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Sierra Leone’s Instant Payment Service Goes Live


Sierra Leone has officially launched its National Payment Switch, a groundbreaking initiative poised to revolutionize the country’s financial landscape and boost regional economic integration.

The launch ceremony, held at the Radisson Blu Mammy Yoko Hotel on Thursday, February 13, 2025, featured a keynote address by Vice President Mohamed Juldeh Jalloh.

The National Payment Switch enables instant payments between banks and mobile money operators, eliminating the need for traditional methods like checks.

Dr. Ibrahim Stevens, Governor of the Bank of Sierra Leone (BSL), announced at a press briefing earlier in the week that seven banks and two mobile network operators are already connected to the service. He emphasized the system’s potential to streamline transactions and improve efficiency, noting that similar systems are in use in countries like Nigeria.

“This system allows for direct payments from one bank to another or between mobile networks, eliminating the need for cheques and waiting periods,” Dr. Steven explained. He emphasized that the IPS would enhance transaction efficiency, financial security, and transparency, while also supporting digital commerce and innovation.

The National Payment Switch is being rolled out in phases. Phase 1, completed in May 2023, introduced ATM and point-of-sale (POS) interoperability. Phase 2, launched this week, focuses on real-time, interoperable transactions. Phase 3, expected to integrate the system with international payment gateways, will further position Sierra Leone as a key player in global digital finance.

Dr. Steven announced that the Bank of Sierra Leone has set April 1, 2025, as the deadline for full integration of all banks and mobile money operators into the system. He urged financial institutions to embrace the platform, assuring them of the central bank’s commitment to addressing any challenges during the integration process.

VP Jalloh highlighted the transformative potential of the switch, stating it will be crucial for driving economic reform and positioning Sierra Leone as a regional hub for digital financial services. He emphasized its importance for e-government services, including tax and fee payments, and its potential to enhance transparency and accountability in public finance management.

The initiative aligns with Sierra Leone’s commitment to regional financial integration, complementing the Pan-African Payment and Settlement System (PAPSS) under the African Continental Free Trade Area (AfCFTA). VP Jalloh expressed optimism that the switch will reduce transaction costs, promote digital trade, and strengthen economic ties across Africa. He urged all financial institutions, businesses, and government agencies to fully integrate the Instant Payment Services into their operations.

Finance Minister Sheku A. F. Bangura stressed the importance of stable economic policies and robust financial infrastructure for regional integration. He called for inclusive policies that drive sustainable growth and pointed to the European Union’s journey to the Eurozone as an example of long-term vision.

World Bank Country Manager Abdu Muwonge commended Sierra Leone for this milestone, drawing parallels with successful implementations in other countries. He emphasized the importance of adoption and urged mobile money providers to maximize transaction volumes through the system. He also highlighted the next phase of financial inclusion, which will focus on providing credit lines for youth and women entrepreneurs.



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Paying in Leones, Spending in Dollars


A while ago, I was swiping through WhatsApp statuses on my phone, and I came across a particular status that read, “Sierra Leoneans are paid in Leones but made to pay for goods and services in the equivalent of the dollar. There’s a huge structural disconnect! This is wartime!” This status epitomizes the palpable frustration marinating among many Sierra Leoneans.

A dangling economic dilemma has emerged, crippling low-income earners in their struggle to make ends meet. While many citizens are paid in the LEONE currency, they are often required to pay for goods and services in US dollars or its equivalent. This structural abnormality has persisted for too long, and the government has yet to address it. This situation has far-reaching implications for the country’s economy and the daily lives of its people.

The depreciation of the Leone has been a persistent issue, worsened by inflation and economic mismanagement. Banks and other financial institutions have allowed certain goods and services to be paid for in foreign currencies, primarily the US dollar. This move has further weakened the local currency and created a dependency on foreign currencies for essential transactions.
In an attempt to address these structural issues, the Government of Sierra Leone introduced new legal tenders and redenomination of the Leones, along with the implementation of the Goods and Services Tax (GST). Despite these measures, the Leone currency has continued to lose value, and the government has had to resort to allowing the use of foreign currencies for certain transactions.



Compounding this problem is the massive promotion and demand for the use of dollars over the Leone in most transactions, especially for paying house rents and the like. This situation has stifled the financial growth of many struggling households, preventing them from affording quality lifestyles. The Leone has a lower value compared to the dollar. Currently, the Xe Currency Converter values 100 USD at 2,275,991.7 New Leones, while Western Union values 100 USD at 2378.00 New Leones. These exchange rates could pass for official transactions. However, the black market values 100 USD at about 2400.00 New Leones thereabout.

The dilemma for those who are paid in Leones and required to spend in dollars is akin to testing deep waters with both feet. It is too risky and demotivating for low-income earners, particularly public sector workers. They barely survive by the skin of their teeth daily. The dollar has repeatedly shown a higher value over the Leone, giving those who earn in dollars greater purchasing power, unlike Leone earners who are caught in an economic struggle.

This structural pandemonium has become evident as the government has overlooked or underestimated the burden many Sierra Leoneans carry by not unifying a single exchange rate to trade on and monitor the prices of goods and services. A colleague exclaimed that “there is hardly an official rate set by our central bank, including an interbank rate (for banks to lend to one another), a rate for import and export, a rate for international money transfer companies, and a black market rate.”

With this expression of the obvious, every right-thinking Sierra Leonean, whether at home or abroad, should be concerned. To be clear, no right-thinking Sierra Leonean is asking the government to provide their daily bread but to create an enabling environment where citizens can be economically capable of handling their bills without being robbed by the dollarising syndrome.

Welcome to 2025, and wishing you a LEONE spending year!



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A Center of Excellence For Financial Inclusion And Economic Growth in Sierra Leone’s Digital Journey


Rokel Commercial Bank (formerly Barclays Bank of Sierra Leone) is one of the leading Banking institutions in Sierra Leone in terms of digital financial services.

RCBank was established in 1917 as Barclays Bank DCO with 100% shares owned by the parent company. The rationale behind the move was to encourage Sierra Leoneans to Participate as owners and develop confidence in the Bank. Named after the longest river in Sierra Leone, Rokel Commercial bank remains the gateway to banking in the country.

RCBank Simkorpor Plus Application and Internet Banking have resulted in the transformation of the digital landscape and brought unprecedented convenience to Sierra Leoneans for their financial transactions.



Dr. Walton E. Gilpin; RC Bank Managing Director, reaffirmed the commitment of management to comply with the Bank of Sierra Leone Prudential Guidelines and to position RCB as the preferred banking institution in Sierra Leone. ‘’it is going be the people’s bank with branches operating in other part of the sub region.

CREATING A CENTER OF EXCELLENCE – enable business units to drive financial inclusion and economic growth in Sierra Leone digital journey
The Bank is a Center of Excellence within Sierra Leone Financial Industry which operates with principles of empowering business units and facilitating financial transactions to drive growth in the financial Industry and the economy.

With RCBank Internet Banking, customers can automatically Pay their Bills Super fast with Online Banking Services.

The Process is Simple to pay for goods and services using Sim Korpor: Just Use the QR Code Function to Scan RCBank QR Codes at Supermarkets, restaurants, markets, Hospitals, bars, and more . Alternatively, you can use the Institutional payment option to make payment.
Customers accounts are automatically credited or debited for each deposit, making it easy to stay on track.

The introduction of the Rokel Sim Korpor Plus Application marked not only a significant milestone for the bank but also for Sierra Leone as a whole.

During an interview with the head of RCBank Sim Korpor department Mrs. Kezia Salankole emphasized how RCBank’s Simkorpor department has transformed the digital landscape and brought unprecedented convenience to Sierra Leoneans for their financial transactions.

“By leveraging cutting-edge technologies, the bank has empowered people to perform secure and seamless transactions from the comfort of their own homes or wherever they may be,” she said.
A standout accomplishment that Mrs. Salankole proudly shared was the expansion of the RCBank Simkorpor department, which can now boast of over 200 agency banking locations spread throughout the country. “This achievement is a testament to RCBank’s dedication to serving the needs of its customers and bringing innovative solutions closer to them,” she noted.

Mrs. Salankole acknowledged that customer orientation played a pivotal role in their success.
RCBank’s customer-centric approach ensures that every decision made by the bank is geared towards enhancing customer satisfaction. This dedication to customer service has been the driving force behind the success of their flagship program, the Simkorpor Service, which was initiated by their Managing Director, Dr. Gilpin.

Reflecting on the impact of the Simkorpor Service, Mrs. Salankole explained that it has become the bank’s digital icon, enabling customers to conduct various transactions, such as paying for goods and services, handling third-party services, and paying bills from anywhere they are located.
“This has facilitated financial inclusiveness, increased access to finance, and reduced costs for individuals, contributing to the growth of Sierra Leone’s economy,” she said.

While celebrating their achievements, Mrs. Salankole acknowledged the challenges they faced in promoting digital services, particularly in overcoming resistance from individuals not yet accustomed to using such technologies. However, RCBank’s dedicated marketing teams have been actively raising awareness among the masses, making strides to bridge the digital divide and encourage the adoption of their services.

Regarding security measures, Mrs. Salankole assured customers that the Sim Korpor Service incorporates robust security features. Transactions are protected by two-factor authentication and encrypted end-to-end to ensure maximum safety. However, she also emphasized the importance for customers to protect their phones with passwords and remain vigilant about their device security.

As RCBank continues to expand its digital footprint, the Simkorpor department’s success is a testament to the bank’s commitment to innovation and customer satisfaction. With over 200 agency banking locations nationwide, RCBank is poised to further drive financial inclusion and economic growth in Sierra Leone.



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CEO of Tony Elemelu Foundation Applauds Sierra Leone’s Waste Innovator Mohamed Kamara


The CEO of Tony Elemelu Foundation Soma Chris-Asoluku has applauded Sierra Leone’s Waste Innovator, Mohamed Kamara for his remarkable innovations during his visit at their office where they discuss about opportunities in Sierra Leone for Youths.

Mohamed is 2018 TEF Alumni and a Visionary Founder of the Freetown Innovation Lab, a company based in Sierra Leone tackling waste challenges by recycling plastic into everyday products. One of the Lab remarkable Innovations Includes TV antennas that provide excellent reception for low-income household.

Kamara also led a transformative Workshop at the University of Ibadan Leveraging waste for empowerment on Thursday 20th June 2024.



The workshop was designed for aspiring entrepreneurs, Innovators , and anyone passionate about sustainable development and social impact.

The Freetown Innovation Lab’s tire -to- furniture transformation marks a milestone in sustainable design and waste management, paving the way for a greener future while simultaneously addressing the City’s environmental Challenges





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Sierra Leone’s Central Bank to Auction NLe333.07 Million in Treasury Bills and Bonds


The Central Bank of Sierra Leone has announced a significant treasury bills auction scheduled for Wednesday, June 19, 2024. The auction will offer a total of NLe333.07 million, spanning a variety of government securities including short-term treasury bills and longer-term treasury bonds.

This auction presents a mix of 91-day, 182-day, and 364-day treasury bills, alongside 2-year and 3-year treasury bonds, providing a range of investment opportunities for financial institutions and individual investors alike. The move underscores the Central Bank’s ongoing strategy to manage national debt and stimulate investment in government securities.

A detailed breakdown of the offerings reveals that NLe1,568,750.00 has been allocated for the 91-day bills, NLe3,137,500.00 for the 182-day bills, and a substantial NLe284,290,600.00 for the 364-day bills. In addition, NLe16,255,600.00 will be available for the 2-year bonds and NLe27,734,000.00 for the 3-year bonds.



This week’s offer marks a notable 28.9 percent increase from the previous auction on June 6, 2024, which saw a total of NLe63,654.60 million offered across similar instruments. The increase in allocation reflects the Central Bank’s effort to attract more investment into government securities, ensuring liquidity and a stable debt management process



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Sierra Leone’s Brewery Legal Manager Joins Management Team


Sierra Leone Brewery has announced Ms.Menisa Sesay Esq. as their newest Management Team member at the Company.

The company congratulate Menisa on her appointment as a member of the Management Team in her capacity as the Legal Manager and Company Secretary.

With her extensive expertise in Corporate Law, Menisa is poised to make significant contributions to our Management Team.



The company assured that they are confident that her knowledge and skills will greatly benefit SLBL and help drive their success in the future.

The Sierra Leone Brewey Limited [SLBL] was established in Freetown in 1961. During the civil war [1991-2002] the brewery was destroyed and used as quarters by the rebels from the Revolutionary United Front [RUF]. After the war investment and rebuilding took place to get the brewery up and running again.

Since then production is increasing, Sierra Leone Brewery Limited is a company that is involved in both manufacturing and very recently in agriculture.



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Bank of Sierra Leone Affirms ‘NLe’ as Abbreviation For New Leones


The Bank Governor of Sierra Leone, Dr. Ibrahim Stevens has announced “NLe” as the official abbreviation for the country’s re-dominated currency. 

This announcement comes after months of debate following the 2022 re-denomination of the Leone. While the currency itself continues to bear the abbreviation “Le.”, questions arose about how to represent the new, higher-value version. Both “NLe” and “Le” gained traction, leading to uncertainty.

Speaking at the government’s press conference on Tuesday, Stevens declared “NLe” as the official abbreviation for local use, while acknowledging “SLE” as the international code for transactions outside the country.



Dr. Stevens clarified that the government intends to retain “Le” on the notes for historical purposes, emphasizing its cultural significance. However, to avoid confusion in international transactions, “SLE” will serve as the official code for international bodies and markets.

The introduction of “NLe” specifically for local use aims to distinguish the new currency from its predecessor and prevent ambiguity within the domestic financial system.

 “The correct abbreviation for the new currency is NLe, The international code is SLe, to be used for only international transactions.”

“The abbreviation ‘Le.’ still stands on our money’. Government is seeking an amendment of the Bank Act to retain the ‘Le’ for historical purposes and approve the ‘NLe’ for the new currency.” the Bank Governor said.



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Sierra Leone’s Cocoa Industry Ranks Third in Export Revenue


Cocoa has emerged as a major player in Sierra Leone’s economy, ranking third in export revenue generation, according to a recent government-private sector roundtable.

The event, held on January 18th, brought together key stakeholders to discuss the sustainable development and investment potential of the cocoa sector.

The roundtable, themed “Making Sierra Leone’s Cocoa Sector Investible and Sustainable,” highlighted the crucial role of collaboration in fostering policy changes, government partnerships, and unlocking the industry’s full potential.



The International Finance Corporation (IFC) estimates that cocoa generated over US$22 million in 2018, accounting for 11% of the nation’s total exports. However, a significant gap exists between current exports and the sector’s true potential, with an estimated US$30 million waiting to be tapped.

This promising outlook comes on the heels of the World Economic Forum’s 54th Annual Meeting, where the IFC emphasized the importance of transparency, consistency, and accountability in building trust and fostering investment. The meeting attracted over 100 representatives from various sectors, including governments, international organizations, and businesses.



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RCBank Honored with National Education Champions Award for Outstanding Contributions to Sierra Leone’s Education and Development


Rokel Commercial Bank, standing as the leading commercial bank in the nation, is swiftly gaining early recognition in 2024 for its substantial contributions to education and the overall development of Sierra Leone.

The bank’s remarkable efforts in supporting education and community development have not gone unnoticed, marking a commendable start to the year.

The Bank was awarded for its eminent contributions to the educational sector over the past five years on the 27th January, 2024 during the National Education Champions Awards – Dinner & Awards Night at the Hotel Cabenda Signal Hill Freetown by the Mamie Mariama Justice Ganawah Education Foundation.



Additionally, the Foundation presented a plaque award of Significant Contributor in the Education Sector to the Managing Director & CEO of RCBank, which was received by the Head of Public Relations Unit (Aruna Dumbuya) on behalf of the MD.

The keynote speaker, Mr. Alhaji Allieu Sesay is an accomplished Policy Analyst, Economic Management Specialist, Tax & Customs Expert, Macroeconomist, and Econometrician with over twenty-five (25) years of professional experience in research, policy analysis, public policy, management, economic and public financial strategist.

Mr. Sesay recognized the good work of the foundation and commended Mr. Justice Ganawah for thriving on the ideologies of his mother. Mr. Sesay noted the importance of education and encouraged all to support the philanthropic work of the foundation; as the foundation’s concept is in line with the achievement of quality and sustainable education and meeting Universal Global Objectives for poverty reduction and sustainable development in education.

The Chief Executive Officer (CEO) Justice Ganawah – of the Foundation commented on the focus, mission and vision of the foundation, stating that their work is geared towards achieving quality and sustainable education for the less privileged and hardworking students in Sierra Leone.

‘Hence Mamie Mariama Justice Ganawah Education Foundation (MaMJGEF) is here for the less privileged and hard-working students to acquire high-quality education and to ensure high standards in the educational system in Sierra Leone, he stated’. He apprised that their vision is to eradicate illiteracy in Sierra Leone by creating an educational platform that ensures the highest standards of an inclusive system.

Commenting on the background and purpose of the foundation, Mr. Ganawah stated that the foundation is built on the legacy of the late Mamie Mariama Ganawah of blessed memory, who was someone that had passion for high-quality education.

The Mamie Mariama Justice Ganawah Education Foundation (MaMJGEF) is raising awareness among members to take active roles in improving the nationwide problem of access to quality education and its importance in the country. The foundation’s purpose is to work with a mission of informing vulnerable communities about literacy issues in the country.

The impressive honor awarded by The Mamie Mariama Justice Ganawah Education Foundation (MaMJGEF) reflects the Bank’s outstanding performance and Corporate Social Responsibility (CSR) services to the people of Sierra Leone.

Dr. Gilpin’s Humanitarian Foundation (GEED) maintains similar ideologies and creeds to that of The Mamie Mariama Justice Ganawah Education Foundation (MaMJGEF) to consider the underprivileged and destitute.

RCBank – The Bank of choice!!!!!



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Super Advertis Reportedly Defrauds Sierra Leoneans of 9 Billion Leones


Super Advertise, an online business platform operational in Sierra Leone from October 2023 to late December 2023, finds itself in a startling situation as it faces allegations of fraudulent activities. According to reports from the Gleaner Newspaper, Super Advertis is accused of defrauding Sierra Leoneans, amounting to over Le 9,000,000,000.00 ($369,000.00) through task commissions.

Adding complexity to the situation, Super Advertise asserts that Orange-SL, a prominent mobile operator, has frozen all its accounts. This move by Orange-SL not only raises concerns but also intensifies the dispute as the online promotion service platform accuses the mobile operator of obstructing its operations.

Responding swiftly to the serious accusations, Orange-SL issued a statement on January 3rd, 2024, vehemently refuting any involvement or contractual association with Super Advertise. Orange-SL clarified that there are no frozen accounts linked to the accused company on their Orange Money platform.



The conflicting narratives from Super Advertise and Orange-SL have created unease within the Sierra Leonean community. Authorities are now tasked with the challenging responsibility of uncovering the truth behind these allegations and assessing the extent of Super Advertise’s alleged fraudulent activities.

The reported defrauded amount of Le 9,000,000,000.00 ($369,000.00) adds financial distress to an already sensitive matter, prompting affected individuals to seek justice and accountability for their losses.

This unfolding saga underscores the risks associated with online platforms and emphasizes the importance of exercising due diligence in engaging in online transactions. It serves as a reminder for users to be cautious and prompts regulatory bodies to enhance oversight in the continually evolving landscape of online services in Sierra Leone.



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