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HomeBusinessSierra Leone Commercial Bank Tops BSL 2nd Quarter Performance Rating

Sierra Leone Commercial Bank Tops BSL 2nd Quarter Performance Rating

Sierra Leone Commercial Bank Tops BSL 2nd Quarter Performance Rating

Under the leadership of Managing Director Fidelis Turay & Deputy Managing Director Bockarie Kalokoh, the nation’s oldest state-owned financial service provider, Sierra Leone Commercial Bank (SLCB) has once again impressively topped the Central Bank’s second quarterly performance rating.

SLCB also topped this year’s first quarterly performance rating, as it did for the past two years. For 2017, the bank made a pre-tax profit of over Le100 billion.

SLCB’s pride of place in the country’s commercial banking sector derives from the decision of management and board some years back to take a bold leap forward into the age of digitalization, internet banking and taking the bank to the doorsteps of the previously unbanked in the rural and urban areas of Freetown.

A move that will eventually be cascaded countrywide as the bank seeks to dramatically increase its customer base to capture the grassroots. With the new product, Mi Yone Internet banking Kiosk that has taken banking to the people of Adonkia in Goderich, Wilberforce and Jui, SLCB has in the last two years captured thousands of new customers.

The two new digital age products: ‘Mi Yone SLCB Teller’ and ‘Mi Yone SLCB Kiosk’ are SLCB’s stride to supporting the Government of Sierra Leone build a stronger economy through reaching the unbanked with appropriate products. Over the past five years, SLCB has invested immensely towards the digitalization of the Bank.

‘Mi Yone SLCB Kiosk’ is a digital non-brick and mortar banking solution that is designed specifically to target the unbanked population and increase SLCB’s access points to drive financial inclusion in the country.

This will enable the Bank to increase penetration of basic banking services to the doorstep of the people and its customers. Since the kiosks were opened in 2018, the bank has been inundated with new customer accounts and deposits. Staff report that the recent unbeatable performance by SLCB has a lot to do with the cordial relationship shared by the MD, management, board and staff that motivate everybody to work as a team towards the achievement of outlined organizational goals.

As a credible credit worthy financial institution, since its establishment in 1973 by the Government of Sierra Leone as its sole shareholder, SLCB under successive managements and board of directors has maintained a leading position as the country’s largest financial service provider to individuals, SMEs, large corporations, industries and embassies.

Speaking with this reporter, the Deputy Managing Director, Mr. Bockarie Kalokoh revealed that the bank is making all these strides because of team work.

“We are working as a team and we will work very hard to maintain the standard of the bank and top position in the financial industry”. Kalokoh noted.

SLCB with its headquarters on Siaka Stevens Street in Freetown has branches in Freetown, Bo, Kenema, Makeni, Koidu, Cline Town, Mobimbi, Njala, and Waterloo.

It offers online banking, current accounts, savings accounts, fixed deposits, foreign currency accounts, loans and advances, investment management, and money transfer services.

Financial Inclusivity

SLCB based on the World Bank and the Central Bank’s recommendation to bring more people into the formal banking sector has responded with Mi Yone banking kiosks in the rural communities of Adonkia in Goderich, Wilberforce and Jui as pilots for taking banking services to the doorsteps of the unbanked. This service is of great help to people in those communities as they no longer have to journey to a branch office or headquarters to do their banking.

Internet Banking

Recently having migrated into the world of digital banking, SLCB customers can now access their SLCB accounts using the Bank’s internet banking service anywhere, anytime, no matter where you are with just the click of a mouse.

With SLCB’s internet banking customers can:

  • Check balances
  • View transaction information
  • View statements up to two months old
  • Transfer money between one’s accounts
  • Purchase Bearer Bonds and Treasury Bills
  • Order Cheque book for collection at counter
  • Order extended statement of account for collection at counter
  • Download forms
  • Effect Standing Orders
  • Stop Payment of Cheques

SLCB also offers other products and services such as transferring fund anywhere both locally and internationally.

SLCB’s commitment to excellence in service delivery is guided by a set of core values and principles.

SLCB offers competitive interest rates and bank charges on interest and foreign exchange rates and various bank charges.

Financing Options for Your Small Business

Are you a small business owner or entrepreneur? SLCB can work with you to provide structured financing for your start-up or small enterprise, whatever you need a helping hand with. SLCB is always ready to help you learn about the range of options they offer to help you grow your business which includes:

  • Flexible loans
  • Overdrafts
  • Cash-flow finance
  • Lines of credit

Corporate Social Responsibility

SLCB’s approach to Corporate Social Responsibility is built on best practices. SLCB is committed to investing in social programmes in education, sports and environmental challenges for communities countrywide. Our scope of community engagement initiatives are focused on, but not limited to, the following areas:

Health:

SLCB is committed to supporting efforts aimed at combating health issues. To achieve this, we have been partnering with local organizations to promote awareness of health issues and providing financial support to projects that fit the Bank’s CSR Strategy.

Education

In education, SLCB’s intervention ranges from providing scholarships, support in school materials and infrastructural development. Adoption of deprived schools in poor rural communities may be undertaken on a case by case basis.

Community

As the ‘People’s Bank’, SLCB’s goal is to have a lasting impact on the communities involved, with a blend of corporate financial contributions with in-kind giving (donations) and volunteering service of our staff who take part in community volunteering.

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