Rokel Commercial Bank is rolling out an agency banking initiative to farming communities, aiming to drive inclusion and transform the financial landscape for farmers in rural Sierra Leone.
The initiative aims to provide basic financial services to underserved communities, particularly those engaged in agriculture, by offering cost-efficient banking solutions through agents rather than traditional bank branches.
The event, which took place in the presence of key stakeholders, was warmly welcomed by Aruna Dumbuya, the Public Relations Officer of Rokel Commercial Bank. In his opening remarks, Dumbuya emphasized the importance of the initiative in driving development and addressing key developmental challenges in Sierra Leone.
He highlighted that the launch is in line with global and national strategies aimed at reducing poverty, fostering sustainable development, and promoting gender equality and economic growth, in alignment with Sustainable Development Goals (SDGs) 5 and 8.
Dumbuya also stressed the bank’s commitment to enhancing financial literacy in rural areas by providing tailored products and digital financial services, which are essential for empowering farming communities.
The initiative was further supported by Dr. Joe Tucker, Deputy Governor of the Bank of Sierra Leone, who underscored the significance of financial inclusion in driving economic growth.
He highlighted the partnership between Rokel Commercial Bank and the United Nations Capital Development Fund (UNCDF) through the Sierra Access to Finance project as a crucial step in bridging the gap in financial access, particularly for rural and agricultural communities.
According to a 2021 World Bank report, the financial inclusion rate in Sierra Leone remains low at 29%, with women and youth particularly underserved. Dr. Tucker stressed the need for targeted efforts to improve access to financial services for these populations.
Dr. Walton Ekundayo Gilpin, Managing Director and CEO of Rokel Commercial Bank, presented the scope of the Agency Banking program, which aims to expand financial services to rural areas across the country.
He outlined the bank’s ambitious goal of registering 25,000 new customers for digital financial services, particularly in rural areas, and engaging 12,500 active customers within a 90-day period. The program also aims to recruit 550 agents to strengthen the banking network.
Dr. Gilpin emphasized the importance of educating farmers about financial inclusion and the benefits of utilizing digital banking systems to make wise financial decisions. Kadiatu Allie, Deputy Minister of Finance, commended the bank for its efforts to improve financial access in rural areas.
He described the initiative as a milestone in the financial sector’s efforts to address the challenges faced by underserved communities and emphasized that it aligns with the government’s Medium-Term National Development Plan 2024–2030 and called for collaboration among stakeholders to ensure the program’s success and expand financial products and services to reach the target populations effectively.
Federico Capurro, a food system expert with the European Union (EU) delegation, provided insights into the EU’s “Jobs and Growth” initiative, which aims to create job opportunities in rural areas and promote financial inclusion, especially for women.
Capurro noted that the program is designed to empower rural farmers by providing access to essential banking services and fostering economic growth in these communities.
The UNCDF representative also addressed the gathering, reiterating UNCDF’s commitment to making public and private finance work for the poor in the world’s least developed countries, including Sierra Leone. He highlighted that despite the presence of various financial institutions, the financial inclusion rate remains low, especially in rural areas. He emphasized that the Agency Banking initiative, funded by the European Union under the ‘Salone Access to Finance’ program, is a key solution to address this gap.
The representative stressed that the goal is to create financially profitable and sustainable agent networks tailored to the needs of rural communities, ultimately improving efficiency and reducing costs while expanding access to financial services.
The launch event also included a panel discussion on the future of financial inclusion for farmers in Sierra Leone, featuring experts from the Bank of Sierra Leone, UNCDF, and Rokel Commercial Bank. The panel was moderated by Joe Abass Bangura, who also had the honor of officially launching the Agency Banking Roll-Out in farming communities.
This initiative is poised to have a transformative impact on the financial landscape in Sierra Leone, particularly for rural communities, farmers, and women. By increasing access to banking services and fostering financial literacy, Rokel Commercial Bank is taking a crucial step towards building an inclusive and sustainable financial ecosystem that supports economic growth in rural Sierra Leone.