Sierra Leone Commercial Bank Limited, SLCB, was incorporated under the Companies Act of 1948 on January 9, 1973 and commenced its business operations as private company on February 15, 1973, despite the Government of Sierra Leone being the majority shareholder.

Born out of the vision of late President Dr Siaka Probyn Stevens of establishing an indigenous commercial bank, SLCB became a reality as the country’s first indigenous bank wholly owned and managed by Sierra Leoneans when it opened its doors to customers on February 15 at Walpole Street.Two years later, the Walpole Street premises were insufficient to hold all the new clients the bank had attracted. Consequently, planning commenced for the bank to construct its own building, and on April 11th, 1980, SLCB officially opened its 14-storey ultra-modern building at 29-31 Siaka Stevens Street in Freetown with its own resources. That building,named after the Bank’s pioneer Managing Director,came to be known as Christian Smith Building.

With a view to extending services to the provinces, SLCB opened its first provincial branch in Koidu in 1975, followed by Kenema and Njala branches. Presently, the Bank has thirteen branches strategically located across the country to meet the needs of customers. The Bank has expanded and grew over time to become the largest bank in Sierra Leone in a number of respects; its asset base, deposits and advances, the number of full-fledged branches,the staff compliment,and consequently,it still remains the largest employer in the banking sector.

SLCB boasts a 50-year history of solid performance as a result of the company’s unfailing commitment to delivering value to all stakeholders.The Bank has provided a full range of financial services, including corporate, wholesale, business,and retail banking,as well as global money transfer services,digital banking services, and visa cards, etc.

Sierra Leone Commercial Bank Limited remains one of the front runners in the commitment and implementation of Financial Inclusion Initiatives in the country. The Bank pursues the implementation of many innovative products that create the opportunity for individuals, SMEs, and businesses to invest their funds and also enable them to improve management of liquidity to foster business growth and customer service. A digitalplatform has been provided to ensure financial services reach the unbanked or underserved population, most of which live in the country’s rural communities.

In maintaining its posture as one of the leaders in Sierra Leone’s financial industry, SLCB furthered its commitment towards the country’s financial inclusion strategy by expanding its markets and services to various parts of the nation.

SLCB continue to see growth in its customer base with an impressive trajectory

• In 2013, the bank had on its books a total of 137,945 registered active account holders.

• In 2014, an addition of another 7,207 registered account holders to the mix bringing the total to 145,152 which is roughly 5.22% growth.

• In 2015, 7,013 new accounts were registered thereby bringing the total to 152,165 about 4.8% growth.

• In 2016, the Bank saw a significant growth due to bold initiatives taken by its management to embrace Financial Technologies or FINTECH strategies to further boost growth levels.  An increase of 13,427 new accounts was realized bringing the total up to 165,592 or about 8.8% almost doubling the growth of the previous year.

• In 2017, the Bank made an increase of 4.4% to a total customer base of 172,802.

• In 2018, there was another significant growth (the biggest year since 2013) of 21.088 or about 12.2% to a total registered number of accounts to 193,810.

• During the first two months of 2019, a growth of about 2.5% or 4,776 registered accounts bringing its total customers to 198,586 accounts. Despite the surmountable challenges experienced in between the Bank’s operations, SLCB continue to record positive growth in its customer deposits due to a resilience nurtured over the years and the Bank’s loyal customer base, thus making it the largest in terms of customer base and asset size.

The Bank’s management does not rest on its laurels after achieving those figures but rather immediately set new standards to reach more customers and take banking to the door steps of its clients. As a result, on Wednesday 27th June 2018, the Bank launched the Mi Yone SLCB Kiosk and Mi Yone SLCB Teller products at Adonkia, Goderich in response to the urgent need to address financial exclusion by reaching the unbanked and underserved markets using a very new low-cost branchless model and digital mobile banking across the country, away from the usual brick and mortar buildings.

SLCB’s introduction of three new products:Mi Yone Online Banking, Mi Yone Mobile App, and Wi Yone Online Direct in its digital banking suite in 2019 has propelled its growth to even higher levels and positionedthe Bank as one of the greatest contributors to the financial inclusion agenda.  Theproducts aimed to meet both individual and corporate customers’ needs,providing convenience and ease of banking.

The Competitive landscape in Banking has transformed and intensified in the recent  years in Sierra Leone, and to remain a market leader in the financial industry, the management put in place a system that allows for the recruitment of the right people and also the right technology infrastructure, structures, and framework.  Some of the many changes undertaken include:

• The Business Development Department is being given a “customer centric” approach aimed at remodeling its customer service discipline for a fresher and more sustained customer experience.

• A Treasury Management Unit has been established to improve balance sheet, liquidity, and forex management efficiencies.

• To compliment changes in the governance structure and reinforce compliance discipline in the bank, a “Compliance Unit” was introduced and an Operational Risk Management Framework is currently being implemented.

• The establishment of a Corporate Affairs Unit to provide discipline and strategic alignment to corporate planning and brand management.

In very simply terms, SLCB is a bank that sees significant opportunities in the banking landscape in Sierra Leone. It is a bank that is transforming. The Management notes they have challenges but that those challenges will be worked through and crystallized into tangible and positive gains for their shareholders, customers and the People of Sierra Leone.