Rapidly Replacing Cash in Sierra Leone


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.




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Sierra Leone Could Benefit From $25 Billion Gas Pipeline


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.




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GTBank Sierra Leone Presents Prizes to 32 Customers in ‘Kip for D Bambai’ Reloaded Promotion


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.




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GTBank Sierra Leone Honors Customers During 2024 Customer Service Week


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.




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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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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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