Rokel Commercial Bank 25 Years of Excellence and Economic Impact
Rokel Commercial Bank is set to celebrate a significant milestone on September 17, marking its Silver Jubilee—25 years since its transition from Barclays PLC to the government and people of Sierra Leone in 1999. This transition followed an 82-year period of Barclays PLC’s ownership, which began in 1917, and heralded a new era for the bank.
The post-1999 era saw initial stability and growth for Rokel Commercial Bank. However, the outbreak of Sierra Leone’s devastating civil war in the 1990s had a severe impact on the country’s financial sector. The war disrupted economic activities, and the bank, like many others, faced considerable challenges. These difficulties were compounded in the years that followed, as the bank struggled with liquidity and solvency issues in the aftermath of the conflict.
In 2013, a pivotal moment came when the Sierra Leone government intervened with a substantial bailout package. This financial support was instrumental in stabilizing the bank and facilitated its recapitalization. The government’s intervention resulted in a 65% ownership stake, transforming the bank into a key player in the country’s financial sector. Despite these efforts, the bank continued to grapple with persistent issues until a major leadership change in 2017.
The appointment of Dr. Walton Ekundayo Gilpin as Managing Director in 2017 marked a turning point for Rokel Commercial Bank. Dr. Gilpin, a distinguished economist and financial expert, brought a fresh perspective and a clear vision for the bank’s future. Under his leadership, the bank embarked on a series of bold and transformative reforms aimed at revitalizing its operations and positioning it for sustainable success.
One of the most impactful initiatives was an extensive marketing and rebranding campaign. The launch of a new logo and a comprehensive customer outreach program were designed to enhance the bank’s visibility and strengthen its relationship with customers. The increased publicity and marketing efforts paid off, resulting in a remarkable surge in public confidence and goodwill.
The financial turnaround of Rokel Commercial Bank was dramatic. In 2016, the bank’s profits were relatively modest at Le1.5 billion. By 2017, this figure had skyrocketed to Le64 billion, signaling a significant recovery. The bank continued to build on this success, achieving a remarkable profit of Le83.5 billion in 2020. Retained earnings, which had stood at a mere Le966 million in 2019, surged to Le44 billion, demonstrating the bank’s robust financial health and effective management.
Over a period of three years, Rokel Commercial Bank managed to clear over Le100 billion of its retained losses and achieved positive retained earnings for the first time in decades. This financial stability allowed the bank to start paying dividends to its shareholders, with payments initially set at Le6.5 billion. This figure grew to Le10.6 billion the following year and reached an impressive Le17 billion in 2022, underscoring the bank’s strong performance and profitability.
A significant component of the bank’s success has been its investment in advanced IT infrastructure. The implementation of a secure and user-friendly core banking system has revolutionized the customer experience. Transactions have become almost entirely paperless, reducing the time customers spend in banking halls and streamlining the overall process.
The introduction of the Rokel SimKorpor, a cutting-edge mobile money platform, has further strengthened the bank’s position in the market. This platform not only serves as a major revenue stream but has also had a profound impact on local communities by creating job opportunities and facilitating financial inclusion.
In addition, the bank has launched a range of top-tier electronic banking products and services, including prepaid cards, credit cards, Visa cards, ATMs, MoneyGram, Western Union, and Ria. These innovations have been met with positive feedback from customers, reflecting the bank’s commitment to providing convenient and efficient financial solutions.
Rokel Commercial Bank’s transformation has been complemented by the establishment of strong correspondent banking relationships. The bank has forged connections with institutions such as Ghana Commercial Bank, UBA-USA, AICTIF Bank, and Standard Chartered Bank. These partnerships have enhanced the bank’s capabilities and opened up new opportunities for expansion. Moreover, Rokel Commercial Bank has successfully leveraged business opportunities with major financial institutions across Africa and beyond, further solidifying its position as a leading financial player.
Throughout its journey, Rokel Commercial Bank has remained steadfast in its commitment to financial inclusion. The bank’s products and services are designed to support this mission, exemplified by the introduction of an SME loan scheme in 2021. This scheme targets customers with limited or no collateral, offering low interest rates, flexible payment plans, and business development training. The initiative has had a significant positive impact on various groups, including Okada riders and market women, fostering growth and supporting the formal sector.
As Rokel Commercial Bank celebrates its Silver Jubilee, it stands as a testament to resilience, transformation, and commitment. From overcoming post-war challenges to becoming a leading financial institution, the bank’s journey is marked by innovation, growth, and a dedication to serving its customers and contributing to Sierra Leone’s economic development.
