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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!

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Rokel Bank MD Appointed Chair of African Leadership Council for Sierra Leone


Dr. Walton Gilpin, Managing Director of Rokel Commercial Bank, has been appointed Chair of the African Leadership Council for the Sierra Leone Chapter.

The announcement was made during an official event held at the Bank of Sierra Leone Complex on Sunday, 22nd November 2024. This event also coincided with the bank’s 25th Anniversary celebrations, which included a Thanksgiving Service at Wesley Methodist Church, a march-past, and a formal dinner.

Dr. Gilpin received the insignia of office and a Certificate of Listing as one of the top 40 African Caribbean business leaders for 2024 from Samuel Elaikwu, a senior representative of the African Leadership Organisation (ALO).



The African Leadership Council works to advance global opportunities for African countries, and Dr. Gilpin’s new role will focus on leveraging these opportunities to promote Sierra Leone on the international business stage.

Dr. Gilpin, who has previously been recognized as one of the top 25 African Banking Leaders by the Pan-African Leadership Magazine, described the appointment as a victory for Sierra Leone. In his statement, he encouraged his fellow citizens to unite and refrain from negative discourse.

Among his accolades, Dr. Gilpin received the prestigious US Congressional Award from the State of Carolina in 2023.

The African Leadership Organisation (UK) continues to support African and Caribbean business leaders in fostering global connections and promoting sustainable development across the continent.



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Sierra Leone Foreign Currency Exchange Rate For September 22, 2024


The Bank of Sierra Leone has on the 20th of September released the official foreign exchange rate in the country.

The rates include the cost of buying and selling major foreign currencies including Pounds Sterling, Euros, and United States Dollar, amongst others.

In the week from September 17 to September 20, 2024, the British pound demonstrated a significant rise against both the US dollar and the euro. In contrast, the euro experienced more modest fluctuations. The US dollar showed relative stability during the same period.



The Central Bank’s disclosed rates are as follows:

Pounds Sterling: Buy at Le 30.1914, Sell at Le 29.8887

U.S. Dollars: Buy at Le 22.7003, Sell at Le 22.4744

Euro: Buy at Le 25.3454, Sell at Le 25.0955

Meanwhile, in the unofficial market, the US dollar settled at Le25 (Buying) and Le24.2 (Selling) on Monday, September 22, 2024. This is according to parallel market operators in Central Freetown and Lungi.

NOTE: The Movements in the exchange rate influence the decisions of individuals, businesses and the Sierra Leone government. Collectively, this affects economic activity, inflation and the balance of payments.



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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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Sierra Rutile Announces New Board Members Following Leoneoil Takeover


Sierra Rutile has announced the appointment of three new directors to its board following the recent takeover by Leoneoil.

The new directors are Mohamed Cole, Ibrahim Cole, and Patrick Lambert. Mohamed Cole brings extensive in-country experience and a background in engineering, having previously served as Marketing Manager and Managing Director for Sierra Leone National Petroleum. He is also a major shareholder in Leoneoil.

Ibrahim Cole is a seasoned Sierra Leone executive with experience in various sectors, including banking, international development, and infrastructure. He currently serves as the Managing Director of Leoneoil and has held positions at Bank of America, the European Union Delegation, and the Sierra Leone Roads Authority.



Patrick Lambert is a prominent lawyer in Sierra Leone with a strong track record in both local and international law. He is a Senior Partner at Lambert & Partners and has served as local counsel for negotiations with the Government of Sierra Leone.

Chairman Greg Martin expressed his enthusiasm for the new appointments, stating, “I would also like to welcome Mohamed Cole, Ibrahim Cole and Patrick Lambert to the Board. They will collectively bring a great depth of in-country experience to support Sierra Rutile in its next phase of development.”



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Here’s What the Chief Minister and His Wife Did to ‘Waka Fine Bus’


In a delightful display of community spirit and commitment to radical inclusion, Chief Minister David Moinina Sengeh, accompanied by his wife, took an afternoon ride onboard the WAKA Fine bus. The couple joined ordinary citizens, experiencing firsthand the modern, comfortable public transport that has become a symbol of Sierra Leone’s drive towards improved urban mobility.

This simple yet profound act was not just a show of leadership, but a living embodiment of the Chief Minister’s philosophy of radical inclusion — the belief that every Sierra Leonean, regardless of status, should have equal access to the nation’s growing opportunities and shared infrastructure.

As the bus moved through the vibrant city streets, Dr. Sengeh stood alongside ordinary citizens, engaging in conversations and listening to their stories. His decision to remain standing, without taking a seat, sent a powerful message about leadership grounded in empathy and humility. “Radical inclusion is about breaking down barriers — not just in policies but in everyday life.



The WAKA Fine Bus initiative is a transformative project aimed at revolutionizing public transportation and stands as a testament to President Bio’s efforts to create more accessible, reliable, and affordable mobility options for all Sierra Leoneans. Dr. Sengeh’s presence on the bus was a clear affirmation of the government’s resolve to prioritize inclusive growth, ensuring that national development reaches even the most marginalized. By participating in this public experience, the Chief Minister demonstrated his belief that leadership is most effective when it is both visible and engaged with the everyday realities of citizens.

This symbolic journey was a powerful reminder that true leadership is not about privilege but about being present and standing with the people in both word and action. Through his example, Chief Minister Sengeh continues to champion radical inclusion, leading Sierra Leone toward a future where every citizen has a place — and a voice — in the nation’s progress.



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At 25years…RCBank Exceeds Expectations


The Rokel Commercial Bank will on the 17th September celebrate its Silver Jubilee – 25 years of  existence since 1999 when Barclays PLc (which owned the bank since 1917) transferred 100% ownership to the government and people of Sierra Leone. The period following the transfer witnessed stable growth until the escalation of hostilities in Sierra Leone’s civil war of the 90’s.

After the war, there was a period of decline with liquidity and solvency challenges until around 2013 when the government of Sierra Leone provided a bailout package. Consequently, the recapitalization led to a 65% government ownership of a bank that was to become one of the most profitable financial institutions as well a major contributor to the country’s economy.

However, despite the bailout, the problems persisted until 2017 when a new Managing Director was appointed.

The new management beaded by a seasoned economist and financial expert, Dr Walton Ekundayo Gilpin apparently had a better understanding of its terms of reference as it set about implementing bold and viable reforms that quickly streamlined the operations of the Bank into a modern, resilient and profitable financial institution. Key among these initiatives was an ambitious marketing and re-branding programme that witnessed the launch of a new logo, heightened customer outreach, publicity and visibility campaigns, etc.

Almost immediately, there was a surge in public confidence and goodwill and prudential statistics like customer deposits, capital adequacy, A performing loans etc grew exponentially while annual profit margins increased at th a consistent trajectory.

From a paltry Le1.5Billion in 2016 to Le64 Billion in 2017, it was clear that new management team was on a mission to save the bank from total collapse. In 2020, the bank scooped a mouth watering profit of Le83.5Billion while retained earnings rose from Le966 Million in 2019 to Le44Billion. In three years, the
Bank had cleared over Le100Billion of its retained losses and with positive retained earnings. Therefore, for the first time in decades, RCBank was poised to pay dividend. It eventually paid a dividend Le6.5 Billion to its Majority and Minority.

shareholders. The following year, the figure increased to 10.6 billion and in 2022 the bank paid a staggering Le 17 Billion as dividend.

The installation of a robust IT infrastructure ins heralded a highly securitized and user- friendly core banking system. This In system has reduced the length of time customers spend inside banking halls with a transactions becoming almost paperless. A revolutionary mobile money platform, the Rokel SimKorpor has become a major revenue stream for the Bank, and it keeps changing lives through direct and Indirect employment.

Last year, the Bank launched top-of the-range Electronic Banking products and services like repaid cards, credit cards, Visa Cards ATM machines, MoneyGram, Western Union, Ria etc. The effectiveness of these products and services has been palpable with satisfactory testimonies from customers.

Today reputable government and non- governmental organizations like NACSA, TSC, UNDP, World Bank and several others utilizes Rokel Commercial Bank’s digital services to pay their employees and vulnerable groups through social safety net programmes.

The drivers of this phenomenal transformation have not overlooked the need for strong correspondent banking with banks like the Ghana Commercial Bank, UBA-USA, AICTIF Bank, Standard Chartered Bank with a potential to expand further. They have also established strong relationships and leveraged on several business opportunities with giant financial institutions across Africa and beyond.

In the midst of these impressive achievements, the bank has remained a front-line campaigner of financial inclusion. To this end, it had unwittingly tailored its products and services to align with its financial inclusion evangelism. For example, in 2021, RCbank introduced an SME (Small and Medium Enterprise) loan scheme that targeted customers with little or no collateral. The scheme had low interest rates, a flexible payment plan and business development training. Okada riders, market women and other groups in the formal sector significantly benefitted from the scheme.

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NP (SL) Limited on a Trajectory of Digitally Transforming The Oil And Gas Industry in Sierra Leone


The oil and gas industry in Sierra Leone is highly competitive, with NP SL leading the way in the country’s market. NP SL has digitized its sales and is now moving towards cashless transactions. This transformation is making the Company more competitive, efficient, and the leading fuel dealer in the country.

The Company’s decision to embrace digitization is driven by the growing demand for petroleum and gas products due to an increasing population and industrialization. On April 24, 2024, NP SL unveiled its pilot phase of the Energy Pass Card. This innovative device aims to revolutionize the fueling experience and promote a cashless system. The main objectives of this new system are to drive towards a cashless solution, safeguard cash sales, achieve real-time fuel balance and ensure flexibility, self-service, availability, and accessibility of fuel nationwide.

The NP Energy Pass card is a user-friendly smart card that offers both online and offline usability, along with high-security features. It provides instant SMS notifications after every transaction to ensure transparency and accountability. NP SL is increasingly leveraging digital transformation to improve operational performance and accuracy, eliminating human error and making operations more efficient and risk-free. By leveraging the latest technologies, NP is able to gain greater insight into the full potential of their operations and make data-driven decisions.



With over 40 years of experience, NP SL has enjoyed dominance in market share position in Sierra Leone and has recently invested billions to rehabilitate a sophisticated Terminal facility in the country.The Company currently supplies over 80% of Government ministries, departments and agencies.

It is no secret that oil and gas will continue to be the main energy sources through 2040 as a result of the world’s growing need for primary energy. This is why, other oil marketing companies in Sierra Leone need to emulate NP’s footsteps to adapt to these changes to have a chance to compete in the local market by embracing new technologies or they will be left behind.



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