Rokel Commercial Bank, one of Sierra Leone’s indigenous financial entities, has, on Saturday, 28th July 2018, championed the clarion call by the World Bank and the Bank of Sierra Leone for financial inclusion.
RCB proudly launched the Rokel ‘Simkorpor’ product at their Wilkinson Road Branch in Freetown that day.
Welcoming guests at the ceremony, the Marketing Manager for RCB, Mrs. Mariama Jajua, stated that, as a bank, they are very happy to welcome government functionaries, Managing Directors of respective banks, the oversight committee of the RCB, customers, well wishers, as well as competitors, to the launch of the innovative digital banking product, the Rokel Simkorpor.
Mrs. Kezia Salankole, who spoke on the Rokel Simkorpor product, noted that the product is a mobile application designed to take banking to the doorsteps of customers.
She furthered that the product was designed by the Bank after an initial survey in which they discovered that low level of education, coupled with long queues at the banks and the bureaucratic nature of traditional banking processes, was responsible for the low rate of people accessing financial services.
Mrs. Kezia disclosed that it was as a result of these findings that they decided as a bank to launch this product.
She noted that the benefits of the product are numerous. It can be used by customers to carry out banking transactions without coming to the bank’s premises. It can also be described as a branchless or mobile banking because it can be used for all banking services.
The product, she went on, can be used to do withdrawals, making deposits, payment for goods and services, check balances, transfer from one RC Bank account to another and from RC Bank account to another bank.
The product also makes payment through e-cheques to non account holders or where the account of the recipient is not known.
Other benefits also include encashing cheques from RCB at ATMS points amongst others.
‘’To access the service, a customer need to have a phone in which a microprocessor chip can be overlaid on the sim card and inserted into the phone or a virtual chip that can be downloaded from google play store,‘’ she concluded.
Managing Director, Rokel Commercial Bank, Dr. Walton Ekundayo Gilpin, noted that RCB will transform the banking sector with the support of the Bank of Sierra Leone and the Government. He noted that RCB is presently at a point where it cannot stop.
Mr. Gilpin disclosed that they, at RCB, are responding to the financial stimulus that is currently going on in the world, while noting that digital banking has opportunities and risks, but improves time and savings and leads to the overall attainment of financial inclusion, which, he noted, is inline with the clarion call of the World Bank.
The RCB Managing Director pledged that his bank will touch every facet of the economy as, according to him, they are responding to the demands of their customers who have for far too long been excluded from accessing financial services.
He noted that they are able to bring this product to their customers due to the strong partnership with Mobinet Group, who are providing the technical expertise.
Speaking on behalf of the Mobinet Group, Andrew Atiko, spoke about the dimensions of the product, noting that the product, Rokel Simkorpor, will enhance economic boost and also enhance effectiveness in the educational, health and other sectors, as all these players will no longer leave their workplaces to queue up at the Banks.
With the Rokel Simkorpor, they can now conveniently transact banking services from their respective offices.
The Chairman, National Commission Privatisation, Umaru Napoleon Koroma, stated that he is proud to witness the second launch of a digital banking by an indigenous bank just few weeks after a similar product was launched by another Bank, the Sierra Leone Commercial Bank.
Mr. Koroma commended the pioneer of the Rokel Simkorpor, Dr Gilpin, for having resisted the urge to work overseas and come home to help boost the banking sector. He thanked him, the management of RCB and staff for holding the fort amidst the trying times.
The NCP Chairman observed that revolutionizing the banking sector was in line with the New Direction vision. He noted that the Government will want to see more and more innovations in the sector that will help in providing access to the unbanked population of the country.
Mr. Koroma concluded by calling on the management of RCB to expand these digital banking services to the far and remote areas of the country.
The Governor of the Bank of Sierra Leone, Dr Patrick Conteh, commended the move by the RCB management to respond to the clarion call by the Central Bank to move towards providing financial services for the unbanked population of the country, which, he disclosed, stands at 70%. He noted that the move by the RCB management is also in line with President Bio’s call for deepened access to financial services for the people of Sierra Leone at a much more cost effective manner.
The Bank Governor disclosed that a World Bank survey, conducted in the country in November 2017, it was discovered that over 70% of Sierra Leoneans are without access to financial services. In fact, 90 chiefdoms are without financial access points and the overall banking population, at the time, stood at between 16 to 17%.
He noted that, as Bank Governor, he is proud to report that since that period the commercial banks, especially the indigenous banks, have robustly responded and the percentage now stands at between 20 to 21 %.
They, at the bank, he went on, will provide the enabling environment to support the drive for the provision of more digital banking services to the unbanked population.
Delivering the keynote address and formally launching the product, Deputy Finance Minister, Dr Patricia Laverly, noted that she is proud to be associated with such a landmark event by the management of RCB.
She disclosed that they, at the Ministry of Finance and the government, will support every effort by the commercial banks in achieving financial inclusion, using mobile technology, which, she noted, is critical for macroeconomic growth.
Dr Patricia Conteh officially launched the product on behalf of the ministry and, by extension, the Government of Sierra Leone.