentioned that draws will be held every month to select the winners and a grand draw will be held in January 2025, after the promotion ends in December 2024.

GTBank’s Head of Retail Banking, Victor Cleveland, explained the participation process, saying customers simply need to deposit and save money in their accounts to qualify for the chance to win.

He said: “This promotion is open to both new and existing customers. To be eligible, customers can deposit and maintain balances ranging from NLe 250 to NLe 25,000. For new or existing customers without a GTBank MasterCard, they can obtain one instantly and use it at least 3 times in a month. Furthermore, inactive and zero balance accounts can participate by depositing and maintaining NLe 250 or more monthly.

“During the grand draw, all existing customers who maintain the highest new balance exceeding NLe 25,000 over the six months will be eligible.”

GTBank SL Managing Director, Mr. Ade Adebiyi assured all that the promotion will go a long way in rewarding their customers for saving funds with the bank.

“We are delighted to introduce this promotion as a token of our gratitude for the unwavering support, trust, and loyalty our valued customers have demonstrated over the years. The exciting modalities of the promo reflect our commitment to enhancing the banking experience across all our digital services.

“This latest edition offers an even more rewarding opportunity for customers, their friends, and families to reap exciting rewards when they make deposits. We encourage our customers to seize this opportunity and participate actively.” Adebiyi said.

Guaranty Trust Bank Sierra Leone is a subsidiary of Guaranty Trust Group Holding Company Plc, with its headquarters in Lagos, Nigeria.

GTBank currently has 16 branches in Sierra Leone and its headquarters at Wilberforce Street, Freetown.

Guaranty Trust has been on a mission to make financial services inclusive and accessible to all Africans in ways that truly serve people’s needs and help businesses thrive.

 

The post GTBank Sierra Leone Unveils Bigger and Better Kip For D Bambai Reloaded, Deposit And Win Promotion appeared first on Sierraloaded.



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Orange Sierra Leone Celebrates Environmental Week With a Focus on Going Green


As part of its annual Environmental Week celebrations, Orange Sierra Leone (Orange SL) kicked off a week-long series of activities on Monday, May 27, 2024, themed “The earth is all we have…let’s go green.”

The launch event, held at the company’s Hill Station Head Office, was attended by Orange SL’s management team, staff, the Honourable Minister of Environment and Climate Change Jiwoh Abdulai, and members of the Fort estate community.

Head of Corporate Social Responsibility, Mimi Mugo, announced that the celebrations would focus on natural resource management and would involve various activities designed to educate and empower individuals on the importance of environmental preservation. Throughout the week, there will be awareness sessions across different departments, aimed at both organizational and individual levels. A beach cleaning exercise, organized in partnership with the International Organization for Migration (IOM), will take place on Friday, demonstrating Orange SL’s commitment to environmental protection. Additionally, a special ceremony will commemorate the first anniversary of their tree planting site cleaning initiative.



Edward Sesay of Orange SL highlighted the detrimental effects of pollution, noting that many people, especially in Africa, are unaware of the damage their actions cause. He contrasted this with Western countries, where environmental harm is often a result of intentional developmental pursuits. Sesay warned of the dire consequences if environmental destruction continues unchecked, emphasizing the deadly impact of air pollution, which is often overlooked. He mentioned that countries like the UK have taken steps to combat air pollution, such as reducing the number of cars on the roads, and stressed the need for similar measures globally.

Sesay also pointed out the distinction between indoor and outdoor pollution, with indoor pollution being particularly hazardous due to confined spaces. He urged everyone to take proactive steps in protecting the environment, emphasizing that solutions to pollution are universal but that pollution itself varies by region.

Addressing the gathering, the Climate Change Officer emphasized the importance of this year’s theme, which serves as a reminder of the significant impact of our actions on the environment.

“It is crucial for us to recognize our collective responsibility to the environment, our well-being, and the well-being of future generations,” she said.

She highlighted their commitment to environmental sustainability, noting that in 2023, their renewable energy ratio was 20%, which has now increased to 72% of their sites being powered by solar energy. Additionally, they planted 3,000 trees at Mortormeh Community in Regent, where a mudslide occurred, to restore ecological balance.

She also disclosed that last year, Orange Company was recognized as the Carbon Zero Champion Mobile Company of the Year for its sustainable efforts to reduce environmental impact.

She concluded by stating that despite these achievements, there is still more work to be done, and they are stepping up their efforts and setting more ambitious environmental goals for the future.

CEO of Orange Sierra Leone, Sékou Amadou Bah, emphasized the importance of environmental protection, stating, “We need to protect the environment more than protecting ourselves because we need the environment more than the environment needs us.” He highlighted common environmental challenges such as climate change, pollution, and deforestation, noting that a small percentage of humanity is responsible for a significant portion of the damage. Bah called for a collective effort to reduce our carbon footprint by minimizing waste, utilizing renewable energy, supporting sustainable agriculture, and advocating for robust environmental policies.

Minister of Environment and Climate Change, Jiwoh Abdulai, commended Orange SL for supporting government efforts to raise environmental awareness. He stressed the importance of community engagement in addressing environmental issues, as local stakeholders are crucial in implementing effective strategies. Abdulai detailed the government’s initiatives, including policy implementation and community sensitization, aimed at mitigating harmful human activities. He praised Orange SL for their compliance with environmental regulations and underscored the importance of such events in promoting environmental awareness.



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GTBank Sierra Leone Staff Hold Football Gala to Honor Late Colleagues


Guaranty Trust Bank (GTBank) Sierra Leone staff held an Inter-Branch Football Gala which climaxed on Sunday, May 26th, 2024, to honor the memories of their late Sports Director, Mohamed Salieu Jalloh, and colleague, Isata Bah.

The grand finale at the O X-Ray Arena in Freetown saw HQ Marketing (*9737+ FC) face off against E/T East (Salary Loan FC) in a spirited match. The energetic crowd of supporters and spectators created an electric atmosphere filled with cheers, reflecting Jalloh and Bah’s passion for sports and community.

HQ Marketing (*9737+ FC) dominated the match with a decisive 5-0 victory over E/T East (Salary Loan FC). The team showcased exceptional skill and teamwork, attributes that Jalloh had tirelessly worked to instill in all sporting activities at the Bank.



Both teams were recognized for their participation in the event honoring their esteemed colleagues. Outstanding individual performances were also celebrated with special awards.

GTBank also used the occasion to connect with customers, showcasing their latest banking products and services. The event provided a platform for customers to learn about new opportunities with GTBank, enhancing their banking experience while enjoying a day of sport and community bonding.

The Inter-Branch Football Gala served as a beautiful tribute to Mohamed Salieu Jalloh and Isata Bah. It celebrated their contributions to GTBank and the community, emphasizing the values of unity, teamwork, and excellence they embodied. Their legacies will continue to inspire and guide the GTBank family.





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Access Bank Sierra Leone Appoints New Chairman And Non-Executive Directors


Access Bank Sierra Leone Limited has announced the appointment of Maurice Nathaniel Cole and four other non-executive directors.

The appointment was made through a press statement made available to Nairametrics by Access Holdings Plc, which states the new executives to its Board of Directors will further strengthen its leadership team and advance the implementation of its growth and transformation strategy.

It added that the appointments also reflect the Bank’s commitment to fostering growth and development while maintaining the highest standards of governance and stewardship.



Joining the Board as Non-Executive Directors are Maurice Nathaniel Cole, Nsikak N. Usoro, Michala Mackay, Ibrahim Khalil Lamin, and Kolawole Augustine Ajimoko.

The group noted that the appointees boast a wealth of expertise from diverse sectors, including banking, telecommunications, corporate governance, compliance, and finance.

Their combined experience and vision will contribute to shaping the future trajectory of Access Bank (SL) Ltd.

Cole will serve as Chairman, following the exit of Alice Marie Onomake and will bring his experience to the fore as Access Bank (SL) Ltd works to consolidate its market position and deliver value for all its stakeholders.

“We are thrilled to welcome our new executives to Access Bank (SL) Ltd,” said Ganiyu Sanni, Country Managing Director, Access Bank Sierra Leone Ltd. “Their leadership and vision will be invaluable as we navigate through challenges and pursue sustained success. We extend our gratitude to outgoing Chairman, Alice Marie Onomake, and Non-Executive Director, Aminata B. Dumbuya, for their dedicated service and contributions to the Bank”.

He noted that Access Bank (SL) Ltd remains committed to excellence, transparency, and accountability as it embarks on this exciting new chapter.

According to him, the Bank looks forward to leveraging the collective expertise of its leadership team to drive innovation, foster growth, and create lasting impact for its customers and communities.

Nairametrics reported recently shareholders of Access Holdings Plc, at the 2nd Annual General Meeting (AGM) held on Friday in Lagos, endorsed the group’s plan to establish a capital raising programme of up to $1.5 billion as well as the subset initiative to raise to N365 billion through a rights issue.

The proceeds of the rights issue would be used to support ongoing working capital needs, including organic growth funding for its banking and other non-banking subsidiaries.

The shareholders also ratified the appointments of Aigboje Aig-Imoukhuede, Olusegun Ogbonnewo, and Ojinika Olaghere as non-executive directors.

The appointment of Aig-Imoukhuede as the chairman of Access Holdings was cheered by the shareholders, who pointed to his history of success with the institution, having transformed it into Nigeria’s biggest lender by market value alongside the late Herbert Wigwe.

Aigboje’s leadership was instrumental in driving the institution’s growth during the 2004 recapitalisation of the banking industry led by the Central Bank of Nigeria (CBN) under the leadership of its former Governor, Prof. Charles Soludo, shareholders said.



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Orange Sierra Leone Digital Center and Coursera Join Forces to Offer Free Certification courses for New Digital Professions


Orange Sierra Leone Digital Center is launching a free high-level certification training program in partnership with Coursera, the world leader in online learning.

This partnership aims to offer young people in Africa and the Middle East the opportunity to acquire essential skills in digital professions, free of charge and at their own pace.

The Orange Digital Center (ODC) network is driving digital inclusion for young people and entrepreneurs across Africa and the Middle East through its 16 centers. It is launching this initiative to provide young people in the region with key skills in essential areas such as artificial intelligence, cybersecurity, digital marketing, and entrepreneurship. These programs are designed to meet the needs of the ever-evolving job market, providing talented young people with the knowledge and skills they need to enter the job market, develop their careers, or encourage them to become digital entrepreneurs.



Orange Digital Centers are physical structures designed to be hubs of innovation and learning, free and open to all, providing a dynamic environment where young people can develop their skills, explore new technologies, and stimulate their creativity.

Equipped with the latest technologies, they support young people throughout the entire technological innovation and entrepreneurship value chain. This innovation ecosystem consists of several spaces that offer free learning programs: a Code School, a Solidarity FabLab, an ‘Orange Fab’ startup accelerator, and Orange Ventures Middle East and Africa, the Orange Group’s investment fund that invests in the most promising startups.

Asma Ennaifer, Executive Director CSR, Orange Digital Centers and Communication, Orange Africa and Middle East, says: “At Orange, we firmly believe that digital inclusion is the key to creating a fairer and more prosperous future for everyone. In partnership with Coursera and through the Orange Digital Centers, we are opening the doors of certification training to all our beneficiaries, offering educational and professional development opportunities to those who need them most. ”

You’ll find all the Orange SL Digital Center training courses on the Coursera platform here https://www.coursera.org/

Press Contacts:

Orange Sierra Leone: Mabel Mason, [email protected], + 232 76 450 189 Orange Middle East and Africa: Anita Oyono, [email protected], +33 6 75 02 03 79



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MiKashBoks And Orange Money Partner to Boost Financial Inclusion in Sierra Leone


MiKashBoks, Sierra Leone’s innovative mobile savings app, and Orange Money Sierra Leone have jointly announced a collaborative partnership that will allow MiKashBoks users to seamlessly deposit and withdraw funds through the widely used Orange Money platform.

The official unveiling ceremony took place at Orange’s headquarters in Hill Station, Freetown. Key stakeholders, including Orange partners, Orange Money CEO David Mansaray, MiKashBoks board members, and senior officials from Orange Money Sierra Leone, witnessed the momentous occasion.

MiKashBoks, with its motto “It Pays to Save,” is revolutionizing the Sierra Leonean savings landscape. The app offers a user-friendly platform for both individuals and groups to save money securely while earning competitive interest rates. Two standout features, “Osusu Na Yu Phone” and “Personal Cashbox”, empower users to manage their savings effectively.



Recognizing the pressing need for financial inclusion in Sierra Leone, where only 20% of adults have access to formal financial services, Orange Money has joined forces with MiKashBoks. This partnership aims to bolster efforts to expand access to financial services for all segments of the population.

MiKashBoks not only facilitates savings but also serves as a gateway to a comprehensive range of financial services. Users can build their credit history and reputation within the platform, paving the way for fairer opportunities, including access to larger loans at favorable rates.

For the convenience of its diverse user base, MiKashBoks is available on the Google Play Store for Android users. Those using iPhones or basic feature phones can easily sign up by dialing *352#.

For further information and customer support, MiKashBoks has established a dedicated Customer Support Line reachable at 075 775776.

With this strategic partnership between MiKashBoks and Orange Money Sierra Leone, the future looks promising for financial inclusion and digital savings in Sierra Leone.



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SABCO Sardines Boosts Sierra Leone Economy With 14,000 Units Produced


Chief Minister Dr. David Moinina Sengeh confirmed the positive impact of President Bio’s recent launch of SABCO Sardines. Just weeks after its introduction, the factory has produced around 14,000 units, signifying a promising start for this local venture.

Beyond introducing a new product, SABCO Sardines has significantly benefitted the local economy. The project has created 500 direct jobs, providing much-needed employment opportunities during challenging times. The initiative has also had a cascading effect on other local industries.

Sardine production has bolstered the pepper and oil industries, creating additional demand and ensuring their growth and sustainability. This interconnected development highlights the potential of supporting local industries and fostering a self-sufficient economy.



A key aspect of the SABCO Sardines initiative is its affordability and accessibility. Competitive pricing aims to make the product attainable for a broad segment of the population. Additionally, SABCO Sardines are now readily available in supermarkets nationwide, ensuring convenient access for customers.

The successful launch and rapid production of SABCO Sardines reflect the government’s commitment to promoting local industries and economic growth. Chief Minister Dr. David Moinina Sengeh expressed his enthusiasm about the project’s success and its potential to further contribute to the country’s economic development.

“We are thrilled to see the positive impact of the SABCO Sardines initiative on our local economy,” said Chief Minister Dr. David Moinina Sengeh. “It’s not just about sardines; it’s about creating jobs, supporting other industries, and building a resilient and self-sufficient economy. We are committed to continuing our support for initiatives like this that drive economic growth and benefit our people.”

The initial success of SABCO Sardines breeds optimism about its future growth and its potential to further stimulate the local economy. As the product gains popularity, it is expected to create even more employment opportunities and support for local industries.





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SABCO Sardines Boosts Sierra Leone Economy With 14,000 Units Produced


Chief Minister Dr. David Moinina Sengeh confirmed the positive impact of President Bio’s recent launch of SABCO Sardines. Just weeks after its introduction, the factory has produced around 14,000 units, signifying a promising start for this local venture.

Beyond introducing a new product, SABCO Sardines has significantly benefitted the local economy. The project has created 500 direct jobs, providing much-needed employment opportunities during challenging times. The initiative has also had a cascading effect on other local industries.

Sardine production has bolstered the pepper and oil industries, creating additional demand and ensuring their growth and sustainability. This interconnected development highlights the potential of supporting local industries and fostering a self-sufficient economy.



A key aspect of the SABCO Sardines initiative is its affordability and accessibility. Competitive pricing aims to make the product attainable for a broad segment of the population. Additionally, SABCO Sardines are now readily available in supermarkets nationwide, ensuring convenient access for customers.

The successful launch and rapid production of SABCO Sardines reflect the government’s commitment to promoting local industries and economic growth. Chief Minister Dr. David Moinina Sengeh expressed his enthusiasm about the project’s success and its potential to further contribute to the country’s economic development.

“We are thrilled to see the positive impact of the SABCO Sardines initiative on our local economy,” said Chief Minister Dr. David Moinina Sengeh. “It’s not just about sardines; it’s about creating jobs, supporting other industries, and building a resilient and self-sufficient economy. We are committed to continuing our support for initiatives like this that drive economic growth and benefit our people.”

The initial success of SABCO Sardines breeds optimism about its future growth and its potential to further stimulate the local economy. As the product gains popularity, it is expected to create even more employment opportunities and support for local industries.



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MiKashBoks And Orange Money Partner to Boost Financial Inclusion in Sierra Leone


MiKashBoks, Sierra Leone’s innovative mobile savings app, and Orange Money Sierra Leone have jointly announced a collaborative partnership that will allow MiKashBoks users to seamlessly deposit and withdraw funds through the widely used Orange Money platform.

The official unveiling ceremony took place at Orange’s headquarters in Hill Station, Freetown. Key stakeholders, including Orange partners, Orange Money CEO David Mansaray, MiKashBoks board members, and senior officials from Orange Money Sierra Leone, witnessed the momentous occasion.

MiKashBoks, with its motto “It Pays to Save,” is revolutionizing the Sierra Leonean savings landscape. The app offers a user-friendly platform for both individuals and groups to save money securely while earning competitive interest rates. Two standout features, “Osusu Na Yu Phone” and “Personal Cashbox”, empower users to manage their savings effectively.



Recognizing the pressing need for financial inclusion in Sierra Leone, where only 20% of adults have access to formal financial services, Orange Money has joined forces with MiKashBoks. This partnership aims to bolster efforts to expand access to financial services for all segments of the population.

MiKashBoks not only facilitates savings but also serves as a gateway to a comprehensive range of financial services. Users can build their credit history and reputation within the platform, paving the way for fairer opportunities, including access to larger loans at favorable rates.

For the convenience of its diverse user base, MiKashBoks is available on the Google Play Store for Android users. Those using iPhones or basic feature phones can easily sign up by dialing *352#.

For further information and customer support, MiKashBoks has established a dedicated Customer Support Line reachable at 075 775776.

With this strategic partnership between MiKashBoks and Orange Money Sierra Leone, the future looks promising for financial inclusion and digital savings in Sierra Leone.



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