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.
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.
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.”
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.
United Bank for Africa (UBA) celebrated its 15-year milestone in Sierra Leone with the launch of its UBA Legacy Promo at the bank’s head office on Charlotte Street.
The event, held on Friday, marked both the bank’s 75th global anniversary and its significant presence in the country.
Sallieu, Head of Communication, opened the event by highlighting the purpose of the promotion. “This promo is a way for us to thank our customers and celebrate our anniversary by giving back,” he said. The campaign will see 60 customers win various cash prizes, reflecting UBA’s commitment to acknowledging the support and trust of its clientele.
Chief Operating Officer Chiedu Ngene emphasized that the promotion is a key component of the anniversary celebrations. “We believe that celebrating our 15 years in Sierra Leone is best done by giving back to those who have been with us through the years,” he stated. Ngene also noted UBA’s significant contributions to Sierra Leone’s financial sector, including its pioneering role with AI-driven account opening via WhatsApp and being the first in West Africa to install an ATM.
Ngene introduced the bank’s range of account options, such as the UBA Sharp Sharp account, which can be opened with a minimum deposit of Le10. “Having an account is not just a privilege but a responsibility,” he added, encouraging everyone to take advantage of the bank’s accessible services.
The official launch was conducted by Christiana Saio Lamina, Head of Retail Banking, who outlined the promo’s details. “We have established many legacies over the years and are committed to continuing this tradition,” Lamina said. The promo will offer three prize tiers: Le10,000 for twenty winners, Le5,000 for another twenty, and Le2,500 for twenty more. The draws will occur in two phases: one in September and the second in the last week of December.
To participate, customers must deposit Le10,000 to be eligible for the top prize, or as little as Le2,000 for the lower category. Deposits must remain in the account until the draw is completed, with larger deposits increasing the chances of winning.
UBA’s Legacy Promo reflects the bank’s ongoing dedication to enhancing customer engagement and celebrating its long-standing impact on Sierra Leone’s financial landscape.
Sierra Rutile Holdings Limited has agreed to be acquired by Leonoil, a local Sierra Leonean company.
Leonoil has offered to purchase each share of Sierra Rutile for A$0.18 (Australian dollars), and the board of Sierra Rutile has recommended that all shareholders accept this offer.
According to Sierra Eye, Previously, another company, Gemcorp, had made a lower offer of A$0.16 per share, but they have decided not to proceed with their bid. With no other companies making higher offers, it seems likely that Leonoil will take over Sierra Rutile.
Leonoil, known for selling fuel and owning several gas stations in #SierraLeone and other West African countries, is 100% owned by Sierra Leoneans. This means that a significant part of Sierra Leone’s mining industry could soon be owned by a local company.
The directors of Sierra Rutile, who hold shares in the company, have already agreed to the deal with Leonoil. The board believes that this is the best option for the company and does not expect any better offers to come along.
Sierra Leone’s financial sector witnessed a historic moment with the Bank of Sierra Leone approving the country’s first-ever local currency corporate bond on June 12, 2024, as reported by Invest Salone. This milestone paves the way for a more developed capital market in the nation.
United Capital Plc, a prominent pan-African investment banking firm, and Pennarth Greene, a Sierra Leonean corporate finance advisory firm, played a pivotal role in arranging the bond issuance. Support also came from Invest Salone’s PROSPER Salone grant scheme.
The bond, valued at SLE32 million (approximately US$1.4 million), was secured by LAPO Microfinance Company. LAPO, focusing on providing financial services to micro, small, and medium enterprises in Sierra Leone, has a unique characteristic – 99% of its clients are women. The proceeds from the bond will fuel LAPO’s expansion plans, allowing them to strengthen their loan portfolio and establish new branches.
Eshiague Gabriel, LAPO SL’s Managing Director/CEO, hailed the bond issuance, highlighting its significance as a new, cost-effective funding source, free from foreign exchange risks often associated with foreign debt.
Claudius Bart-Williams, CEO of Pennarth Greene, emphasized the creation of a novel long-term funding channel in Sierra Leone. He commended the transparent process, adhering to international standards, that included a prospectus, credit rating assessment, and a trust deed. He noted the strong interest from both local and international investors, recognizing the LAPO bond as a new asset class and a benchmark for corporate bond yields in the country. Bart-Williams also expressed his appreciation for the Bank of Sierra Leone’s guidance in achieving this milestone.
The Africa Local Currency Bond Fund (ALCB Fund), aiming to develop thematic bond markets in Africa, served as the anchor investor. Brock Hoback, Fund Lead at ALCB Fund, expressed his enthusiasm in supporting this historic transaction. He anticipates the bond to stimulate Sierra Leone’s bond market, ultimately providing women from low-income households with access to affordable loans, promoting financial independence and empowerment.
Invest Salone’s Investment Lead, Christina Clark-Lowes, pointed out the bond’s potential to diversify the domestic capital market, attracting a wider range of investors. She addressed the current challenge of limited access to finance for Sierra Leone’s private sector, with many institutions relying heavily on bank overdrafts due to undercapitalization. Corporate bonds, according to Clark-Lowes, offer an attractive alternative, especially for companies seeking long-term financing. The local currency aspect eliminates the risks associated with foreign exchange fluctuations.
Dr. Gbadebo Adenrele, Managing Director of Investment Banking at United Capital Plc, highlighted the significance of this transaction in establishing a strong corporate bond framework and fostering the growth of Sierra Leone’s capital market. He reaffirmed United Capital’s commitment to strengthening capital markets across Africa by actively participating in such groundbreaking initiatives.
The approval of this landmark bond issuance is anticipated to attract new international investors to Sierra Leone and provide existing investors with new diversification opportunities. This milestone signifies a positive outlook for the country’s economic future.
Guaranty Trust Bank Sierra Leone (GTBank SL) is pleased to announce the second edition of its popular savings and reward promotion “Kip For D Bambai Reloaded.”
This year’s edition promises even more exciting prizes for new and existing customers who make fresh deposits and maintain them in their accounts within each month through the campaign.
Participants stand the chance to win prizes including motorcycles (Okada), bags of rice, and vegetable oil, among other enticing rewards.
Speaking at the unveiling in Freetown, GTBank SL’s Head of Corporate Affairs, Simonette Wilkinson emphasized the bank’s dedication to customer satisfaction.
She said: “We are passionate about rewarding our loyal customers and empowering them through innovative banking solutions. This year, we’ve significantly increased the number of eligible winners compared to the last edition.”
She mentioned that draws will be held every month to select the winners and a grand draw will be held in January 2025, after the promotion ends in December 2024.
GTBank’s Head of Retail Banking, Victor Cleveland, explained the participation process, saying customers simply need to deposit and save money in their accounts to qualify for the chance to win.
He said: “This promotion is open to both new and existing customers. To be eligible, customers can deposit and maintain balances ranging from NLe 250 to NLe 25,000. For new or existing customers without a GTBank MasterCard, they can obtain one instantly and use it at least 3 times in a month. Furthermore, inactive and zero balance accounts can participate by depositing and maintaining NLe 250 or more monthly.
“During the grand draw, all existing customers who maintain the highest new balance exceeding NLe 25,000 over the six months will be eligible.”
GTBank SL Managing Director, Mr. Ade Adebiyi assured all that the promotion will go a long way in rewarding their customers for saving funds with the bank.
“We are delighted to introduce this promotion as a token of our gratitude for the unwavering support, trust, and loyalty our valued customers have demonstrated over the years. The exciting modalities of the promo reflect our commitment to enhancing the banking experience across all our digital services.
“This latest edition offers an even more rewarding opportunity for customers, their friends, and families to reap exciting rewards when they make deposits. We encourage our customers to seize this opportunity and participate actively.” Adebiyi said.
Guaranty Trust Bank Sierra Leone is a subsidiary of Guaranty Trust Group Holding Company Plc, with its headquarters in Lagos, Nigeria.
GTBank currently has 16 branches in Sierra Leone and its headquarters at Wilberforce Street, Freetown.
Guaranty Trust has been on a mission to make financial services inclusive and accessible to all Africans in ways that truly serve people’s needs and help businesses thrive.
Rokel Commercial Bank (formerly Barclays Bank of Sierra Leone) is one of the leading Banking institutions in Sierra Leone in terms of digital financial services.
RCBank was established in 1917 as Barclays Bank DCO with 100% shares owned by the parent company. The rationale behind the move was to encourage Sierra Leoneans to Participate as owners and develop confidence in the Bank. Named after the longest river in Sierra Leone, Rokel Commercial bank remains the gateway to banking in the country.
RCBank Simkorpor Plus Application and Internet Banking have resulted in the transformation of the digital landscape and brought unprecedented convenience to Sierra Leoneans for their financial transactions.
Dr. Walton E. Gilpin; RC Bank Managing Director, reaffirmed the commitment of management to comply with the Bank of Sierra Leone Prudential Guidelines and to position RCB as the preferred banking institution in Sierra Leone. ‘’it is going be the people’s bank with branches operating in other part of the sub region.
CREATING A CENTER OF EXCELLENCE – enable business units to drive financial inclusion and economic growth in Sierra Leone digital journey The Bank is a Center of Excellence within Sierra Leone Financial Industry which operates with principles of empowering business units and facilitating financial transactions to drive growth in the financial Industry and the economy.
With RCBank Internet Banking, customers can automatically Pay their Bills Super fast with Online Banking Services.
The Process is Simple to pay for goods and services using Sim Korpor: Just Use the QR Code Function to Scan RCBank QR Codes at Supermarkets, restaurants, markets, Hospitals, bars, and more . Alternatively, you can use the Institutional payment option to make payment. Customers accounts are automatically credited or debited for each deposit, making it easy to stay on track.
The introduction of the Rokel Sim Korpor Plus Application marked not only a significant milestone for the bank but also for Sierra Leone as a whole.
During an interview with the head of RCBank Sim Korpor department Mrs. Kezia Salankole emphasized how RCBank’s Simkorpor department has transformed the digital landscape and brought unprecedented convenience to Sierra Leoneans for their financial transactions.
“By leveraging cutting-edge technologies, the bank has empowered people to perform secure and seamless transactions from the comfort of their own homes or wherever they may be,” she said. A standout accomplishment that Mrs. Salankole proudly shared was the expansion of the RCBank Simkorpor department, which can now boast of over 200 agency banking locations spread throughout the country. “This achievement is a testament to RCBank’s dedication to serving the needs of its customers and bringing innovative solutions closer to them,” she noted.
Mrs. Salankole acknowledged that customer orientation played a pivotal role in their success. RCBank’s customer-centric approach ensures that every decision made by the bank is geared towards enhancing customer satisfaction. This dedication to customer service has been the driving force behind the success of their flagship program, the Simkorpor Service, which was initiated by their Managing Director, Dr. Gilpin.
Reflecting on the impact of the Simkorpor Service, Mrs. Salankole explained that it has become the bank’s digital icon, enabling customers to conduct various transactions, such as paying for goods and services, handling third-party services, and paying bills from anywhere they are located. “This has facilitated financial inclusiveness, increased access to finance, and reduced costs for individuals, contributing to the growth of Sierra Leone’s economy,” she said.
While celebrating their achievements, Mrs. Salankole acknowledged the challenges they faced in promoting digital services, particularly in overcoming resistance from individuals not yet accustomed to using such technologies. However, RCBank’s dedicated marketing teams have been actively raising awareness among the masses, making strides to bridge the digital divide and encourage the adoption of their services.
Regarding security measures, Mrs. Salankole assured customers that the Sim Korpor Service incorporates robust security features. Transactions are protected by two-factor authentication and encrypted end-to-end to ensure maximum safety. However, she also emphasized the importance for customers to protect their phones with passwords and remain vigilant about their device security.
As RCBank continues to expand its digital footprint, the Simkorpor department’s success is a testament to the bank’s commitment to innovation and customer satisfaction. With over 200 agency banking locations nationwide, RCBank is poised to further drive financial inclusion and economic growth in Sierra Leone.
The CEO of Tony Elemelu Foundation Soma Chris-Asoluku has applauded Sierra Leone’s Waste Innovator, Mohamed Kamara for his remarkable innovations during his visit at their office where they discuss about opportunities in Sierra Leone for Youths.
Mohamed is 2018 TEF Alumni and a Visionary Founder of the Freetown Innovation Lab, a company based in Sierra Leone tackling waste challenges by recycling plastic into everyday products. One of the Lab remarkable Innovations Includes TV antennas that provide excellent reception for low-income household.
Kamara also led a transformative Workshop at the University of Ibadan Leveraging waste for empowerment on Thursday 20th June 2024.
The workshop was designed for aspiring entrepreneurs, Innovators , and anyone passionate about sustainable development and social impact.
The Freetown Innovation Lab’s tire -to- furniture transformation marks a milestone in sustainable design and waste management, paving the way for a greener future while simultaneously addressing the City’s environmental Challenges
