Guaranty Trust Bank (GTBank) and Catholic Agency for Overseas Development (CAFOD) have successfully concluded their three-year collaboration as part of the Women and Girls FIRST financial inclusion project, funded by Jersey Overseas Aid (JOA).
This initiative has made significant strides in Kenema, Port Loko, and Kambia districts, recruiting 150 “Financial Champions” from project project Village Savings and Loans Associations (VSLAs).
These champions have been registered and trained as GTBank mobile banking agents to support remote communities across eight chiefdoms, boosting financial inclusion.
The Women and Girls FIRST project aims to improve financial access and resilience for women and girls in these regions.
In a significant move that reinforces its leadership in Sierra Leone’s telecommunications sector, Orange Sierra Leone officially launched its new brand logo and identity under the slogan, “Orange is Here,” on Monday, September 30, 2024.
This fresh identity, also translated into the local Krio as “Orange dae ya,” highlights the company’s unwavering commitment to being a reliable and ever-present partner to its customers. The unveiling event took place at Orange SL’s headquarters on Hill Station, drawing key stakeholders from across the country.
Philip Emeh, Orange SL’s Head of Communications, Brand, and Sponsorship, shed light on the importance of this rebranding effort. He emphasized the power of perception in shaping a company’s image and building trust with its customers. “Our brand signature and how we are perceived as a company are fundamental to our success,” Emeh stated. “When customers see us as caring, responsible, and bold, it strengthens our mission. These qualities are essential to meeting our goals and fulfilling our role as the top telecommunications provider in Sierra Leone.”
Adding to this, Alpha Bundu, the Customer Experience Director, expressed optimism about the company’s future and its ability to overcome challenges. He noted that the telecom giant is at a pivotal moment, where turning obstacles into opportunities is crucial for continued success. “We must embrace change if we want to continue progressing,” Bundu remarked. “Being caring means standing by our customers, especially in difficult times. Today’s event reaffirms our commitment to addressing the challenges they face, and we are investing in cutting-edge technology to ensure we remain Sierra Leone’s number one telecom provider.”
The high point of the event came when Orange Sierra Leone’s Chief Executive Officer, Sekou Amadou Bah, took the stage to formally introduce the company’s new brand tagline and signature: “Orange is here.”
“Dear valued customers, Orange is here!” the CEO proclaimed. “This new tagline embodies our three core values: care, responsibility, and boldness. We are committed to offering the best to our customers, keeping our promises, and driving innovation to open new opportunities.”
Bah assured the audience that Orange SL is dedicated to maintaining the highest standards of quality and reliability, with its teams working diligently to meet customer expectations. “Our promise to you remains unshaken,” he added, “as we continue to be transparent and nurture the confidence you have in us. ‘Orange is here’ is more than a tagline—it’s a commitment. ‘Orange dey ya!’”
In his address, Bah also acknowledged recent challenges faced by the company, but reassured customers and stakeholders that Orange SL remains steadfast in its mission to provide excellent service. “Despite the uncertainties, we are here to stay,” Bah affirmed. “Our new brand signature reflects our dedication to delivering more than just telecom services. We are committed to innovation that improves the lives of our customers, and ‘Orange is Here’ represents our unwavering dedication to keeping our promises.”
As the event drew to a close, Bah emphasized that Orange Sierra Leone’s future lies in constant improvement and collaboration. He stated that the new logo and brand identity are not merely cosmetic changes but reflect the company’s broader vision of growing alongside the needs of the nation and offering cutting-edge solutions for its customers.
With the launch of its new brand identity, Orange Sierra Leone is set to further cement its position as the country’s leading telecommunications provider. The company is poised to push the boundaries of innovation, ensuring that it continues to serve as a customer-centric, forward-thinking entity dedicated to the people of Sierra Leone.
Since 2017, RCBank has demonstrated that local brands can compete both nationally and internationally through innovation and strategic growth.
Recently, RCBank opened a second branch in Bo and announced further expansion plans across Sierra Leone, aiming to strengthen its presence in provincial areas as well.
Mrs. Millicent Cole, Director of Credit Risk, recalled that in 1999, when the bank changed ownership, it was operating as a single branch after Barclays had closed all its locations. Today, RCBank boasts 21 branches, including outlets, and is the first bank in the country to have two branches in Bo City.
“We now have two branches in Bo City. Very soon, we will be opening two more branches, with another one before our next anniversary. When Barclays left, we had fewer than 100 employees, but today, we have over 500, a testament to the bank’s contribution to employment in Sierra Leone,” she stated.
She also expressed gratitude to God for blessing the bank with a great team and credited the dynamic and visionary leadership of Managing Director Dr. Walton Ekundayo Gilpin for the bank’s growth.
Managing Director Dr. Walton Gilpin emphasized the significance of an active banking sector for a thriving economy. He encouraged account holders to engage in various banking transactions beyond simple deposits and withdrawals, noting the range of services offered by RCBank, including banking cards, mobile apps for transactions, balance checks, and insurance payments.
Dr. Gilpin also underscored the bank’s commitment to reaching underserved areas, stating that RCBank has branches throughout the country and plans further expansion. His vision is to elevate Sierra Leone’s financial sector and extend RCBank’s presence beyond national borders. He highlighted RCBank’s pioneering step of opening a second branch in Bo, setting a precedent for other banks by enhancing service delivery.
By implementing strong risk management frameworks, adhering to regulatory requirements, and embracing digital innovation, RCBank has built credibility and established long-term stakeholder relationships. Dr. Gilpin stressed the importance of forging strategic partnerships and ensuring regulatory compliance to help Sierra Leonean banks strengthen their competitive position, drive sustainable growth, and contribute to the country’s economic development, as well as Africa’s.
RCBank (SL) Ltd. is now fully digital, in line with the theme of its 25th anniversary: “Digitalization Towards Customer Satisfaction,” focusing on bringing banking services to the grassroots.
As RCBank continues to expand, it is poised to become a key player in the financial landscape, attracting investors and positioning itself for success in Sierra Leone’s market.
Since 2017, RCBank has demonstrated that local brands can compete both nationally and internationally through innovation and strategic growth.
Recently, RCBank opened a second branch in Bo and announced further expansion plans across Sierra Leone, aiming to strengthen its presence in provincial areas as well.
Mrs. Millicent Cole, Director of Credit Risk, recalled that in 1999, when the bank changed ownership, it was operating as a single branch after Barclays had closed all its locations. Today, RCBank boasts 21 branches, including outlets, and is the first bank in the country to have two branches in Bo City.
“We now have two branches in Bo City. Very soon, we will be opening two more branches, with another one before our next anniversary. When Barclays left, we had fewer than 100 employees, but today, we have over 500, a testament to the bank’s contribution to employment in Sierra Leone,” she stated.
She also expressed gratitude to God for blessing the bank with a great team and credited the dynamic and visionary leadership of Managing Director Dr. Walton Ekundayo Gilpin for the bank’s growth.
Managing Director Dr. Walton Gilpin emphasized the significance of an active banking sector for a thriving economy. He encouraged account holders to engage in various banking transactions beyond simple deposits and withdrawals, noting the range of services offered by RCBank, including banking cards, mobile apps for transactions, balance checks, and insurance payments.
Dr. Gilpin also underscored the bank’s commitment to reaching underserved areas, stating that RCBank has branches throughout the country and plans further expansion. His vision is to elevate Sierra Leone’s financial sector and extend RCBank’s presence beyond national borders. He highlighted RCBank’s pioneering step of opening a second branch in Bo, setting a precedent for other banks by enhancing service delivery.
By implementing strong risk management frameworks, adhering to regulatory requirements, and embracing digital innovation, RCBank has built credibility and established long-term stakeholder relationships. Dr. Gilpin stressed the importance of forging strategic partnerships and ensuring regulatory compliance to help Sierra Leonean banks strengthen their competitive position, drive sustainable growth, and contribute to the country’s economic development, as well as Africa’s.
RCBank (SL) Ltd. is now fully digital, in line with the theme of its 25th anniversary: “Digitalization Towards Customer Satisfaction,” focusing on bringing banking services to the grassroots.
As RCBank continues to expand, it is poised to become a key player in the financial landscape, attracting investors and positioning itself for success in Sierra Leone’s market.
Dr. Walton Gilpin, Managing Director of Rokel Commercial Bank, has been appointed Chair of the African Leadership Council for the Sierra Leone Chapter.
The announcement was made during an official event held at the Bank of Sierra Leone Complex on Sunday, 22nd November 2024. This event also coincided with the bank’s 25th Anniversary celebrations, which included a Thanksgiving Service at Wesley Methodist Church, a march-past, and a formal dinner.
Dr. Gilpin received the insignia of office and a Certificate of Listing as one of the top 40 African Caribbean business leaders for 2024 from Samuel Elaikwu, a senior representative of the African Leadership Organisation (ALO).
The African Leadership Council works to advance global opportunities for African countries, and Dr. Gilpin’s new role will focus on leveraging these opportunities to promote Sierra Leone on the international business stage.
Dr. Gilpin, who has previously been recognized as one of the top 25 African Banking Leaders by the Pan-African Leadership Magazine, described the appointment as a victory for Sierra Leone. In his statement, he encouraged his fellow citizens to unite and refrain from negative discourse.
Among his accolades, Dr. Gilpin received the prestigious US Congressional Award from the State of Carolina in 2023.
The African Leadership Organisation (UK) continues to support African and Caribbean business leaders in fostering global connections and promoting sustainable development across the continent.
The Bank of Sierra Leone has on the 20th of September released the official foreign exchange rate in the country.
The rates include the cost of buying and selling major foreign currencies including Pounds Sterling, Euros, and United States Dollar, amongst others.
In the week from September 17 to September 20, 2024, the British pound demonstrated a significant rise against both the US dollar and the euro. In contrast, the euro experienced more modest fluctuations. The US dollar showed relative stability during the same period.
The Central Bank’s disclosed rates are as follows:
Pounds Sterling: Buy at Le 30.1914, Sell at Le 29.8887
U.S. Dollars: Buy at Le 22.7003, Sell at Le 22.4744
Euro: Buy at Le 25.3454, Sell at Le 25.0955
Meanwhile, in the unofficial market, the US dollar settled at Le25 (Buying) and Le24.2 (Selling) on Monday, September 22, 2024. This is according to parallel market operators in Central Freetown and Lungi.
NOTE: The Movements in the exchange rate influence the decisions of individuals, businesses and the Sierra Leone government. Collectively, this affects economic activity, inflation and the balance of payments.
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.
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.
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.
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.
