Rokel Commercial Bank (RCBank) is set to celebrate its 25th anniversary on September 17, marking a quarter of a century since the bank transitioned from Barclays Plc ownership to full Government and public control in Sierra Leone. This transition took place in 1999, following Barclays’ exit after managing the bank since 1917. The post-transition period saw steady growth, though the bank faced significant challenges during the civil war in the 1990s.
Following the end of the war, RCBank encountered a downturn, struggling with liquidity and solvency issues. These difficulties persisted until 2013, when the Government of Sierra Leone intervened with a bailout. As part of the recapitalization efforts, the Government acquired a 65% stake in the bank, positioning it to become one of the country’s most profitable financial institutions and a key player in Sierra Leone’s economic landscape.
Despite the bailout, RCBank’s struggles continued until 2017 when the appointment of Dr. Walton Ekundayo Gilpin as Managing Director marked a turning point. Dr. Gilpin, an experienced economist and financial expert, implemented bold reforms aimed at modernizing the bank. A rebranding campaign, featuring a new logo and enhanced customer outreach efforts, helped in rebuilding public trust and improve the bank’s visibility.
Under Dr. Gilpin’s leadership, RCBank experienced exponential growth. Customer deposits, capital adequacy and performing loans saw significant improvements, while annual profit margins followed an upward trajectory. In 2016, the bank posted profits of just Le1.5 billion, but by 2017, this figure had surged to Le64 billion. By 2020, the bank recorded an impressive profit of Le83.5 billion, while retained earnings jumped from Le966 million in 2019 to Le44 billion. The bank successfully cleared over Le100 billion of retained losses within three years, enabling it to pay a dividend of Le6.5 billion to both majority and minority shareholders.
Technological advancements played a key role in the bank’s transformation. The introduction of a robust IT infrastructure revolutionized RCBank’s operations, reducing transaction times and introducing a near-paperless system. The launch of Rokel SimKorpor, a mobile money platform, further boosted the bank’s revenue while creating employment opportunities.
In recent years, RCBank has introduced cutting-edge electronic banking services, including prepaid cards, credit cards, Visa cards, ATMs and international money transfer services like MoneyGram, Western Union and Ria. These services have garnered positive feedback from customers, reflecting the bank’s commitment to enhancing its product offerings.
Today, RCBank is trusted by Government and Non-Governmental Organizations alike, with entities such as NACSA, the Teaching Service Commission (TSC), UNDP and the World Bank utilizing the bank’s digital services for payroll and social safety net programs.
In addition to its financial success, RCBank remains a strong advocate for financial inclusion. The bank’s Small and Medium Enterprise (SME) loan scheme, launched in 2021, has provided much-needed financial support to entrepreneurs with little or no collateral. Beneficiaries, including Okada riders and market women, have praised the scheme for its low-interest rates, flexible payment plans and business development training.
As RCBank celebrates its 25th anniversary, it stands as a testament to resilience and innovation in Sierra Leone’s financial sector, with plans for further expansion and a continued focus on promoting financial inclusion.
