WEATHERING THE STORM – ROKEL COMMERCIAL BANK STANDING FIRM Strategic Media & Development Communications Unit There is no doubt that the Sierra Leone economy is suffering as a result of the Ebola crisis. The instant deaths and fear that has engulfed the country has led to flights of people, investment and capital at a very large scale. Commerce and Industry experience reduced activities, low productivity as well as a general uncertainty as to whether things will return to normal in a short time. The Banking sector is not immune to the consequences of this disruption, and as the barometer of business activity, commercial banks are at the epicenter of the turmoil that is now enveloping Sierra Leone. In the midst of the Ebola crisis however are a few stories of uncommon valor, courage, grit and inner strength of pride and community to rise above the predicament of stigma and loss. The sudden impact of the Ebola Virus Disease precludes consideration of a management of the condition any better than to avoid it completely. Hence the “ABC” guide of avoiding bodily contact holds particular potency in social circles across the country and for an area like Kenema in the East of the country where the first epicenters were identified, there is talk of a social distance that is now mandatory as a precautionary measure in gatherings. The evidence of personal successes against the virus are inevitably obscured by the critical mass of death and dehumanization that its more serious cases endure. In the commercial sector, industries once held out as mainstays of a growing economy are crumbling. There have been very many comparison made to the civil war which devastated many parts of the country and caused untold suffering and displacement. Like the civil war, the impact of the Ebola virus on the economy of Sierra Leone is creeping dangerously to a dissipation of the fabric of a once promising economy which, just twelve months ago, was touted as a success story. The unfortunate backdrop of the emergence of this scourge for the Sierra Leone economy is there for all to see. The IMF has called for international support to shore up the economies of the three countries so badly affected in the West African sub-region and estimates of around US$1.5 billion is being pegged as funds immediately required for that purpose. Whilst the banking sector continues to play a groundbreaking role as guarantors of an economy under threat, ironically, it is here that some glimmer of hope and semblance of resilience is evidenced, particularly so in the domestic economy. The inflow of remittances and the enhanced prospect of its future growth presents an opportunity for the sector. Rural banking services and an adaptable service portfolio especially within remote communities opens up another window of opportunity for the sector. Rokel Commercial Bank, amongst others, are weathering the stormy conditions and are to be seen as holding steady on rocky seas as the economy sails through such uncertain climate. Though health guidelines have recommended reduced activity and restricted opportunities for large gatherings, commercial banks in Sierra Leone have sustained services though on reduced opening hours. In a way, it is this maintenance of service to the more vulnerable parts of the country, and in environments that are presumed to be at the coalface of the epidemic that has helped Rokel Commercial Bank to stand firm against the Ebola scourge across the country. Banking in Sierra Leone is in most places a face to face encounter, with trust and reliability being potent factors in building up a strong relationship between banker and client. Rokel Commercial Bank has in the past twelve months moved to take their approach into a higher level of relationship banking, building on their long tradition of banking experience and drawing on the performance standards instituted by the precursor institution, the Barclays Bank group, with its rich heritage as a British based banking institution. In any event, Rokel Commercial Bank has speedily moved on from a bank under pressure to one with renewed promise and an ever expanding portfolio attuned to the interests of its clientele, steadily moving closer to establishing a better consumer interface. This move has resulted in the delivery of a robust credit rationalizing strategy and the bank is now restructuring most of its bad loans, repairing a loan book that was the principal cause of heavy write offs and losses for the past financial year. The current strategy of the bank has been deliberately positioned to impress on customers, a high level of dedication and commitment to banking excellence. The bank’s current Management espouse a principle of business driven focus, placing its customers at the centre of its performance expectations by concentrating on the core business of looking after other people’s money in a responsible manner. Even within the climate of doubt and uncertainty during these troubled times, Rokel Commercial Bank continues to make steady progress as a robust banking institution and with a management team focused on business growth and income diversification whilst still keeping a clear eye on its core banking functions. The bank has invested in its people, the main source of resilience by providing in house training and continuous banking development opportunities tailored to reshaping its strategic environment with its key staff as central drivers of that change for growth. The country needs such robust institutions in order to dispel the myth of total collapse and degeneration of the entire economy. Despite the adverse effects of the Ebola virus on some industrial sectors that may have far reaching implications for revenue and tax incomes to Government, Rokel Commercial Bank is poised to complement the aspirations of government for a swift return to normalcy through restructuring of its core activities in rural areas and by providing seed investments in agriculture and agro-based industries. The opportunities for an enhanced drive to food and nutrition security translate into further and deeper incursions by commercial banks into farming and agriculture based sectors. The bank moves into its reporting period next week as it holds its annual General Meeting, AGM on Wednesday 29th October 2014. It is unfortunate that the bank will be reporting from a historical perspective although It is necessary however for the bank to be able to address some hard issues and expound on the strategies that are now in place to correct them. The interested enquirer should know that Rokel Commercial Bank has moved on from its bitter experience in the recent past and is now positioning itself for growth. Incidentally, the interim management team has a lot to show for the turnaround that has been achieved in the short time. That assurance of excellence will accord Rokel Commercial Bank the accolade it deserves as one of the best banking institutions in the country to have indeed, weathered the Ebola storm.
Posted on: Fri, 24 Oct 2014 16:09:12 +0000
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