By Ralph Sesay
Rokel Commercial Bank, one of Sierra Leone’s indigenous financial entities, has, over the years, championed the clarion call by the World Bank and the Bank of Sierra Leone for financial inclusion under the astute leadership of Mr. Ekundayo Walton Gilpin.
Since his appointment in July, 2017 as Managing Director, Mr. Ekundayo Gilpin has underpinned the Bank’s expansion to reach remote settlements against the clarion call of the central bank to achieve financial inclusion, especially so when the access of financial services to many Sierra Leoneans was very poor
The launching of the Rokel ‘Simkorpor’ product was a milestone in the Bank’s efforts to promote financial inclusion and respond to President Bio’s clarion call to expand financial services and rural connectivity to the unbanked and underserved communities.
The Rokel Simkorpor product is a mobile application designed to take banking to the doorsteps of customers and it 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.
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. It can be used to do withdrawals, making deposits, payment for goods and services, check balances, transfers from one RC Bank account to another and from RC Bank account to another bank.
The Managing Director, Rokel Commercial Bank, Dr. Walton Ekundayo Gilpin, had noted during the launching of the product that it will transform the banking sector especially so 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.
The Rokle Managing Director had further 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.
He had assured all and pledged that his bank will touch every facet of the economy, noting that they are responding to the demands of their customers, who have, for far too, long been excluded from accessing financial services.
The developments aspirations of the Bank had received the approval and ratings of several government functionaries, who had witnessed the launching of various banking products.
The Chairman, National Commission Privatisation, Umaru Napoleon Koroma, while making a statement at the launch of Rokle Simkorpor, 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 the Sierra Leone Commercial Bank.
He 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’s 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.
Delivering the keynote address and formally launching the product, the 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.
The footprints of Rokel Commercial bank are also very visible in the development of smaller businesses in the country. Quite recently the Bank undertook a sensitization tour to trading communities with a view to educate them on the importance of banking with RCB
The tour was an opportunity to further provide customers and the traders a forum to interact with each other.
The Head of Public Relations and Protocol, Rokel Commercial Bank, George Spillsbury-Williams, noted that the reason for engaging traders is to let them know that RCB is now at the forefront of banking. He added that they have moved from the traditional form of banking, which, he noted, was armed chair.
The story is also the same in the educational spheres as the Gilpin administration has remained a huge contributor to the President flagship education project. The Bank has supported the Sierra Leone Debating Association and also collaborated with them in organizing the annual debating and literary competition on the theme, ‘Financial Awareness,’ leading to financial inclusion.
The Deputy Managing Director, the bank’s Corporate Social Responsibility (CSR), is not only limited to providing quality banking service and giving donations, but also supporting education at all levels, including organizing national debating and literary completion annually.
“Rokel Commercial Bank cares for the people, school children and we are far beyond banking,” assured Mr. Emmanuel Borbor.
Debaters were drawn from different parts of the country where RCB operates. At the end of the competition, Mamoud M. Sheriff, who emerged as the best debater, took home Le3,000,000.00 (three million leones); the regional winner from Kenema district took home the star prize of Le6, 000,000.00 (six million leones); and the runners-up, Western Area, received Le4,500,000.00 (four Million, five hundred thousand leones).
The Managing Director of RCB, Dr. Ekundayo Gilpin, thanked participants of the debating literary competition and invitees and well-wishers that graced the event. He commended efforts by their cherished customers for doing business with the indigenous commercial Bank.
Dr. Ekundayo Gilpin reiterated that they believe in the free quality education flagship programme of the New Direction administration and encouraged their numerous valued customers to continue doing business with RCB.
The astute leadership of the Managing Director has continued to leave indelible trails in the banking sector as he continues to receive numerous local and international awards for the distinguished leadership in shaping Sierra Leone banking sector as well as also resonating with President Bio’s New Direction, especially in terms of pushing through human capital development and expanding financial services to unreached communities.
The management, as plans for 2019, is on track to open up effective and up and running branches in Bonthe and Kailahun respectively and the Board of Directors and the Government of President Bio are pleased that the Bank will record a huge net profit after over a decade under the leadership of Mr. Ekundayo Gilpin.
The Bank has been able to make such accomplishments largely due to the fact that Government has provided the enabling environment by formulating sound policies that would encourage growth.