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British International Investment Boosts Private Sector Growth in Sierra Leone With Ecobank Partnership


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.



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Ministry of Finance Engages Sierra Leone Private And Banking Sector on FY2024 Proposals


Sierra Leone’s Ministry of Finance has engaged the banking sector and other key private sector players in the 2024 finance bill formulation.

The Ministry commenced consultations with these sector players in developing tax policies to form part of the 2024 Finance Bill to be tabled by the Minister of Finance later this year for proper justification and approval.

These consultations according to them are part of the Ministry’s approach to formulating revenue and tax policies with public institutions and the private sector to get their input and seek cooperation when these policies eventually come into effect.



They maintained that the engagements would continue with Importers, exporters, Local Manufacturers, Telecoms, and private sector players.



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When the Banking Sector is Active, The Economy is Active


The Managing Director of Rokel Commercial Bank, Dr. Ekundayo Walton Gilpin has urged Bank accounts holders in the country to make  sure their accounts are  transactional.

He described  transactional accounts as active and also utilizing the various services banks are offering. He made this statement in a recent Interview with the African Young Voices Television Good morning Salone Program.

He revealed that as a Bank, they are working hard to make sure they provide the required services that will make people become more financially included. He recommended  that customers can be actively financially included when they are able to use mobile Banking applications, apply for loans, transfer money from the App to the Wallet,.



He encouraged people that just do deposits and withdrawals to utilize the other services RCbank is offering like the Banking Cards, Mobile applications for transactions, check balance, pay for insurance through the Banks. He affirmed that there are so many opportunities the Bank  sector is offering to customers to make them actively financially included  compared to people that are opening accounts without doing anything with it.

“If the bank becomes better, we will be able to give out more loans, people will be able to do more businesses that will pay taxes and employ more people. So when the banking sector is active, the economy is active. So we are looking forward to provide more services so we become more active so there is more financial transactions in the economy “ Dr. Gilpin stated

He further revealed that RCBank is currently penetrating to the interior because they believe it is their duty to take their services to hard to reach areas and that is why they have branches all over the country.

Sharing his vision for the Bank, Dr. Gilpin revealed that he wants to  see the financial sector rise up in Sierra Leone like other African Countries. He encapsulated that he would like  to see RCBank  reach everywhere in the country and also beyond the shores of Sierra Leone .

He acknowledged that he understands that these foreign  countries have their different level of standards that may be difficult to reach as of now but they are working towards that incrementally. Speaking on Service Provision, he added he is striving to see a bank where people can have access to their accounts through their phones, and link up with banks anywhere in the  world.

He affirmed that customers outside Sierra Leone can now  use their Banking Cards with the  VISA logo  on them to do International transactions  and they  can also send money  back home to their Bank Accounts  through RCBank various Correspondent Banks In Turkey, New York, United Kingdom e.tc.

Thanking customers for Banking with RCBank and Potential Customers, Dr. Gilpin  thank  Customers for Banking with RCBank and  all  potential customers to come onboard and join RCBank as the bank for the people and by the people.



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