/ By admin / Blog/ • • • • • • • • • • • • / 0 Comments

How RCBank’s SME Scheme Transformed Alhaji’s Electronics and Phone Accessories Business


In today’s fast-paced and ever-evolving business environment, small and medium-sized enterprises (SMEs) play a pivotal role in driving innovation and creating jobs. Recognizing the unique challenges faced by SMEs, our bank introduced the SME Scheme—a comprehensive financial support initiative designed to empower entrepreneurs and help them scale their businesses.

One remarkable success story that stands out is that of Alhaji Bangura, also known as Alhaji Hotcake, an electronics and phone accessories seller who has benefitted from the scheme five times. His journey underscores the transformative power of accessible financial support, especially in an industry where competition is fierce and technology trends are constantly shifting.

When Alhaji first approached our bank for funding, he was operating at a modest scale, facing difficulties in meeting the increasing demand for electronics and phone accessories.

Through the SME Scheme, he received vital funding that allowed him to expand his inventory, upgrade his store infrastructure, and invest in marketing efforts to reach a larger audience. As a result, his sales surged, and he quickly gained traction in a highly competitive market.

The flexibility of the SME Scheme has been pivotal to his ongoing growth. With each subsequent funding round, he has been able to diversify his product offerings, purchase cutting-edge tech accessories, and streamline his operations for greater efficiency.

By leveraging the financial resources provided by the scheme, his business has stayed ahead of emerging market trends and continued to meet customer demands with agility and precision.

Not only has Alhaji Hotcake scaled his operations, but he has also witnessed a marked improvement in cash flow management, enabling him to reinvest in his business. The support provided through the SME Scheme has fueled his business growth and created a ripple effect, strengthening the local economy.

Today, Alhaji Hotcake is no longer just a small local business—he is a thriving player in the electronics and phone accessories market, with a growing customer base and a solid foundation for future growth. His success is a testament to the power of the SME Scheme in transforming businesses, enabling entrepreneurs to reach their full potential and make a lasting impact on the industry.

As RCBank continues to support entrepreneurs like Alhaji, we remain committed to fostering a dynamic and thriving SME ecosystem by providing businesses with the financial tools they need to succeed. This story exemplifies the positive outcomes that can be achieved when small businesses have access to the right resources at the right time.

If you pass by P.Z Roundabout, please patronize Alhaji Hotcake for all your electronics and phone accessories—he’s got you covered.

And always remember that RCBank is The Bank of Choice!



Source link

/ By admin / Blog/ • • • • • • • • • • • • • / 0 Comments

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.



Source link

/ By admin / Blog/ • • • • • • • • • • • • / 0 Comments

Sierra Leone SME Finance And Investment Summit to Address SME-Finance Challenges


The African SME Finance and Investment Network (ASFIN) will bring together key stakeholders across the country for a one-day Sierra Leone SME Finance and Investment on 31st August, 2023, at the Radisson Blu Hotel, to address some of the major challenges SMEs face in accessing finance.

According to Peter SaSellu, President and CEO of ASFIN, “In emerging markets, most formal jobs are generated by SMEs, which create 7 out of 10 jobs.” He says that access to finance is a key constraint to SME growth. It is the second most cited obstacle facing SMEs to grow their businesses in emerging markets and developing countries, especially in Africa.

Small and Medium Enterprises (SMEs) are less likely to be able to obtain bank loans than large firms; instead, they rely on internal funds, or cash from friends and family, to launch and initially run their enterprises. The International Finance Corporation (IFC) estimates that 65 million firms, or 40% of formal micro, small and medium enterprises (MSMEs) in developing countries, have an unmet financing need of $5.2 trillion every year, which is equivalent to 1.4 times the current level of the global MSME lending. About half of formal SMEs don’t have access to formal credit. The financing gap is even larger when micro and informal enterprises are taken into account.



Ashma Jalloh, the Coordinator of the Summit says the Sierra Leone SME Finance and Investment is timely. She says, “The Objective of the Summit is to focus discussions on adequate funding, access to finance and financial inclusion. This will take care of some of the problems such as provision of modern technology and low managerial skills.”

She says “the SME Finance and Investment Summit will examine the financing of SMEs in Sierra Leone and the various financing options available to SMEs. This will involve looking at debt financing by considering the role commercial, microfinance banks and other financial institutions and investors play in the financing of SMEs in the country. It will also consider the role of equity financing through venture capital and business angels financing. Efforts will aim at adequate funding of SMEs in Sierra Leone.”

According to Rebecca Paulson, Executive Director of ASPIN, “SMEs play a major role in most economies, particularly in developing countries. SMEs account for the majority of businesses worldwide and are important contributors to job creation and global economic development. They represent about 90% of businesses and more than 50% of employment worldwide. Formal SMEs contribute up to 40% of national income (GDP) in emerging economies. These numbers are significantly higher when informal SMEs are included. According to World Bank’s estimates, 600 million jobs will be needed by 2030 to absorb the growing global workforce, which makes SME development a high priority for many governments around the world.”



Source link