The Bank of Sierra Leone has announced an extension of the deadline for all financial institutions and fintech companies to fully integrate into the National Payments Switch.
In a press release issued on April 10, the bank stated that the new deadline is now set for June 30, 2025, extending the original date of March 31, 2025.
This extension is aimed at accommodating financial institutions and fintechs that were not ready to complete their integration by the initial deadline. All institutions are now required to route all domestic transactions through the National Switch to enhance the efficiency and security of payments in Sierra Leone.
The Bank of Sierra Leone has formally instructed all financial institutions and fintechs that have not yet joined the National Switch to engage with the National Switch Department to ensure complete integration into the system.
Additionally, the bank has confirmed that all existing bilateral arrangements between financial institutions and fintechs will remain permissible during the extended period from March 31 to June 30, 2025. By the end of this period, the Bank of Sierra Leone expects all institutions to be fully integrated into the National Payments Switch.
One of Sierra Leone’s leading financial institutions, Rokel Commercial Bank has issued a Communiqué from the National Symposium on Cybersecurity and Financial Inclusion Organized by the RCBank and EST Applied Intelligence (UK) On the 22nd February 2024 at the Freetown City Council Auditorium.
The event which attracted over 500 participants from financial Institutions, MDAS, the private sector, educational institutions, security agencies etc, was part of the bank’s contribution towards the strengthening and or establishment of a robust cybersecurity capability in Sierra Leone.
The symposium was immediately followed by a working breakfast where a smaller group of carefully selected participants from RCBank and other relevant institutions further deliberated to identify six key variables that subsequently became the communique for the RCBank National Symposium on Cybersecurity and Financial Inclusion in Sierra Leone. These are as follows:
1) Increased awareness of the evolving cybersecurity threat landscape and the importance of proactive measures to mitigate risks.
2) Enhanced understanding of best practices, frameworks and strategies for safeguarding digital assets and infrastructure including sensitive customer data
3) Strengthened professional connections and collaboration opportunities within the financial services, defence, national security and wider cybersecurity communities
4) Formation of the first ever Cybersecurity Tiger Group in Sierra Leone for cross sector collaboration and capacity building.
5) Formation of the first ever Financial Services Cybersecurity Chapter in Sierra Leone The Gilpin Chapter
6) Formation of the first ever Defence Cybersecurity Chapter in Sierra Leone – The Lavahun Chapter.
The Management of the Bank further express their immense gratitude to our distinguished guests, esteemed speakers, panelists, media representatives, and partners for their invaluable support and contributions. Your expertise and dedication significantly enriched the symposium and breakfast experience and contributed to its success. They also extend a special thank you to the organizing committee and volunteers whose hard work and dedication made these events possible.
“Your tireless efforts behind the scenes were instrumental in ensuring a seamless and impactful symposium and breakfast. As we reflect on the insights shared and connections made during the symposium and breakfast, let us continue to collaborate and innovate in the field of cyber security. Together, we can strengthen our defences, adapt to evolving threats, and build a more secure and resilient digital ecosystem. We encourage you to stay connected with us and secure and resilient digital ecosystem. They encourage all participants to stay connected with them and each other, whether through professional networks, follow-up discussions, or future collaborative initiatives,”the communiqué states.
The Bank urge for all to harness the momentum generated by the African Banker’s symposium and breakfast to drive positive change and advance cyber security excellence.
EST Applied Intelligence, a Cybersecurity firm based in the UK, is collaborating with one of Sierra Leone’s leading banks, Rokel Commercial Bank, to organize a one-day symposium on Cybersecurity and Financial Inclusion at the Freetown City Council Auditorium on the 22nd of February, 2024.
EST Applied Intelligence is a specialist enterprise security consultancy firm that comprises a team of forward-thinking experts with deep domain knowledge in Cybersecurity. They are working in partnership with clients in both public and private sector organizations to help navigate their security challenges across complex business and technology landscapes.
The strategic pillar of EST Applied Intelligence is geared towards structuring and evaluating the organization’s strategy to ensure it is forward-thinking and will meet the dynamic and challenging business demands. Aligning enterprise security to business priorities, the firm aims to develop and set up a robust and bespoke enterprise security capability through innovative skills matrix alignment and optimization.
The symposium, the first ever to be spearheaded by a local financial institution in the country, will bring together political leaders, industry leaders, experts, and innovators both locally and internationally to principally discuss the country’s capacity and preparedness to confront and neutralize potential cyber attacks on our financial system.
As the bank repositions itself for international competitiveness, it recently announced five top priorities it will be rolling out to actualize its vision for 2024.
This development came after the bank’s CEO, Dr. Walton Ekundayo Gilpin, was recognized as African Banker of the Year 2023 by the UK-based Reputation Poll International.
Sources say there is palpable excitement within the financial sector as the Symposium is expected to engineer a blueprint for a robust Cybersecurity environment for Sierra Leone’s financial system.
The Symposium will also discuss ways Cybersecurity enhances financial inclusion and will outline the manifesto of the African Banker of the Year.
Dr. Gilpin indicated that these are exciting times for the financial sector and human capacity development in Sierra Leone.
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.
Sierra Leone’s Ministry of Finance has announced that its National Policy hearings for all Ministries, Departments, and Agencies (MDAs) will take place on Friday, 6th October 2023.
The event will be held at the New Brookfields Hotel, Freetown, starting at 8:30 a.m. according to a recent press release made available to Sierraloaded.
As part of the FY2024 Budget preparation process, the Ministry describes the Policy Hearing as a key starting point. “The Policy Hearing initiates the budget preparation process, enabling Ministries, Departments, Agencies (MDAs), and Local Councils to discuss and reassess sectoral policies, all of which are outlined in the Medium-Term National Development Plan,” the statement reads.
The release further specifies attendees for the policy discussions, emphasizing the focus on bilateral budget deliberations to establish guiding policies for revenue creation. The Ministry stipulates, “Attendance is limited to Ministers, Deputy Ministers, Professional Heads, and Vote Controllers. These Bilateral Budget Discussions aim to reach a consensus on policies that will steer revenue generation and resource distribution among the various MDAs.”
