By Amin Kef (Ranger)
Rokel Commercial Bank (RCB) has been recognized by Forbes Africa for its pioneering role in integrating modern digital solutions, inclusive lending practices and international banking standards to empower businesses and communities in Sierra Leone. Forbes Africa, a leading Pan-African media company, highlights businesses that drive economic development, promote entrepreneurship and champion financial inclusion.
RCB’s transformation, led by Dr. Ekundayo Walton Gilpin since his appointment as Managing Director/CEO in 2017, has positioned the bank as the country’s premier financial institution. Dr. Ekundayo Walton Gilpin’s leadership has been instrumental in turning the bank around from outdated practices and public skepticism into a forward-thinking, customer-centric powerhouse.
“We are more than a bank; we’re a partner in Sierra Leone’s development, creating financial solutions that impact lives and businesses nationwide,” said Dr. Ekundayo Walton Gilpin.
Upon assuming leadership, he identified the urgent need for a strategic overhaul. The bank was struggling with outdated systems and public trust was waning. Dr. Ekundayo Walton Gilpin initiated a comprehensive rebranding effort, symbolized by a new logo in phantom blue and gold, reflecting the bank’s modernity and commitment to quality. The rebranding was complemented by a digitization initiative aimed at streamlining operations.
“When I arrived, everything was on vouchers. I said, ‘No, no, no. We have to be digital. The bank must be in customers’ hands, accessible anytime,” Dr. Ekundayo Walton Gilpin said. Today, RCB boasts a robust digital platform that allows for seamless transactions and enhanced accessibility, even in rural areas.
Under his leadership, RCB has experienced an impressive financial turnaround. In 2016, the bank recorded a modest profit of 1.5 billion Leones (US$65.6 million). However, by the end of 2017, profits skyrocketed to 65 billion Leones (US$2.8 billion) pre-tax. Dr. Ekundayo Walton Gilpin attributes such a success to a collaborative effort with a skilled Board and dedicated staff. “We moved from survival mode to growth mode by instilling a culture of excellence and strategic planning,” he explained.
A key component of RCB’s resurgence has been its embrace of digital innovation. The bank now offers mobile banking applications and 24/7 account access, even during processing hours, ensuring greater convenience for customers, especially those in remote areas. “We have a young, tech-savvy population that needs a bank to identify with,” Dr. Ekundayo Walton Gilpin noted. RCB has not only captured this demographic but has maintained its appeal to traditional customers as well.
RCB’s digital transformation aligns with its commitment to global banking standards. Through partnerships with corresponding banks in the U.S., U.K and Turkey, the bank facilitates seamless international transactions, strengthening Sierra Leone’s appeal to foreign investors. This approach also enhances customer trust, positioning RCB as a reliable and stable financial institution.
Financial inclusion remains a core focus for RCB. The bank has introduced initiatives designed to provide underserved populations with greater access to financial services, including salary schemes and SME lending programs. “It’s not just about opening accounts; it’s about providing access to finance and ensuring sustainable repayment,” Dr. Ekundayo Walton Gilpin emphasized. Those efforts are helping to reduce default risks and expand credit access, empowering small businesses and individuals across Sierra Leone.
In line with Sierra Leone’s Vision 2030, a national strategy for economic transformation, RCB is playing a pivotal role in fostering a stable financial system that supports both local and international businesses. “We’re aligning with the President’s goals by fostering a stable financial system and simplifying investment processes,” Dr. Ekundayo Walton Gilpin said. The bank’s efforts contribute to the broader economic ambitions of Sierra Leone, positioning it as a regional financial leader.
Looking to the future, RCB plans to expand its branch network, refine corporate lending strategies and launch programs focused on environmental and social responsibility. The bank also aims to expand its reach within the sub-region, further solidifying its position as a key player in the African financial landscape.
“We’re building today to secure tomorrow’s growth,” Dr. Ekundayo Walton Gilpin concluded.
With over a century of legacy, RCB continues to evolve by blending tradition with innovation. Under Dr. Dr. Ekundayo Walton Gilpin’s visionary leadership, the bank is not only redefining Sierra Leone’s banking sector but is also contributing significantly to the nation’s economic resilience and global competitiveness.
