Sierra Leone Foreign Currency Exchange Rate For October 4, 2024


The Bank of Sierra Leone has on the 4th of October, 2024 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 30 to October 4, 2024, the US dollar experienced notable gains against both the British pound and the euro, marking a significant shift in the foreign exchange market.

The Central Bank’s disclosed rates are as follows:

Pounds Sterling: Buy at Le 30.2348, Sell at Le 29.9318

U.S. Dollars: Buy at Le 22.7415, Sell at Le 22.5153

Euro: Buy at Le 25.1831, Sell at Le 24.9328

Meanwhile, in the unofficial market, the US dollar settled at Le25 (Buying) and Le24.2 (Selling) on Monday, October 7, 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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GTBank and CAFOD Boost Financial Inclusion for Women and Girls in Sierra Leone


Guaranty Trust Bank (GTBank) and Catholic Agency for Overseas Development (CAFOD) have successfully concluded their three-year collaboration as part of the Women and Girls FIRST financial inclusion project, funded by Jersey Overseas Aid (JOA).

This initiative has made significant strides in Kenema, Port Loko, and Kambia districts, recruiting 150 “Financial Champions” from project project Village Savings and Loans Associations (VSLAs).

These champions have been registered and trained as GTBank mobile banking agents to support remote communities across eight chiefdoms, boosting financial inclusion.

The Women and Girls FIRST project aims to improve financial access and resilience for women and girls in these regions.




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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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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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