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RCBank Announces Plans for Further Expansion in 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.

RCBank – The Bank of Choice!



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Leveraging Expansion for Growth: RCBank Announces Plans for Further Expansion in 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.

RCBank – The Bank of Choice!

The post Leveraging Expansion for Growth: RCBank Announces Plans for Further Expansion in Sierra Leone appeared first on Sierraloaded.



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RCBank Honours 157 Staff Members Ahead of Silver Jubilee


A total of 157 employees with long and unbroken records of service to Rokel Commercial Bank were honored for their dedication, hard work, and loyalty on Saturday, 14th September 2024, at the new Freetown City Complex.

The employees, who have worked between 15 and 35 years, include those who served during the Barclays Bank Plc era and after the transition to Rokel Commercial Bank following the transfer of ownership to the government and people of Sierra Leone.

There were emotional scenes inside the new City Hall as the awardees, divided into three categories based on their years of service, ascended a beautifully decorated stage to collect their plaques, accompanied by inspiring citations.



Millicent Cole, a long-serving female employee and the first woman to attain the rank of Director at the bank, recounted how the institution had faced a challenging period marked by liquidity and solvency issues, as well as low staff morale.

Despite these difficulties, the Director of Risk Management explained how the bank recovered from the brink and repositioned itself as a thriving, profitable, and stable financial institution in Sierra Leone.

Managing Director, Dr. Walton Ekundayo Gilpin, paid glowing tributes to the awardees, commending their dedication, hard work, loyalty, and selflessness. He urged all staff members to put aside their differences and exude positive energy as they look toward a more prosperous future with the bank.

“Let us convert our negative energies into positive energies, for it is not just the number of years you serve but the impact you make in the service of this bank and, by extension, your country,” he said.



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RCBank Engages Market Women, Motorbike, and Keke Riders in SME Development Programme


As Rokel Commercial Bank (RCBank) prepares for its 25th-anniversary celebration, the bank is expanding its Small and Medium Enterprises (SMEs) development programme, targeting market women, Okada riders, and Keke drivers in Freetown.

The Managing Director, Dr. Walton Ekundayo Gilpin, along with his team, recently visited the Salad Ground Market and the bustling Dwarzak intersection to strengthen partnerships and introduce new digital financial solutions aimed at grassroots businesses.

RCBank’s outreach is part of a broader strategy to bring banking services to the informal sector, which constitutes a significant portion of Sierra Leone’s economy. Since launching the SME programme in 2021, the bank has made strides in supporting small businesses across the country.



Now, by focusing on digital payment solutions like QR codes and the Rokel Simkorpor mobile payment app, RCBank is making it easier for market women, Keke riders, and Okada operators to accept payments without handling cash.

Speaking to the traders and riders, Dr. Gilpin emphasized the importance of integrating grassroots businesses into the formal financial system.

“Our vision is to take banking to the grassroots because these businesses are the backbone of the economy,” he said.

“We want them to understand that they can be part of the financial system by having bank accounts and receiving payments directly into those accounts.”

Dr. Gilpin also highlighted the convenience and security that digital transactions offer. He explained that by using the QR codes or USSD payment methods, even those without cash on hand can quickly make payments via mobile phones. This reduces the need for physical cash, minimizes wear and tear on currency, and alleviates the burden of standing in long queues at the bank.

RCBank’s digitalization efforts aim to make banking more accessible and efficient for everyone, with the ultimate goal of promoting financial inclusion across all sectors of the economy. “We believe that the informal sector holds the key to unlocking much of Sierra Leone’s GDP. By focusing on these businesses, we are connecting with the real drivers of the economy,” Dr. Gilpin added.

The Chairlady of the Vegetable Sellers at Salad Ground revealed that, based on information from the bank’s marketing staff, the institution offers an account known as the “Osusu Account,” which she described as highly beneficial for businesswomen.

She further explained that they often save their money with individuals who disappear without a trace, but with the Osusu Account, this problem would be resolved.

She also mentioned learning about the Visa Card, which makes payments easier when they travel abroad for business.

To secure the educational future of their children, she encouraged her colleagues to consider opening the “Kombra Account” with the bank.

The bank’s initiative was also warmly welcomed by Sorie Kamara, Vice Chairman of the Dwarzark Bike Riders Association, expressed his appreciation, noting how this system would improve security by reducing the need for riders to carry physical cash, which often attracts thieves.

He also emphasized that the ease of digital payments would help resolve frequent disputes between riders and passengers over fares.

As RCBank looks to the future, it aims to continue leading the way in digital banking, enhancing its services to better meet the needs of its customers while driving financial growth and stability throughout Sierra Leone.



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RCBank Celebrates 5th Anniversary of Tree Planting Project, Emphasizing Environmental Stewardship


On Thursday, June 6th, 2024, RCBank celebrated the 5th anniversary of its Tree Planting Project at Petifu Kangalop, Masiaka, reinforcing its commitment to environmental sustainability.

The event, which drew hundreds of guests and community residents, was themed: “Plant More Trees, So That the Next Generation Can Get Air for Free.”

RCBank Limited has continually demonstrated its dedication to protecting and preserving the environment. The Deputy Managing Director, Mr. Emmanuel E. Borbor, highlighted the bank’s responsibility to integrate with and support the communities in which it operates. “Planting trees improves the air quality for humans to breathe and prevents heavy winds from causing destruction,” Borbor stated. “Tree planting is universal and the cleanest form of agriculture. Anyone can start tree planting as it requires minimal capital.” He encouraged the community to join the initiative, emphasizing the myriad benefits of tree planting. Borbor also appealed for additional land to expand the project further.



Neneh Tunis, CEO of Keeping Hope Alive, underscored the dual importance of planting and maintaining trees. “It is one thing to plant trees, but challenging to maintain them,” she remarked. “Tree planting also provides job creation for locals and mitigates the effects of climate change. We must all work together to create a sustainable and resilient environment.”

Paramount Chief of Petifu Kangalop, Masiaka, PC Bai Kompra Bomboli III, spoke about the origins of the project, initiated by his father in collaboration with RCBank. “We will never stop planting trees,” he affirmed. He addressed the challenges faced by local communities, including the demand for charcoal. “The demand for charcoal in the capital, Freetown, drives local deforestation. I urge the government to provide alternative fuel sources, like gas, to reduce reliance on charcoal.” He pledged continued collaboration with RCBank and vowed to educate the populace on climate change. He commended RCBank’s dedication and promised to allocate more land for the initiative.

Ambrose Bindi, head of Tree Crop at the Ministry of Agriculture, delivered the keynote address. Bindi commended RCBank for its contribution to environmental conservation. He underscored the importance of tree planting in supporting food security initiatives, urging widespread participation in the Feed Salone project. “The stomach does not belong to a party of color, so it is important that everyone supports the Feed Salone project,” he said. He praised RCBank and Neneh Tunis for their contributions to tree planting, a crucial element in combating climate change. Bindi highlighted that the initiative by RCBank is part of a global effort and stated, “It’s commendable for a bank to engage in such an important venture.”

Madam Shola Taylor Pearce, Executive Secretary of the Sierra Leone Association of Commercial Banks, congratulated RCBank on behalf of all 13 managing directors. “Five years ago, I planted a tree here, and today it is taller than me. This symbolizes the power of a seed and the importance of roots, much like RCBank’s roots in this initiative,” she stated. “Together everyone achieves more, and that is what our association stands for.”

The celebration was climaxed by the planting of 30 trees by dignitaries and both senior and junior staff of RCBank, symbolizing their continued commitment to environmental stewardship and community engagement.

The vote of thanks was given by Mrs. Mariama Jajua, Head of Marketing, Business Development, and Corporate Affairs, who acknowledged and appreciated all guests, community members, and staff of RCBank for supporting this wonderful initiative.

RCBank – The Bank of Choice!



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Delegation From Africa Technology-Driven Company Interswitch Pays Courtesy Visit to RCBank Management


Akeem Lawal, the Managing Director of Interswitch, the Payment Processing and Switching (Pure pay) business division, along with the team from Nigeria, paid a courtesy visit to RCBank Management.

Interswitch is a leading technology-driven digital payments company, is actively shaping the payment landscape in the growing e-commerce sector in Africa.

The meeting focused on crucial topics such as the POS acquiring project, transaction processing engagement, Verve Card engagement, and strategic plans for business expansion in the Sierra Leone market.



Interswitch’s broad network and robust payments platform have been instrumental to the development of the Nigerian payments ecosystem and provide Interswitch with credibility to expand across Africa.

Today, Interswitch is a leading player with critical mass in Africa’s rapidly developing financial ecosystem and is active across the payments value chain, providing a full suite of omni-channel payment solutions.



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RCBank Nominated to Promote Usage And Adoption of New Innovative Pan African Payment Systems


A Rokel Commercial Bank delegation including the Board of Directors Chairman, Buffy Bailor, Managing Director Dr Walton Gilpin and top IT staff are in Cape Town, South Africa to attend a high-level meeting on the adoption and use of the innovative Pan African Payment System (PAPPS) by banks around the continent.

Pioneered by the Afreximbank, the PAPPS will create a flawless and highly effective international payment system that will invariably support the African Continental Free Trade Area (AcFTA) established in 2018 and signed by 43 African countries including Sierra Leone.

The new cross-border payment also seeks to operationalize a 2019 resolution by African heads of state that the PAPPS should become the main infrastructure for payments and settlements within the African financial markets.



Therefore, working with local banks like the RCbank to popularize and promote the adoption and utilization of the payment system tool has been deemed to be a critical component of its growth and success. A high point of the event was when heads from some of the partnering banks, including the Rokel Commercial Bank shared their experiences on the use of the PAPPS.

At the end of a highly interactive event, RCBank was among the financial institutions nominated as member of the Working Group of the PAPPS network/club to promote the adoption and usage of the payment platform.





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RCBank Top Management Participate in SLONEC Business Seminar


Commemorating SLONEC’s First Year Anniversary, RCBank Top Management has participated in SLONEC Business Seminar on Tuesday 30th April, 2024 at the Freetown City Council.

SLONEC is an accountancy and consultancy firm that specializes and provides a wide range of accountancy and consultancy services to individuals, businesses, and organisations within Sierra Leone and beyond.



Dr. Walton E. Gilpin Managing Director of RCBank served as the Guest Speaker for the Buisness Seminar with the theme let’s celebrate and Excel in Business. Dr, Gilpin presented along side with the founder and CEO of SLONEC Mr. Ishmail Bangura, Manager and Tax guru at NRA Matilda Z. Kamara and Dr. Alpha Grace (Founder & CEO of CHANGEYOURSELF).

The Managing Director of RCBank Staged a PowerPoint Presentation on Navigating Loan Financing for SME’s and Avoiding Business Failures. Under key topics like National Public Debt Securities cycle, The Lending cycle and Access to Finance, Loan Cycle, Loan recall, Loan maturity, Cancellations and Restructuring, his presentation objectives focused on understanding the basic debt terminology in the loan cycle, Relationship between stages in the loan cycle and data requirement which could help reduce incidence of delinquency.

Speaking on the issue of granting loans, Dr. Gilpin states”debt collection is in trouble- especially when it comes to the delinquent credit. According to figures from the International Monetary’s fund‘s Global Financial Stability Report non-performing loans make up 3.925% of total gross global loans,”

Mr. Adikalie S. Kamara, Head of Operations at RCBank pointed out that the essence of the Banking system is to bring safety and soundness of the financial sector adding that there is low public understanding about loan initiation and the importance of the financial sector. He pointed out that there is a stand out guidelines by the Central Bank not to have more than 10% of loans in nonperforming category as it would be described as a delinquent loans, He applauded SLONEC as a new Financial Company set up by Sierra Leoneans to come together to contribute to enhance the financial sector.

Mr. Ishmael Bangura, CEO of SLONEC thanked the Management and Staff of RCBank for gracing the occasion. He reflected that while growing up he realized that he has to make a change and contribution to society.

He reflected on his experience in the United Kingdom and commented on what countries of the Western World are doing positively and differently. He revealed, he discovered one of the reasons why the Western Countries are far ahead of us it’s because they value the things we take for granted
He cited that one of the things that sometimes people take for granted back home is integrity, which he intends to bring and to uphold it as a core value in the financial sector.

Head of Public Relations, RCBank Mr. Aruna Dumbuya pointed out in his Public Lecture that Integrity, Objectivity, sustainability, professional competence, sincerity and probity are all core values that enhance the banking sector to thrive. He acknowledges the need for people in the financial Sector to imbibe all these qualities because the absent of some of these ethical conducts then we would not have people who will manage the finances of this country.

He emphasiszed on the need for customers that will enhance the availability and procedures of securing a loan adding that the Bank Prioritizes financial literacy in a bid to enhance customers Protection. He affirmed that over the years, the leadership of RCBank have been doing public Lectures at Universities and in Public Places both national and International, which is a core value of the Sierra Leone National Strategy for Financial Inclusion (NSFI 2022-2026).

He added that as a bank, they have seen how climate Change and environmental issues are impacting the world adversely, and it is so important that the country embraces urgent actions for positive climate change.

Mr. Dumbuya expressed thanks and appreciation to the SLONEC Management for the Invitation and assured the Bank’s unwavering commitment to respond to their call and to other institutions that will contribute positively to the Development of Sierra Leone.

RCBank – The Bank of Choice!!



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RCBank Junior Staff Association to Host Cashless Fiesta


RC Bank Junior Staff Association sets to host one of the biggest Fiestas in the country ahead of the Bank’s 25th Year Anniversary Celebration.

The “RCBank Cashless Fiesta “will be on show on 20th April 2024 at the Hamilton Resort, 5 Adrian Drive Hamilton.

Attending the RCBank Cashless Fiesta will introduce the unique sounds, beats and vibes of Sierra Leone and also help customers and non customers better understand the Bank’s various product and services. This incredible fiesta will combine some of the biggest names in the entertainment with local acts and other genres with their culture and heritage.



Speaking on the rationale behind organizing the Fiesta, Francis Gandi,  President of the Junior Staff Association revealed that they dubbed the event as “RCBank Cashless Fiesta” because it aligns with one of the five Key Priorities of the Managing Director Dr. Ekundayo W. Gilpin. He recalled that at the start of 2024, the visionary Managing director emphasized on the need for moving away from traditional banking to that of creating a cashless environment in Sierra Leone that would facilitate banking transactions for customers. He further affirmed that the programme will be centered on the celebration of the 25th Year Anniversary, showcasing the bank’s various products and services to customers and non-customers through bonding with their clients.

“We will be having different packages for customers and staff and key among them is attractive Prizes for Winners in the quiz competition, Live Musical Performances, Rap battle among staff from various Branches, Dancing Competition, and Raffle competition for users of the Simkorpor Product amongst others. The Fiesta is for all the branches in the country as well as customers and non-customers. We want to interact with customers outside the banking halls for better understanding and we are using this opportunity for customers to witness first hand on how our Product and services works,” Mr. Ghandi States.

A fiesta which aims at promoting team bonding among the junior staff Association ahead of the Bank’s 25th Anniversary Celebration, artists like Empress P, Adfega, and many more will be performing live at this auspicious event.

The cashless Fiesta subscribed to the strives and vision the Managing Director is making to achieve a cashless society and bringing the bank closer to the people.
RCBank-The Bank of Choice!!!



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RCBank Junior Staff Association to Host Cashless Fiesta


RC Bank Junior Staff Association sets to host one of the biggest Fiestas in the country ahead of the Bank’s 25th Year Anniversary Celebration.

The “RCBank Cashless Fiesta “will be on show on 20th April 2024 at the Hamilton Resort, 5 Adrian Drive Hamilton.

Attending the RCBank Cashless Fiesta will introduce the unique sounds, beats and vibes of Sierra Leone and also help customers and non customers better understand the Bank’s various product and services. This incredible fiesta will combine some of the biggest names in the entertainment with local acts and other genres with their culture and heritage.



Speaking on the rationale behind organizing the Fiesta, Francis Gandi, and President of the Junior Staff Association revealed that they dubbed the event as “RCBank Cashless Fiesta” because it aligns with one of the five Key Priorities of the Managing Director Dr. Ekundayo W. Gilpin. He recalled that at the start of 2024, the visionary Managing director emphasized on the need for moving away from traditional banking to that of creating a cashless environment in Sierra Leone that would facilitate banking transactions for customers. He further affirmed that the programme will be centered on the celebration of the 25th Year Anniversary, showcasing the bank’s various products and services to customers and non-customers and bonding with the Customers.

“We will be having different packages for customers and staff and key among them is attractive Prizes for Winners in the quiz competition, Live Musical Performances, Rap battle among staff from various Branches, Dancing Competition, and Raffle competition for users of the Simkorpor Product amongst others. The Fiesta is for all the branches in the country as well as customers and non-customers. We want to interact with customers outside the banking halls for better understanding and we are using this opportunity for customers to witness first hand on how our Product and services works,” Mr. Ghandi States.

A fiesta which aims at promoting team bonding among the junior staff Association ahead of the Bank’s 25th Anniversary Celebration, artists like Empress P, Adfega, and many more will be performing live at this auspicious event.

The cashless Fiesta subscribed to this strives and vision the Managing Director is making to achieve a cashless society and bringing the bank closer to the people.
RCBank-The Bank of Choice!!!



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