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RCBank Meets New Minimum Capital Threshold Ahead of 2027 Deadline


Rokel Commercial Bank (RCBank) has posted a substantial increase in the bank’s share capital, which rose by 200 percent from Le91.4 billion to Le274.4 billion (old Leones).

This growth was supported by a profit before tax of Le192.8 billion and a profit after tax of Le143.9 billion, indicating improved profitability and balance sheet strength, according to its 2024 financial statements released by the Bank of Sierra Leone.

In 2024, the Bank of Sierra Leone introduced a revised minimum capital requirement of Le274,455,866 billion (old Leones) for commercial banks, to be met by the end of 2027. RCBank became the first commercial bank to meet this new threshold in the same year the policy was announced, placing it ahead of the regulatory timeline.



The bank has also signaled intentions to expand beyond Sierra Leone. In November 2024, a delegation led by Managing Director Dr. Walton Ekundayo Gilpin visited Liberia to assess the feasibility of establishing operations there. During the visit, the team held engagements with senior Liberian officials, including the Governor of the Central Bank of Liberia and the Minister of Finance, while reviewing market conditions and potential strategic partnerships.

According to the bank, the Liberia engagement forms part of a broader long-term strategy aimed at expanding RCBank’s footprint within the ECOWAS sub-region.

Management believes that regional expansion could contribute to asset growth, diversify revenue streams, and strengthen Sierra Leone’s presence in the West African financial sector.

As RCBank prepares to hold its Fifty-Second Annual General Meeting on Tuesday, January 20, the 2024 results point to a year of consolidation and forward planning.

With strengthened capital, early compliance with regulatory requirements, and exploratory steps toward regional expansion, the bank enters the next phase of its operations with a reinforced financial position.



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RCBank Scoops 192. 8 Billion Profit, Records Le275.4 Billion Share Capital


The Bank of Sierra Leone had released the 2024 Financial statements of Rokel Commercial Bank and the figures show an unprecedented growth amidst growing competition and external shocks in financial markets

The biggest achievement for the bank is the massive leap from Le91.4 Billion (old Leones) to Le274.4 Billion (old Leones) indicating a 200% increase in share capital. This massive increase has come on the back of a Le192.8 Billion profit before tax and a Le143.9 Billion (old Leones) Profit after tax.

Whilst loans and advances grew by 33%, customer deposits grew by a significant 13% (Le3.3 Billion) from 2.9 Billion in 2023. Whilst shareholder equity also increased by 33% (951.5 Billion), loans and advances amounted to Le702.2 Billion.



As the Bank gears up to its Fifty-Second Annual General Meeting on Tuesday 20th January, it is clear that the steady nature that has characterized its growth trajectory over the last couple of years has been premised on focused leadership. It could be recalled that in 2024 when the bank of Sierra Leone set a minimum capital requirement of Le274, 455, 866 Billion for all commercial banks by the end of 2027, the Rokel Commercial Bank was the first to meet that threshold the same year (2024).

In more recent times, the bank had set it eyes on subregional expansion. A high-powered delegation led by the Managing Director, Dr Walton Ekundayo Gilpin departed Sierra Leone for sister Republic of Liberia in November last year. Their mission; to research and evaluate opportunities for establishing a banking presence in Liberia.

The team analyzed market data, met with key Liberian officials (including the Governor of the Central Bank and Minister of Finance), and engaged potential partners. Part of RCBank’s long-term vision for regional expansion and to position Sierra Leone as a key financial player in ECOWAS.

That move signifies RCBank’s ambition to export its innovative banking services beyond Sierra Leone.It aligns with Sierra Leone’s national vision for local institutions to expand across West Africa. Ideally, a successful entry would boost RCBank’s assets and profits, and enhance Sierra Leone’s regional financial standing.



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Sierra Leonean Leone Ends 2025 as Second Weakest Currency in Africa


The Sierra Leonean Leone has concluded the year as the second weakest currency on the African continent, trading at nearly 21,000 to the United States dollar, according to year-end financial data released this week.

In a ranking of the ten African countries with the weakest currencies at the close of 2025, Sierra Leone placed second only to São Tomé & Príncipe. According to data cited from the Forbes Calculator, the Leone ended the year trading at 20,970 per US dollar.

This valuation places the Leone in a significantly more precarious position than regional peers.While São Tomé & Príncipe’s Dobra traded at 22,282 to the dollar, the gap between Sierra Leone and the third-ranked country, Guinea, is stark. The Guinean Franc ended the year trading at 8,741 to the dollar—less than half the exchange rate of the Leone.



For nations like Sierra Leone, such a depressed exchange rate frequently exacerbates daily hardships for citizens. The report notes that weak currencies tend to “increase inflation, deepen poverty, discourage investment, and impair a state’s ability to withstand shocks.”

While the report highlighted specific crises in South Sudan and Ethiopia regarding rapid depreciation and oil export reliance, the absolute value of the Leone against the dollar remains among the lowest on the continent. This devaluation makes imports significantly more expensive, hampering local businesses that struggle to plan or grow when operating costs fluctuate wildly.

The data reveals a challenging financial landscape for several East and West African nations. Following Sierra Leone, the top five weakest currencies were rounded out by the Guinean Franc, the Malagasy Ariary, and the Ugandan Shilling.

Top 5 Weakest African Currencies (End of 2025):

São Tomé & Príncipe Dobra: 22,282 per USD

Sierra Leonean Leone: 20,970 per USD

Guinean Franc: 8,741 per USD

Malagasy Ariary: 4,577 per USD

Ugandan Shilling: 3,610 per USD

As the country moves into 2026, the data suggests that stabilizing the Leone will be critical to restoring investor confidence and curbing inflationary pressures that affect the average Sierra Leonean household.



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Afrikonet.sl – The Fastest and Most Secure Online Marketplace in Sierra Leone


In today’s world, buying and selling online is one of the fastest ways to do business. But in Sierra Leone, many people still face challenges when it comes to shopping or selling online. That is why Afrikonet.sl was created — to make online buying and selling easy, fast, and secure for everyone.

Breaking the Barriers of Online Business in Sierra Leone

For many years, business owners and customers have faced problems such as:



Lack of trust between buyers and sellers
Limited or unreliable payment methods
Late deliveries and fake products
Few platforms where vendors can showcase their goods to a wider audience

Afrikonet.sl was launched to solve these issues. Since its launch in May this year, over 2,000 people have already joined the platform. This shows how ready Sierra Leoneans are for a reliable online marketplace.

Safe and Flexible Payment Options

Afrikonet.sl provides a simple and secure payment system that works for everyone. Buyers can pay using:

Orange Money
Afrimoney
Debit Card
Payment on Delivery

This flexibility gives both vendors and customers confidence in every transaction.

A Local Team You Can Trust

Afrikonet.sl is not just a website — it has a physical office and a dedicated team of marketers in Sierra Leone. The local presence means vendors and buyers can get real support whenever they need it. The marketing team helps vendors set up their stores, promote their products, and reach more customers.

A Golden Opportunity for Young People

In this digital age, young people have the chance to make money from the comfort of their homes. Afrikonet.sl gives Sierra Leonean youth a simple way to open an online store, list their products, and start earning. Whether you sell clothes, gadgets, food, or local crafts, Afrikonet.sl helps you grow your business fast.

Why Choose Afrikonet.sl

Fast and secure online transactions
Multiple payment options
Local presence and support team

👥 Trusted by 500+ users since launch
🚀 Great opportunity for young entrepreneurs

Join Afrikonet.sl Today

If you are a vendor who wants to grow your business or a buyer searching for trusted products, Afrikonet.sl is the solution.

Visit www.afrikonet.sl to open your store today and start making money online.



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Orange Sierra Leone Unveils 2024 CSR Report on Economic Growth and Community Transformation


Orange Sierra Leone has published its 2024 Corporate Social Responsibility (CSR) Report, highlighting major achievements in national development, digital advancement, environmental sustainability, and community well-being.

The report reflects the company’s continued commitment to supporting government priorities and improving lives through inclusive and responsible business practices.

Strong Economic Contribution and Local Empowerment



In 2024, Orange Sierra Leone contributed NLe781 million directly to the national economy through taxes, licenses, wages, and other statutory payments. The company also played a vital role in supporting Sierra Leonean businesses, generating NLe998 million in revenue for local suppliers across multiple sectors. This aligns with Orange’s strategy to prioritize local partnerships and strengthen domestic value chains.

Expanding Digital Inclusion Nationwide

A major highlight of the report is the expansion of digital access across the country. In 2024, 95% of the population was covered by 4G broadband, enabling more Sierra Leoneans to access online services, education, and business opportunities. To ensure network resilience and reduce carbon emissions, approximately 70% of Orange’s network sites are now solar-powered, reflecting the company’s investment in clean and sustainable energy.

Environmental Commitment Through Reforestation

Orange also advanced its environmental commitments, planting 10,000 trees in Kawase Hill, Moyamba District. This reforestation effort is aimed at restoring degraded land, protecting biodiversity, and supporting climate resilience in rural communities.

Youth Empowerment Through Skills and Innovation

The Orange Digital Center (ODC) continued to serve as a national hub for education, innovation, and entrepreneurship. In 2024 alone, the ODC trained over 14,500 young people in digital literacy, coding, entrepreneurship, and technology-based skills.

  • Women represented 47% of total trainees, reflecting the company’s drive toward gender inclusion.
  • 38% of beneficiaries secured job opportunities or started income-generating activities, demonstrating the centre’s impact on employability.

Community Impact Through the Orange Sierra Leone Foundation

Through its foundation, Orange impacted 14,627 beneficiaries across the country with programmes focused on education, health, women’s empowerment, youth development, and community resilience. Initiatives included scholarships, rural school support, digital education for girls, maternal health partnerships, breast cancer awareness, and emergency community support projects.

Driving a National Vision Through Responsible Business

The CSR Report emphasizes Orange Sierra Leone’s dedication to supporting the government’s development agenda especially in digitalization, youth employment, community health, and economic sustainability. The company reaffirmed its commitment to inclusive growth, responsible technology use, and environmental stewardship.

In CEO Sekou Amadou Bah’s statement accompanying the report, he noted, “Our CSR ambition is a direct reflection of our brand values: Care, Bold, and Responsible. It speaks powerfully to our renewed brand message: Orange is Here! This presence goes beyond the physical it symbolizes our unwavering dedication to improving the lives of Sierra Leoneans in meaningful and sustainable ways.”

Orange Sierra Leone noted that its achievements are the result of collective effort across staff, partners, customers, and communities, and reaffirmed its dedication to making technology a force for positive change.

To access the Full Report, Scan the QR Code below or visit the company’s official website: https://www.orange.sl/en/csrannualreport-2024.html

With its ambitious goals and growing impact, Orange Sierra Leone continues to position itself not only as a leader in connectivity and innovation but also as a driving force for national transformation.



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NRA Boss Urges Fiscal Self-Reliance as World Bank Support Plunges from $100M to Zero


Jeneba Bangura, Commissioner General of Sierra Leone’s National Revenue Authority (NRA) has warned thattraditional aid flows to developing nations are drying up, revealing that the country’s annual budget support from the World Bank has plummeted from $\text{\$100}$ million to a projected zero in just two years.

Bangura made the sobering disclosure during a high-level panel at the IMF–World Bank Annual Meetings, underscoring the intense fiscal pressure now driving an aggressive push for self-reliance in Freetown.

“In the past, we received about $100 million a year in budget support from the World Bank,” Bangura stated. “But in 2024, that dropped to $40 million, and as I speak for 2025, we may not receive anything at all.”



She noted that other key partners, including the UK’s FCDO, have followed a similar trend, although the European Union has resumed limited support.

Bangura explained that these sharp cuts often occur after national budgets have been finalized, forcing the government to scramble to “reprioritize and rearrange spending.” This abrupt loss of funding, she said, “intensifies the demand for more domestic revenue.”

In response, Sierra Leone has embarked on a drastic domestic revenue mobilization campaign. Bangura disclosed that the government raised its revenue target by 46 percent in 2024 and is projecting a further 30 percent increase in 2025. Oversight has been intensified, with the finance ministry now monitoring tax collection on a daily basis.

The panel, titled “Taxing Smarter after Aid,” explored the difficult path for countries like Sierra Leone as traditional aid flows dry up. The discussion also touched on the constraints of international lending programs, with experts from Tax Justice Network Africa arguing that IMF conditions limit countries’ policy flexibility and can reinforce inequality.

While Ceren Ozer, a World Bank manager, pointed to nearly $7 billion in active concessional lending projects aimed at boosting domestic revenue, the immediate budget crisis described by Bangura painted a stark picture of the challenges on the ground.

 

 



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Sharlimar Trading Company CEO Denies Monopoly Claims, Calls Allegations Baseless


The Chief Executive Officer of Sharlimar Trading Company, Mr. Mousa Morrowa, has dismissed allegations of monopolizing the importation of Kekehs and TVS motorbikes in Sierra Leone, describing such claims as baseless and misleading.

Speaking during a recent media engagement held at the company’s headquarters in Lumley, Freetown, Mr. Morrowa clarified that monopoly is against the laws of Sierra Leone and that the national constitution explicitly forbids such practices.

“I have never monopolized the importation of Kekehs or TVS bikes,” Mr. Morrowa stated. “Every businessman in Sierra Leone has the constitutional right to import his or her preferred brand from any manufacturer of choice.”



He further explained that the TVS brand was selected directly from a manufacturing company in India, emphasizing that similar arrangements exist for other brands such as Yamaha and Honda, which are imported by different business entities.

According to Mr. Morrowa, this practice does not constitute monopoly but rather reflects brand-specific business partnerships that are common in global trade.

“It is unlawful to prevent a business investor from importing a chosen brand from a manufacturer that they have legally partnered with,” he noted.

Sharlimar Trading Company, which has operated in Sierra Leone for nearly a century, continues to play a significant role in the nation’s economic growth through job creation and nationwide business expansion. The company maintains branches across the country’s four regions and remains one of the leading contributors to national income generation.

Mr. Morrowa encouraged the media and civil society advocates to verify facts before drawing conclusions, stressing the importance of neutrality and accuracy in public discourse.

He also appealed to customers and stakeholders to focus on constructive engagement, particularly on ways to reduce prices of bikes and Kekehs to make them more accessible to the public.

“Our doors remain open to the media and the general public,” he said. “We want people to understand the genuine investment Sharlimar trading company  is making to complement government’s efforts in job creation and national development.”

The CEO concluded by reaffirming his commitment to fair competition, transparency, and continued investment in Sierra Leone’s economy.

“Anyone can go to the manufacturing companies in India, choose a brand, and build a business around it. That is how fair trade works,” he added.

Mr. Morrowa called on Sierra Leoneans to support genuine investors rather than spreading misinformation aimed at tarnishing reputations.

Source: https://www.facebook.com/share/p/1CgsR5xw4R/



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GTBank Celebrates Customer Service Week 2025 With Style, Culture, and Service Excellence


Guaranty Trust Bank (GTBank) Sierra Leone celebrated Customer Service Week 2025 from Monday, 13th October to Friday, 17th October across all branches with enthusiasm, style, and an unwavering commitment to delivering exceptional customer service.

Held under the theme “Mission Possible”, this year’s celebration highlighted the importance of customer satisfaction and teamwork while reflecting GTBankSL’s vibrant culture and dedication to excellence.

The week was not only about fun and fashion, it was a heartfelt expression of appreciation to the customers who form the heart of the bank’s mission.



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The week kicked off with a bold blend of professionalism and flair. Staff stepped out in vibrant corporate wear, adding a colorful twist to their usual office attire. The atmosphere was upbeat, and branches radiated confidence and readiness. It was a statement that service begins not just with competence but with presence.

On Tuesday, Staff swapped suits for jeans and jerseys, bringing sporty energy to the workplace. Jerseys from local and international teams filled the room with friendly banter. It was a day that highlighted team spirit, reminding everyone that success in customer service is a team game.

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Wednesday was a walk down memory lane. From flared trousers to retro hairstyles, staff embraced classic styles from past decades. The vintage vibe added nostalgia to the air, reminding both staff and customers of how far the bank has come, and how solid values never go out of fashion.

Sleek, classy, and modern; Thursday’s theme combined timeless formal wear with the comfort of sneakers. The look symbolized GTBankSL’s philosophy: professionalism with a modern, dynamic edge. Staff looked sharp, felt confident, and served customers with extra flair.

The week ended on a high note with a colorful celebration of Sierra Leone’s diverse cultures. Staff dressed in traditional outfits representing the nation’s rich ethnic heritage. The day was filled with warmth, pride, and unity. Customers were greeted in local languages, reinforcing GTBankSL’s deep-rooted connection with the communities it serves.

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Throughout the week, customers were met with smiles, gratitude, and personalized service. Special decorations, cultural displays, and engaging activities filled the banking halls, creating memorable experiences for both staff and clients.
In a special message to commemorate the week, GTBank Sierra Leone’s Managing Director, Daniel Attah, expressed heartfelt appreciation to both customers and staff:

“Great service begins with great people. Your trust, feedback and partnership fuel our drive to serve with excellence,empathy and innovation. Every time you reach out, share your thoughts or place your goals in our care, you help us grow stronger and smarter. You make the mission not just possible but meaningful.”

GTBankSL’s Customer Service Week 2025 was more than just a celebration, it was a powerful reminder of the bank’s mission to deliver beyond expectations, to serve with heart, and to continue making the Mission Possible.



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CAF and QNET Renew Partnership for the 2025/26 Season of the CAF Interclub Competitions


The Confédération Africaine de Football (CAF) and QNET, a global lifestyle and wellness company, have renewed their partnership for the 2025/2026 CAF Interclub Football Season for the TotalEnergies CAF Champions League, TotalEnergies CAF Confederation Cup, and the TotalEnergies CAF Super Cup.

The agreement was signed in Casablanca, Morocco, on Monday, 03 November by CAF General Secretary, Véron Mosengo-Omba, and Cherif Bassirou Abdoulayede, Regional General Manager, QNET Sub-Saharan Africa.

As part of the renewed agreement, CAF and QNET will expand fan engagement and community-driven programmes that link the excitement of elite football with grassroots development, strengthening the foundations of the sport and ensuring its sustainable growth across Africa.



QNET has been an Official Sponsor of CAF’s Club competitions, including the TotalEnergies CAF Champions League, TotalEnergies CAF Confederation Cup and the TotalEnergies CAF Super Cup, since 2018.

CAF President Dr Patrice Motsepe said “The 2025/26 edition of the CAF Interclub has seen record numbers of Clubs participating in the Preliminary stages of the Competitions. This is mainly thanks to the invesment by CAF in TotalEnergies CAF Interclub Competitions including the USD 13 million to the Clubs to assist logistics and other operational matters. We are delighted to welcome QNET as a partner in driving this development.”

Trevor Kuna, Chief responsible for Sponsorships, QNET added: “This partnership is a celebration of African talent and ambition. Through football, we are inspiring communities, nurturing potential, and shaping a future full of opportunity and promise across the continent.”

As CAF and QNET continue their journey together, they invite fans, communities, and businesses across Africa and beyond to join in celebrating the spirit of African football, a legacy built on unity, opportunity, and excellence for generations to come.



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Afrimoney and Ecobank Launch Sierra Leone’s First Mobile Money POS Payment System


Afrimoney and Ecobank Sierra Leone have launched a strategic partnership that enables customers to make payments directly from their Afrimoney mobile wallets on Ecobank Point-of-Sale (POS) terminals.

The historic initiative was officially unveiled at Ecobank’s Head Office in Freetown.

This innovation marks the first time in Sierra Leone that mobile money users can make direct payments on POS devices an advancement expected to greatly enhance digital financial accessibility for both consumers and merchants nationwide.



Kate Thompson, Head of Consumer Banking at Ecobank Sierra Leone, described the partnership as a “significant milestone” in connecting banking and mobile money ecosystems.

She explained that while only about 29% of Sierra Leoneans have bank accounts, around 30% use mobile money wallets two customer bases that are now linked through this collaboration. “Before this innovation, only cardholders could use POS machines. Now, Afrimoney wallet holders can make payments instantly and securely on Ecobank POS devices, without needing a bank account,” Thompson stated. She added that the initiative simplifies everyday transactions from school fees to market purchases empowering merchants and customers alike.

Calling the development “financial inclusion in its purest form,” Thompson noted that the new service will help bridge the gap between the formal banking sector and mobile money users, making digital transactions more convenient and accessible.

Afrimoney CEO, Martison Obeng-Agyei, praised the collaboration as a “forward-looking example of technology serving the public,” highlighting that it is the first of its kind in Sierra Leone’s financial landscape. He revealed that the next phase of the partnership will extend the service to Ecobank ATMs, allowing customers to withdraw cash directly from their Afrimoney wallets.

“This initiative simplifies payments, ensures instant settlements, and enhances business efficiency,” Obeng-Agyei said. “Once a payment is made on an Ecobank POS, the funds are instantly available in the merchant’s bank account eliminating the hassle of cashing out or re-depositing money.” He added that the system was developed with long-term reliability and quality in mind, signaling more innovations ahead in 2026.

Ecobank Sierra Leone Managing Director, Sebastian Ashong Katai, described the partnership as a deliberate strategy rooted in collaboration rather than competition. He said Afrimoney’s robust technology and extensive subscriber base made it an ideal partner for achieving shared financial inclusion goals. “Convenience and accessibility are the true measures of banking success,” Katai noted. “Money alone doesn’t create access unless people have the freedom to use it. By enabling mobile wallet payments on POS devices, we’re expanding that freedom and empowering Sierra Leoneans to transact anywhere.”

He further linked the initiative to the Bank of Sierra Leone’s National Payment Switch, emphasizing that progress in the financial sector depends on collaboration and interoperability among players.

The Afrimoney Ecobank partnership stands as a major step toward bridging traditional banking and mobile money ecosystems. It offers Sierra Leoneans a secure, convenient, and inclusive way to conduct transactions supporting the Central Bank’s vision of a digitally connected and financially empowered nation.

With this launch, customers can now use their Afrimoney wallets across Ecobank’s nationwide POS network ushering in a new era of digital convenience and financial empowerment for businesses and consumers across Sierra Leone.



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