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Skye Bank, Bank?

Skye Bank, Bank?

Seydou Ndiaye’s question in October of 2010 was ‘is there any Skye Bank Branch in Sierra Leone?’

The best answer submitted was based on describing Skye Bank for its website.

The question has been asked two years after Skye Bank’s commencement of operations in Sierra Leone.

Christopher Sesay’s analysis of the 4 tiers of banks in Sierra Leone is quite revealing.

That in Sierra Leone, there are allegedly five categories of banks; the real banks – those created for the purpose of engaging in genuine financial transactions.

These kinds of banks are mainly old generation, though few new ones are among.

Of course, banks have been created to support the illegal cocaine trade.

Such as gathered have had a field day in the sub region.

Banks of this category struggle and have just 1 or 2 main customers accounting for 70-75% of their business; and mostly have empty banking halls.

They operate from just a location. And please don’t ask why. But if you want the answer, they always say their customers are corporate entities and the number of branches a bank has does not determine its profitability or viability.

The third category of banks take advantage of mineral exploitation, and are heavily connected to government and lawmakers.

They are linked to persons writing and rewriting laws, able and capable of writing their own contracts for government endorsement.

Sources say these banks are slightly healthier than those depending and relying on coke for growth.

Of course, batch 4 banks deals with foreign exchange in the black market while keeping up the disguise of conventional banking.

They appear to be highly profitable, but affect the economy of a country negatively.

Such, artificially manipulates the exchange rate and bypass Central Bank’s control structure.

Where does your bank fit in?

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