Sierra Leone Commercial Bank Celebrates 50 Years of Existence

As it Launches Two New Products…

By Amin Kef (Ranger)

In an engagement with the Press, on  the 15th February, 2023  at the Banks Conference Room,newsmen representing various Media Houses Management disclosed  that the Sierra Leone Commercial Bank (SLCB) is currently celebrating its 50th Anniversary on the theme, “Moving Towards a More Prosperous Future”.

Present on the Management side of the Bank were the Managing Director of the Bank, Yusufi Sillah, the Deputy Managing Director, Festus Sowa, Director of Business Development, Moses Combo Sesay, Director of Corporate Affairs, Victor Biandoma, Director of Corporate Affairs, Moses Combo Sesay, Olayinka Philips, who served as the Anniversary Chairperson and some other staff of the Bank.

Chairing the Press engagement was Dr Julius Spencer who informed all present that the Bank was established in 1973 further maintaining that it is the most successful among the parastatals that were set up by then Government within that particular period.

He furthered by intimating that over the years the Bank has gone through various challenges but stated that because of the efficient and effective ways Managements of the Bank have manned the affairs of the Bank it has withstand those challenges and today it is still going strong.

“As one of the successful indigenous Banks that is operating in the country it is very important for Sierra Leoneans to patronize with it mainly because being a State owned bank profits that are generated are spent in the country were as for those that are foreign banks the profits are taken out of the country,” he encouraged all to bank with the Sierra Leone Commercial Bank.

Chairperson of the Anniversary, Olayinka Philips, thanked God for enabling them to celebrate 50 Years of existence adding that over the years they have maintained their brand and has made considerable progress in the digital space with regards banking operations.

She informed newsmen that Management of the bank is redirecting resources to improve service delivery and to reach the unbanked communities as it is part of the bank’s mission for more to be on board the enduring legacy.

Olayinka Philips revealed that as they are celebrating the bank’s 50th Anniversary they want to use the opportunity to launch two new products which she said are very important for people to take advantage of.

“We want a lot of people to take advantage of the various products that we are now offering our clients as we continue to churn out initiatives that will make the bank a Pan African bank,” she appealed maintaining that together all can make SLCB an international bank.

The Director of Business Development, Moses Combo Sesay stated that the bank started with a capital of Five Hundred Thousand Leones but can boast of over Two Hundred Million USD, a growth which he attributed to seasoned management initiatives. He said the products that will be launched are very significant with lots of benefits for people who will be making use of them assuring all that they will do all within their reach to do more in order to make banking simple.

Yusifu Sillah, the Managing Director informed that they are determined to set the stage that will take the bank to a higher level. He told newsmen that modern banking is becoming cashless adding that one of the current threats they are faced with is the rate at which mobile money is expanding but encouraged all to bank with them.

The Managing Director pointed out that they are targeting the vulnerable in society with the introduction of the new products. He said they have a broader customer base and are moving in line with competition with the objective of providing modern day banking as they continue to build their infrastructure.

Launching of the two products was done by the Director of Business Development, Moses Combo Sesay. The two products are: Mi Yone Retirement Account and Me Yone Seniors Account.

For the Mi Yone Retirement Account it is a savings account that allows the holder to save without withdrawals for a period geared towards the account holder’s retirement or when they stop working. Savings in this account can be done whether the person is employed or self employed and can be in the form of a standing order. Main features of this account are: long term savings, Initial Deposit is Le100, 10 percent interest is paid annually if no withdrawals are made, Cheque book, VIP Card and a dedicated Teller if the deposit is above Le100.000, One free statement request per year, Automatic signed sign up for VISA card services and the SLCB Mobile App and Access to an ATM network.

For the Mi Yone Seniors Account, it offers convenient banking to individuals aged 60 years and above. It can be opened either as a Savings or Current Account, initial deposit is Le50, reduced COT Charges of 1.5% on a current account and 8% on a savings account annually, Cheque book, VIP Card and a dedicated Teller if the deposit is above Le100, 000, one free statement request per year, automatic sign up on Visa card services and the SLCB Mobileapp, access to an ATM and other visa-automated machines globally.

The requirements to open this account are duly completed application form, valid identification card/NASSIT ID Card etc, utility bills and two passport-size photos.


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