The Bank of Sierra Leone (BSL) has successfully auctioned NLe 633 million in government securities, a move aimed at bolstering the nation’s economy and funding critical development projects.
Awoko reports that the auction, held on February 6, 2025, offered a variety of treasury bills and bonds, catering to both short-term and long-term investment strategies.
The offering included short-term Treasury Bills (T-bills) with maturities ranging from 91 days to one year. Specifically, the auction featured:
NLe 4.47 million in 91-day T-bills, maturing in May 2025 NLe 12.46 million in 182-day T-bills, maturing in August 2025 NLe 482.05 million in 364-day T-bills, maturing in February 2026
For investors seeking longer-term opportunities, the BSL also made available:
NLe 60 million in 2-year Treasury Bonds (T-bonds), maturing in February 2027 NLe 74.1 million in 3-year Treasury Bonds (T-bonds), maturing in February 2028
This diversified portfolio of securities was designed to attract a broad range of investors, from individuals to institutions, while simultaneously providing the government with the necessary capital to finance its programs and meet its financial obligations.
Government securities are a key instrument for economic management, enabling governments to fund infrastructure development, social programs, and other essential initiatives. The NLe 633 million raised through this auction demonstrates the government’s commitment to fostering sustainable economic growth.
To ensure widespread participation, the BSL facilitated access to these investment opportunities through commercial banks and discount houses, making them available to a broader segment of the public.
The National Investment Board (NIB) and the National Revenue Authority (NRA) have announced a collaborative partnership aimed at simplifying business registration and improving revenue collection processes in Sierra Leone.
The initiative, discussed at a meeting held on February 3, 2025, reflects the government’s commitment to fostering a more attractive investment climate and driving economic growth.
Dr. Edward Hinga Sandy, Executive Director of the NIB, emphasized the significance of the partnership, linking the establishment of the NIB to President Julius Maada Bio’s vision for a stronger investment landscape. He highlighted ongoing government efforts to create a “one-stop shop” for business registration, facilitation, and retention, designed to streamline operations for investors while ensuring compliance with national regulations.
Dr. Sandy stressed the importance of collaboration with the NRA in improving the business environment, noting that a more efficient registration and revenue collection system would attract increased investment, encourage compliance, and generally create a more business-friendly atmosphere.
Echoing this sentiment, Mrs. Jeneba J. Bangura, Commissioner-General of the NRA, pledged the authority’s full support for the joint initiative. She underscored the importance of seamless revenue collection through automation and assured the NIB of the NRA’s commitment to enhancing the efficiency of the process.
Young entrepreneurs in Sierra Leone are set to sharpen their digital skills with the launch of the ‘Sierra Leone: Empowering Youth through Digital Technologies’ (READY Salone) project by the International Trade Centre (ITC).
Funded by the Korea International Cooperation Agency (KOICA) and implemented over four years, the READY Salone project will support youth, young entrepreneurs, business support organizations, tech hubs and policymakers to harness opportunities in the digital economy. The initiative places a strong emphasis on young women and persons with disabilities.
The launch event will be attended by key government officials, including Hon. Dr. David Moinina Sengeh, Chief Minister; Hon. Ms. Haja Salimatu Bah, Minister of Communication, Technology and Innovation; Hon. Mr. Mohamed Orman Bangura, Minister of Youth Affairs; and Hon. Mr. Ibrahim Alpha Sesay, Minister of Trade and Industry. Over 100 youth and key stakeholders from the business and tech communities are also expected to participate.
To mark the project launch, there will be a signing of a memorandum of understanding by ITC Executive Director, Ms. Pamela Coke-Hamilton; the Chief Minister of Sierra Leone, Hon. Dr. David Moinina Sengeh; and KOICA Nigeria, Deputy Country Director, Mr. Baik Ki-Hyun.
Four interventions underpin the READY Salone project: enhancing digital literacy among youth; boosting entrepreneurial competitiveness through upskilling; strengthening tech-focused business support services; and developing inclusive national digital strategies. More information about the project can be found in its flyer here.
Through the project, 3,000 youth and 250 micro, small and medium-sized enterprises will gain access to digital skills and business opportunities.
The Ministry of Youth Affairs and the Ministry of Communications, Technology and Innovation are the main government partners for READY Salone.
Interested youth and young entrepreneurs may express their interest in the project by completing this form.
About the International Trade Centre
ITC is the joint agency of the World Trade Organization and the United Nations. ITC assists small and medium-sized enterprises in developing and transition economies to become more competitive in global markets, thereby contributing to sustainable economic development within the frameworks of the Aid-for-Trade agenda and the United Nations’ Sustainable Development Goals.
Air Sierra Leone, a proud symbol of Sierra Leone’s resurgence, is excited to announce the launch of its scheduled Freetown-Lagos route.
Beginning January 22, 2025, this service will operate three times a week: Mondays, Wednesdays, and Fridays, connecting Freetown to Lagos and establishing a critical link within the West African region.
The launch of the Freetown-Lagos route marks the first milestone in Air Sierra Leone’s ambitious regional route plan, which aims to enhance connectivity across the West African coast. This development underscores the airline’s commitment to fostering economic growth, strengthening regional ties, and creating seamless travel opportunities for its customers.
Speaking about this milestone, Edgard D.Lacle, General Manager of Air Sierra Leone, said: “The launch of our Freetown-Lagos route is a significant step forward in our mission to establish Air Sierra Leone as a bridge connecting Sierra Leone with the rest of Africa.
“This route not only symbolizes progress for our airline industry but also for Sierra Leone as we work to promote trade, tourism, and cultural exchange in the region. We are proud to offer our customers a reliable and comfortable travel experience, setting the standard for excellence in West African aviation.”
Passengers on the Freetown-Lagos route can expect world-class service, convenience, and a safe journey aboard Air Sierra Leone’s modern fleet. As the airline looks to expand its network, this new route exemplifies its dedication to becoming “Your Gateway to West Africa” and positioning Sierra Leone as a key hub in the region.
For bookings and more information, visit www.flysierraleone.com.
About Air Sierra Leone
Air Sierra Leone is a fresh, dynamic airline poised to redefine air travel within West Africa and beyond. Focusing on innovation, customer service, and reliability, we aim to provide an elevated travel experience for both leisure and business travellers.
Our brand embodies the spirit of Sierra Leone, bold, ambitious, and forward-looking. Our vision is to be recognized as West Africa’s premier airline, known for excellence in service, operational efficiency, and delivering memorable travel experiences.
On Monday, December 9, 2024, Rokel Commercial Bank officially launched its partnership with Vult by Metro Cable, a groundbreaking initiative aimed at transforming financial inclusion in Sierra Leone.
The ceremony, attended by senior management teams from Rokel Commercial Bank and Vult, marked a significant step in advancing digital banking solutions and expanding access to financial services across the country.
Providing insight into Vult’s operations and its role in promoting digital financial inclusion, Abdul Salam Kallon, Head of Compliance at Vult, explained that the Metro e-wallet is a payment platform under the Bank of Sierra Leone’s Sandbox Program. He noted that the initiative integrates Vult with digital wallets, offering users access to wallet services, cards, and payment systems for various needs.
He highlighted that the Vult app is available for download on Google Play Store, allowing users to sign up easily using their phone numbers and email addresses. “Since it operates online, the platform is equipped with strict security features to ensure user safety,” he said.
Kallon emphasized the platform’s versatility, stating that Vult enables users to receive money locally and internationally, conduct cross-border transactions, and make payments for goods across international borders. “It functions much like opening a bank account, and our cards can be used at Rokel Commercial Bank ATMs and POS machines both within and outside Sierra Leone,” he explained.
He concluded by reiterating that the primary goal of the partnership with Rokel Commercial Bank is to enhance financial inclusion and make digital financial services more accessible.
Vult’s Chief Operating Officer, Pierre Johnson, provided updates on the platform’s progress and achievements. He noted that within just six months of operation, the app has been downloaded by 200,000 users, with 13,000 active accounts and 2,500 cards issued.
Johnson also mentioned the establishment of over 30 merchant locations in Freetown, Bo, and Makeni, reflecting the platform’s growing reach. Additionally, he disclosed a partnership with Mastercard and Money-Me to facilitate seamless transfers to mobile money accounts.
Dr. Walton Gilpin, Managing Director and CEO of Rokel Commercial Bank, highlighted the transformative impact of the partnership in advancing digital banking and financial inclusion.
“We have been working on this initiative for some time, and our partnership with Vult has significantly widened our reach and improved financial accessibility,” he said. Dr. Gilpin added that digital banking has enhanced transaction speed and efficiency, while also supporting macroeconomic growth.
He noted that the platform allows users to access quality materials and services digitally, contributing to greater convenience. “This partnership expands product possibilities, and our goal is to position Sierra Leone as a hub for excellent digital banking services,” Dr. Gilpin emphasized.
David Pakima, Founder and CEO of Vult, expressed gratitude to Rokel Commercial Bank’s management, particularly Dr. Gilpin, for supporting the initiative from its inception.
Pakima explained that Vult originated from the success of their metro cable project, which made Freetown one of the most connected cities in Africa. “We realized that many users lacked access to premium versions of various platforms, and this inspired us to develop Vult to empower communities and enhance their digital experiences,” he said.
He described Rokel as the ideal partner, noting that their shared vision has driven the initiative forward. “Rokel brings the right appetite, and Vult contributes the intensity to make this partnership successful,” Pakima remarked.
He revealed that Vult has been the most downloaded app in the region on Google Play for the past three months and announced plans to expand into three new markets next year. “This partnership will enable thousands of unbanked Vult users to open accounts with Rokel Commercial Bank,” he added.
Pakima concluded by thanking the teams at Rokel and Vult for their collective efforts in ensuring the initiative’s success. “Together, we are providing seamless access to digital financial inclusion,” he said.
The Chief Commercial Officer, Haffie Haffner and CEO of Orange Money David Mansaray, embarked on a four-day commercial tour covering Bo, Makeni, Kenema, Kabala, Kambia and Kono.
The aim of the tour was to strengthen stakeholder and customer relations through an open dialogue and to provide an opportunity to engage local stakeholders on Orange’s network modernization project.
The engagement commenced in Kono District, Eastern Region, with a courtesy visit to PC Tamba Amadu, the Town Chief of Koeyo Section.
Chief Amadu expressed gratitude for the visit and stated that the visit marks a significant moment on the journey towards Network development for his community.
The Chief commercial Officer, Haffie Haffner, stated that “Orange is committed to listen and address the needs of its customers and will ensure network availability for the People of Kono”.
In Makeni and Kabala Northern Region, Makeni’s Section Chief of Talent Town, Chief John Turay, welcomed the Orange delegation while urging the company to enhance communication on network-related issues. He acknowledged recent improvements in the network despite months of challenges and expressed hope for sustained progress.
In Kambia District, the Orange delegation met with Paramount Chief Bai Farama Tass N’gbak (IV), the town chief, and the District Council Chairman. The CEO of Orange Money, David S Mansaray stated the primary goal of the engagements was to get firsthand insights on Orange network performance and to understand how Orange can better serve the people of Kambia.
This tour represents Orange’s dedication towards strengthening stakeholder relations to address concerns of our customers and an opportunity for the company to connect with local communities.
The company has invested significantly in its network infrastructure to ensure network reliability while boosting mobile and data penetration across the Country.
Orange reassures its customers of its unwavering commitment to deliver quality network services that meet the needs of its customers.
Guaranty Trust Bank (GTBank) Sierra Leone celebrated Customer Service Week from October 14th to 18th with a variety of activities designed to honor and appreciate its valued customers.
The week-long event showcased the bank’s commitment to providing exceptional service and building strong relationships within the community.
The celebration kicked off with a Career Day, where staff members dressed in attire representing various professions symbolizing the deep connection between the bank and its diverse clientele. On Tuesday, staff members wore the national Green White and Blue colors of Sierra Leone to express their patriotism and solidarity with the country.
The Product Showcase Day featured staff members dressed in T-shirts showcasing the bank’s innovative products and services, including 9737, GTWorld, Salary Loan, Mastercard, Smart Kids Save (SKS), and more. This event allowed customers to learn about the various banking solutions offered by GTBank and how they can benefit from them.
Thursday brought back the nostalgia of the 80s with staff members sporting iconic fashion trends of the era. This fun-filled event provided a lighthearted atmosphere and a chance for customers to reminisce about the past.
The week culminated with a Traditional Day, where staff members dressed in traditional attire to celebrate the rich cultural heritage of Sierra Leone. This event highlighted the importance of preserving and promoting the country’s cultural diversity.
As a grand finale, GTBank held a Dip and Win draw where 30 customers won exciting prizes, including mugs and keyholders. This gesture was a token of appreciation for the bank’s customers and a way to show that their loyalty and support are valued.
Ade Adebiyi, the Managing Director of GTBank Sierra Leone, expressed his gratitude to the bank’s customers for their continued trust and support. “We take customer satisfaction as our No. 1 priority,” he said. “We continue to develop products and services that make banking convenient and enjoyable for our customers.”
The 2024 celebration of Customer Service Week demonstrates GTBank’s dedication to providing exceptional service and building lasting relationships with its customers.
Guaranty Trust Bank (GTBank) Sierra Leone has presented prizes to 32 lucky winners in its ‘Kip for D Bambai’ reloaded promotion. The winners were selected through a raffle draw for August and September, and they received gift prizes including bags of rice and cooking oil.
The presentation ceremony On Friday, October 17 was attended by bank executives, staff members, and the winners. The prizes were distributed to winners residing in both Freetown and various provincial areas of the country.
One of the winners, Joseph Fofanah, expressed his gratitude and initial skepticism when he received the call from GTBank informing him of his win. He initially believed it was a fraudulent attempt but later confirmed the authenticity of the call with a bank staff member. Fofanah encouraged other customers to continue banking with GTBank to benefit from its many offerings.
Another winner, Memunatu Dumbuya, shared a similar experience of disbelief when she received the winning call. She initially ignored the call but later followed up and confirmed her win. Dumbuya expressed her excitement and gratitude for the opportunity.
Victor Cleveland, Head of Retail Banking, explained that the ‘Kip for D Bambai’ raffle is designed to reward customers who make a minimum deposit of NLE 250. He encouraged customers with dormant accounts to activate them and non-customers to open new accounts to participate in future draws.
Cleveland also highlighted the rationale behind providing cooking condiments instead of cash prizes. He explained that the aim was to alleviate the burden of rising prices in the market and provide essential items for customers.
The ‘Kip for D Bambai’ Reloaded promotion is a six-month Deposit and Win campaign running until December 2024. A grand draw in January 2025 will award four motorbikes to lucky customers.
Sierra Leone is part of a mammoth plan of benefitting from a 25 billion USD gas pipeline that will travel from Nigeria to Morocco with a further extension to Spain.
Architects are saying that the pipeline will stretch a massive 4,350 miles passing through 11 countries along the Atlantic coast from Nigeria. These countries include Benin, Togo, Ghana, Ivory Coast, Liberia, Sierra Leone, Guinea, Guinea-Bissau, Gambia, Senegal and Morocco.
They estimated that the construction work could take years before completion with a capacity of 10 cubic metres each year.
Nigeria, which has the 9th largest proven gas reserve in the world is looking to reach the European markets with ease.
This project, if brought to fruition, could create jobs for the local Sierra Leonean population and experience for engineers in the country as they also intend to start explorations for oil off the Pujehun coast in the next couple of years.
Cash remains the most popular method of payment in Sierra Leone due to its wide acceptance for goods and services.
However, recent trends indicate that while cash dominates the volume of transactions, RCBank debit card payments tend to have higher average transaction values.
This means that although cash may still be king, the RCBank Debit Korpor Card is becoming increasingly influential. Customers can withdraw cash at nearby ATMs, transfer funds, and make purchases at shops or supermarkets using this card.
The RCBank Korpor Debit Card is linked to your Leone account and allows for local transactions within Sierra Leone. It is accepted at all ATMs, online platforms, and POS terminals throughout the country. This shift is promoting greater financial inclusion and simplifying the digitization of payments.
The Korpor Debit Card provides 24-hour access to your current and savings accounts. Many users cite safety concerns surrounding cash as a primary reason for choosing digital payment options, as carrying cash can pose risks.
How to Obtain a Korpor Debit Card from RCBank
All RCBank account holders can visit any of the bank’s branches for instant card issuance.
