R.C Bank Thanks Almighty for 25 Years of Success in Special Mosque Prayer Service

On September 20, 2024, Rokel Commercial Bank (RCBank), one of Sierra Leone’s leading financial institutions, celebrated a significant milestone: 25 years of existence. The momentous occasion was marked by a special prayer session held at the Hamdayle Mosque on Naimbana Street in Freetown. Distinguished guests included the Vice President of the Republic of Sierra Leone, Dr. Juldeh Jalloh, the Managing Director of RCBank, Dr. Walton Gilpin, senior bank staff, media practitioners, Islamic worshippers, and other stakeholders who gathered to express gratitude for the bank’s journey and reflect on its achievements.

The history of Rokel Commercial Bank is deeply rooted in Sierra Leone’s post-colonial financial evolution. Originally operating as Barclays Bank, a British multinational bank that had been present in Sierra Leone for decades, the institution played a pivotal role in the country’s financial landscape. However, the turn of the century, particularly after the end of the civil war, marked a period of change.

In the aftermath of the brutal conflict, Barclays Bank made the decision to divest its stake in its Sierra Leonean operations. This transition marked the birth of Rokel Commercial Bank (RCBank), with the Government of Sierra Leone acquiring a majority stake. Initially, the government owned 51% of the bank’s shares, while the remaining 49% was distributed among private citizens, symbolizing a significant step towards national ownership and empowerment of local stakeholders in the banking sector. Over time, the government’s stake increased to 65%, with the rest still held by private citizens.

This transition from a foreign-owned entity to a majority government-owned institution reflected the broader aspirations of post-war Sierra Leone: rebuilding the economy, strengthening national ownership of key industries, and fostering a sense of pride and identity within the financial sector.

While the transition to RCBank marked a new beginning, the journey was far from easy. As the country slowly emerged from the shadows of civil war, the financial sector faced numerous challenges. RCBank, in particular, struggled to maintain its footing amid competition from other local and international banks. The institution faced capital constraints, governance issues, and market pressures, which made it difficult for the bank to thrive.

In response, the Government of Sierra Leone stepped in to recapitalize the bank and inject much-needed resources to stabilize its operations. However, despite these efforts, the bank continued to face significant headwinds in its attempt to regain market share and competitiveness. The early years of RCBank were marked by a constant struggle to not only survive but also establish itself as a credible player in Sierra Leone’s banking industry.

The turning point for RCBank came in 2017, with the appointment of Dr. Walton Gilpin as Managing Director. A seasoned banker with extensive experience in both local and international financial markets, Dr. Gilpin brought with him a vision for modernization and growth. Under his leadership, RCBank embarked on a transformation journey that focused on improving internal governance, enhancing customer service, and adopting new technologies.

One of Dr. Gilpin’s most significant achievements has been fostering a culture of innovation within the bank. By introducing modern banking systems, expanding digital banking services, and strengthening the institution’s financial position, he has helped RCBank reposition itself as a competitive force in Sierra Leone’s banking sector. As a result, the bank has steadily regained customer confidence, increased its market share, and built a strong reputation both locally and regionally.

At the prayer session, senior RCBank staff member Mr. Thomas highlighted Dr. Gilpin’s pivotal role in turning the bank around. He emphasized that under Dr. Gilpin’s stewardship, RCBank had moved from a position of near stagnation to one of growth, stability, and innovation. He praised the Managing Director’s commitment to ensuring that RCBank remains at the forefront of Sierra Leone’s financial sector, capable of competing with both local and international banks.

Vice President Dr. Juldeh Jalloh delivered a special message to the attendees. On behalf of the government, he congratulated RCBank on its 25th anniversary and commended the bank for its resilience in navigating the challenges of the past two decades. He emphasized that the bank’s success is not only a reflection of good leadership but also the hard work and dedication of its staff.

VP Jalloh called on RCBank’s management and staff to continue their efforts to meet the high expectations of the government, customers, and the financial regulatory bodies. He stressed that RCBank has a crucial role to play in supporting Sierra Leone’s economic growth, especially in the face of global challenges such as climate change and economic instability. He encouraged the bank to maintain its focus on customer satisfaction, financial inclusion, and supporting local businesses, which are key drivers of economic development.

In addition to discussing the bank’s future, the Vice President used the platform to highlight the pressing issue of climate change, which has recently caused severe flooding and building collapses in the country. He urged institutions like RCBank to contribute to national resilience efforts by supporting environmental sustainability and disaster mitigation strategies.

A Spiritual Reflection and a Vision for the Future

The prayer session was an important moment of reflection for RCBank’s leadership and staff. As they commemorated 25 years of growth, there was a sense of both pride and responsibility. The event’s host, Chief Imam Sheikh Abubakarr Conteh, led the attendees in prayers, asking for divine blessings for the bank’s continued success. He also expressed gratitude for the spiritual guidance that had helped steer RCBank through both prosperous and challenging times.

The event underscored the importance of faith and gratitude in the bank’s journey. It also reinforced the notion that RCBank’s future is one that must be built on a foundation of ethical leadership, strong governance, and a deep commitment to national development.

The Road Ahead: RCBank’s Vision for the Next 25 Years

As Rokel Commercial Bank looks ahead, its vision is clear: to continue building on the progress made over the past 25 years and to remain a leader in Sierra Leone’s financial sector. Under the leadership of Dr. Walton Gilpin, the bank aims to expand its operations by introducing more innovative financial products, investing in technology, and enhancing its presence both locally and regionally.

One of the bank’s key priorities will be to further promote financial inclusion, especially for underbanked populations in rural areas. RCBank has already made strides in this regard, but there is a renewed focus on ensuring that every Sierra Leonean has access to affordable and reliable banking services.

In addition, RCBank intends to play a more active role in supporting national development goals, including infrastructure development, small and medium-sized enterprise (SME) growth, and sustainable finance initiatives. By aligning its strategies with government policies, RCBank seeks to contribute to the overall economic and social well-being of the country.

The bank’s leadership also recognizes the importance of resilience in the face of global challenges, including climate change, economic volatility, and shifting geopolitical dynamics. As Sierra Leone continues to navigate these issues, RCBank is committed to adapting its business strategies to ensure long-term sustainability and continued relevance in the evolving financial landscape.

The 25th anniversary of Rokel Commercial Bank is not just a celebration of the past; it is a reflection of the bank’s enduring legacy and a testament to its strength, resilience, and capacity to evolve. From its early days as Barclays Bank to its transformation into a fully Sierra Leonean institution, RCBank has weathered numerous storms and emerged stronger, thanks to its leadership, staff, and the support of its customers.

Looking forward, RCBank stands poised to continue its journey of growth, innovation, and service to Sierra Leone. As it embraces the future, the institution is committed to upholding its values of integrity, customer-centricity, and national pride.