SLCB celebrates 50-year of excellence, launches two products

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The Sierra Leone Commercial Bank (SLCB) on Wednesday, January 15, celebrated 50-year of existence and providing excellent financial services to the people of Sierra Leoneans.

The bank also launched two new products including the ‘Mi Yone Retirement Account and Mi Yone Seniors Account’ respectively.

According to the bank, the ‘Mi Yone Retirement Account is a savings account that allows the holder to save without withdrawals for a particular period geared towards the account holder’s retirement or when they stop working and that savings into the account can be done whether the person is employed or self-employed.

The Mi Yone Seniors Account is an account that offers convenient banking to individuals aged 60 years and above with facilities including 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 Le 100,000, one free statement request per year, automatic sign up on our Visa card services, and the SLCB MobileApp and access to their ATM and other visa-automated machines globally.  

The 100% government owned financial institution was established 1973 and for 50 years it has operated with over 700 staff across the country and over 400,000 customers.   

Speaking at their Siaka Steven Street Head Office, Chair of the SLCB 50th Anniversary Committee, Olayinka Phillips, said they cannot over emphasis the reasons why they need to celebrate 50-year of existence in an economy where global banks are folding up and leaving, but they have decided to take the heat and move on.

She said they have maintained their brand, made process in the digital space and above all kept their customers.

Director of Business Development at the bank, Moses K. Sesay, said the bank started with only 500 new Leones capital as a bank and today they have a balance sheet size worth over $200 million United States Dollars at the current rate, with a deposit rate of $180 million, which shows the growth that has taken place within their 50 years of celebration.

He said the growth is based on the ability of the management of the bank and the innovate products of the bank, adding that plans were underway to do more over the years.

 He said they were working to make it one of the best banks in the world.

The Bank’s  Managing Director,Yusufu Sillah  said the bank was progressing on the legacy of founding fathers and today he was there to set the space for the bank to operate for more 50 to 100 years.

He said 50 years ago, banking was operating on manual entries, but today there is a core banking applications and in the future it is going to be artificial intelligent which is cashless payment and the bank have to be there to survive the challenges it coming with.

“Our current treat of the bank is the rate at which the mobile money and cashless payment is expanding all over the world,” he said.

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