12 MEA MARKETS / Q4 2021 , Jun21704 Rokel Commercial Bank (RC Bank) was established in 1917 as Barclays Bank DCOwith 100% shares owned by the parent company. It is now the dominant bank in the marketplace providing about 10% of all banking business into the country, with customer-centricity, integrity, dedication and continuous improvement. Most Outstanding Financial Institution – Sierra Leone In 1971, the company was incorporated locally and renamed Barclays Bank of Sierra Leone Ltd with 25% shares owned by Sierra Leoneans to participate as owners and develop confidence in the bank. Basic banking services (i.e. savings and current accounts, foreign exchange, bills for collection, safe custody, etc.) were provided and branches were established across the country. The bank had a network of 16 branches in various areas of the country at the outbreak of the war in 1992. As a result of the intensification of the civil war, the network was reduced in quick succession, leading to one bank/ branch in April 1998. On 17th September 1999, Barclays Bank PLC, which was the majority shareholder at the time (60% shares), withdrew from its operations in Sierra Leone after extensive discussions with the country’s government. The bank after consultations with the government was renamed Rokel Commercial Bank (Sierra Leone) Ltd. Following a recent recapitalisation, the government now owns 65% shares and the remaining 35% is owned by private institutions, organisations and individuals. “Rokel” is the name of the longest river in Sierra Leone and flows into the Atlantic Ocean – This depicts the greatness of the bank as a gateway to banking in the country. The bank currently has a strong workforce of over 300 vibrant, committed and collaborative members of staff and is headed by the fourth Sierra Leonean Managing Director and CEO, Dr Walton Ekundayo Gilpin. It has a management team of 41 senior members of staff and a total of 21 branches/outlets. RC Bank’s clients comprise of individuals, corporate bodies, government institutions, and more, with a host of very large corporate organisations. It caters for the needs of vast clientele and also has a host of international NGOs, striving to provide unparalleled levels of service. Presently, RC Bank is faced with competition not only from the formal sector, but also the informal sector, as that’s where a lot of banking activities take place. It also has the telecoms institution that is offering mobile wallets. Major challenges are also evident in the low level of financial inclusion in Sierra Leone as only 20% of the bankable population owns a bank account. The average Sierra Leonean is yet to embrace banking and modern banking technologies. Moving forward, RC Bank has embarked on a Capital Intensive Project to make it a fully digital bank – It will be changing its age-old core banking system to a much more modern and robust banking platform which will be rolled out in the third quarter of the year and will place the bank on the right pedestal to stand out from its competitors. Company: Rokel Commercial Bank Contact: Millicent Cole Email: [email protected] Website: www.rokelbank.sl
RkJQdWJsaXNoZXIy NTY1MjM3