By Amin Kef Sesay
The Rokel Commercial Bank and the Faculty of Accounting and Finance of IPAM have concluded a one day Seminar on Financial Inclusion and Digitalization in Freetown.
The Seminar, which attracted over 500 participants from the private and public sector was the first-ever to be held in Sierra Leone and the first of such collaboration between a financial and an academic institution.
Academic and professional experts in the country’s financial industry discussed and provided insights on how the financial sector can leverage on major emerging trends like digitalization, financial Inclusion, financial literacy and financial intermediation (channeling funds between lenders and borrowers). The sessions were so interactive that participants were able to digest various concepts that allowed them to appreciate the seminar.
A general consensus among the notable speakers at the event was that the financial sector in Sierra Leone should ensure that financial products and services are accessible and adorable to all individuals and businesses regardless of their personal net worth or company size and that the barriers that exclude people from participating in the financial sector must be removed. The Bank Governor, Professor Kelfala Kallon was more succinct when he maintained….”the deposit rates paid on savings must be high enough to convince net savers to make their funds available to the financial system.
Additionally, bank charges or access to consumer savings should be minimized so as to increase the net returns on savings and thereby in-centify households to use the financial system for savings. On the demand side of that market, financial institutions must also ensure that the Mammy Fatus of this world find it beneficial to borrow from the financial sector…… investment demand is inversely related to the lending rate…this the higher the lending the rate, the lower the demand for funds for investment….”
Prof. Kallon commended RCBank for organizing the Seminar and emphasized on the timeliness of a such a seminar.
RCBank Managing Director, Walton Ekundayoh Gilpin made a brilliant illustration of how Financial Inclusion is better enhanced through innovation. Gilpin explained how mobile cash transfer systems like the Rokel Bank E-kopor has made life easy for customers and non customers alike.
The Seminar was climaxed by the twin launch of an Executive Masters Program in Banking and Finance by IPAM and the third edition of the Rokel Herald Magazine. The Seminar was moderated by the Dean of Faculty of Accounting and Finance, Dr Ezekiel Duramani Lakoh.
