Sierra Leone Commercial Bank (SLCB) has taken a significant step toward regional integration and institutional strengthening by signing a technical cooperation agreement with Republic Bank Ghana.
This strategic partnership aims to enhance SLCB’s operational capacity and accelerate its transformation into a modern, innovation-led financial institution within West Africa.
More than just a ceremonial accord, the agreement signifies a commitment to deep technical collaboration, focusing on knowledge exchange, capacity building, and the enhancement of expertise. These elements are core to SLCB’s long-term vision of becoming a resilient bank that meets diverse financial needs across the region.
The official signing ceremony took place in Accra, Ghana, and featured key leadership figures from both banks. Republic Bank Ghana was represented by its Managing Director, Board Chairman, and other senior executives, while SLCB’s delegation included its Board Chairman, Managing Director, Director of Finance, and Head of the Company Secretariat, highlighting the strategic importance of the partnership.
Through this alliance, SLCB aims to leverage Republic Bank Ghana’s extensive experience and technical knowledge to drive excellence in service delivery, digital transformation, and sustainable banking practices. The collaboration is expected to lead to improved product offerings, more efficient systems, and greater customer satisfaction within Sierra Leone’s banking sector.
Both banks reaffirmed their shared vision of promoting higher standards in regional banking. The partnership is anticipated to yield mutual benefits, strengthening institutional performance and contributing to broader economic development in both Sierra Leone and Ghana.
This technical cooperation marks a pivotal moment in SLCB’s growth journey, signaling its readiness to embrace regional opportunities and deliver lasting value to customers, employees, shareholders, and the financial ecosystem at large.
On Monday, December 9, 2024, Rokel Commercial Bank officially launched its partnership with Vult by Metro Cable, a groundbreaking initiative aimed at transforming financial inclusion in Sierra Leone.
The ceremony, attended by senior management teams from Rokel Commercial Bank and Vult, marked a significant step in advancing digital banking solutions and expanding access to financial services across the country.
Providing insight into Vult’s operations and its role in promoting digital financial inclusion, Abdul Salam Kallon, Head of Compliance at Vult, explained that the Metro e-wallet is a payment platform under the Bank of Sierra Leone’s Sandbox Program. He noted that the initiative integrates Vult with digital wallets, offering users access to wallet services, cards, and payment systems for various needs.
He highlighted that the Vult app is available for download on Google Play Store, allowing users to sign up easily using their phone numbers and email addresses. “Since it operates online, the platform is equipped with strict security features to ensure user safety,” he said.
Kallon emphasized the platform’s versatility, stating that Vult enables users to receive money locally and internationally, conduct cross-border transactions, and make payments for goods across international borders. “It functions much like opening a bank account, and our cards can be used at Rokel Commercial Bank ATMs and POS machines both within and outside Sierra Leone,” he explained.
He concluded by reiterating that the primary goal of the partnership with Rokel Commercial Bank is to enhance financial inclusion and make digital financial services more accessible.
Vult’s Chief Operating Officer, Pierre Johnson, provided updates on the platform’s progress and achievements. He noted that within just six months of operation, the app has been downloaded by 200,000 users, with 13,000 active accounts and 2,500 cards issued.
Johnson also mentioned the establishment of over 30 merchant locations in Freetown, Bo, and Makeni, reflecting the platform’s growing reach. Additionally, he disclosed a partnership with Mastercard and Money-Me to facilitate seamless transfers to mobile money accounts.
Dr. Walton Gilpin, Managing Director and CEO of Rokel Commercial Bank, highlighted the transformative impact of the partnership in advancing digital banking and financial inclusion.
“We have been working on this initiative for some time, and our partnership with Vult has significantly widened our reach and improved financial accessibility,” he said. Dr. Gilpin added that digital banking has enhanced transaction speed and efficiency, while also supporting macroeconomic growth.
He noted that the platform allows users to access quality materials and services digitally, contributing to greater convenience. “This partnership expands product possibilities, and our goal is to position Sierra Leone as a hub for excellent digital banking services,” Dr. Gilpin emphasized.
David Pakima, Founder and CEO of Vult, expressed gratitude to Rokel Commercial Bank’s management, particularly Dr. Gilpin, for supporting the initiative from its inception.
Pakima explained that Vult originated from the success of their metro cable project, which made Freetown one of the most connected cities in Africa. “We realized that many users lacked access to premium versions of various platforms, and this inspired us to develop Vult to empower communities and enhance their digital experiences,” he said.
He described Rokel as the ideal partner, noting that their shared vision has driven the initiative forward. “Rokel brings the right appetite, and Vult contributes the intensity to make this partnership successful,” Pakima remarked.
He revealed that Vult has been the most downloaded app in the region on Google Play for the past three months and announced plans to expand into three new markets next year. “This partnership will enable thousands of unbanked Vult users to open accounts with Rokel Commercial Bank,” he added.
Pakima concluded by thanking the teams at Rokel and Vult for their collective efforts in ensuring the initiative’s success. “Together, we are providing seamless access to digital financial inclusion,” he said.
The United Kingdom Government, through its development finance institution, British International Investment (BII) has announced a $25 million risk-sharing facility with Ecobank Sierra Leone to stimulate private sector growth in high-impact sectors of the economy.
The facility, which includes a comprehensive technical assistance program, will support Ecobank in increasing lending to ambitious businesses in this frontier market.
The private sector plays a crucial role in Sierra Leone’s economy, primarily through small and medium-sized enterprises (SMEs) that employ around 70% of the population. However, these businesses often struggle to access capital due to various factors, including limited financial products, high collateral requirements, and short-term loan tenors.
The new facility will support local currency lending, demonstrating BII’s ability to act as a first mover in frontier markets. By increasing credit limits and extending loan tenors, the investment will help Ecobank Sierra Leone grow its loan book and boost business growth, job creation, and private sector contribution to the economy.
This transaction marks a significant milestone as the first investment under the Africa Resilience Investment Accelerator (ARIA), a collaborative initiative launched by BII and FMO, the Dutch entrepreneurial development bank. ARIA aims to boost investment in frontier markets like Sierra Leone.
The Sierra Leone economy faces challenges including a depreciating currency, a large trade deficit, and insufficient infrastructure investment. BII’s investment targets critical sectors such as renewable energy, agriculture, agro-processing, infrastructure, and manufacturing to spur economic growth and development.
UK Minister for Development, Anneliese Dodds, expressed her delight at the partnership, stating that it will support local currency lending, bring much-needed capital into high-impact sectors, and contribute to job creation and economic growth.
Samir Abhyankar, MD and Head of Financial Services at BII, highlighted the facility’s potential to be a game-changer for Sierra Leone, providing much-needed capital for local businesses to accelerate their growth, spur job creation, and deepen impact.
Sebastian Ashong-Katai, Managing Director of Ecobank Sierra Leone, expressed his enthusiasm for the partnership, emphasizing its importance in boosting Ecobank’s lending capacity and supporting Sierra Leone businesses.
Alex Kucharski, BII’s Head of West Africa for ARIA, added that ARIA aims to unlock investment in Sierra Leone and that the investment in Ecobank Sierra Leone will bring much-needed growth capital to underserved businesses in the country.
