By Prince J. Musa in Kenema
Kailahun District has got its second commercial bank, after the inauguration of a branch by the Rokel Commercial Bank.
The bank was inaugurated on Saturday, September 5 by Finance Minister Jacob Jusu Saffa, who told the audience at the ceremony held in the premises of the newly renovated one storey building that as a government they were inclined to pay great attention to the financial sector by empowering banks to expand on their services all over the country and thereby creating access to finance to the masses.
“We want to ensure [that] the effect of coronavirus doesn’t create much economic impact negatively on the lives of the citizens,” Saffa said, adding that the ‘New Direction’ government of President Julius Maada Bio had decided to change that old system where only those in the capital city get access to bank loans.
“Our economy is rural derived sector, and agriculture is the backbone, therefore more focus needs to be paid to the farmers,” he said.
Kailahun, one of three districts that make up the eastern region of Sierra Leone, alongside Kono and Kenema, has been the only one without an established formal banking system. Like the rest of the country, business activities in the district dwindled as a result of the 1991-2002 civil war. There has been only one bank there since after the end of the war, and that was the First International Bank, which opened its branch there in 2008.
Dr. Walton Gilpin, Managing Director of Rokel Commercial Bank, said the opening of a branch in the district is a fulfilment of their desire to be a people’s bank.
“As a financial institution, we have realized over a period that people have not been getting adequate service delivery from financial institutions,” Dr Gilpin said.
He added: “Rokel Commercial Bank want to bring the bank closer to the people. Our bank is people’s bank.”
Kailahun is considered as the bread basket of the country, due to its vast agricultural potential. Yet the district was so far removed from Sierra Leone that in some of its villages the inhabitants tend to prefer dealing in the Guinean currency, because of their proximity to the neighboring country.
Paramount Chief of Luawa Chiefdom, PC Mohamed Kailodo Banya, on behalf of the traditional authorities, expressed appreciation to the government and the board and management of Rokel Commercial Bank for establishing their bank in that part of the country. He said over the years people have had to take their agricultural products such as cocoa, coffee, and kola nut to Guinea for business because of poor road network and bad prices.
The chief said the recent conclusion of road works linking the district to the rest of the country and the arrival of banks is poised to change that.
”This will make our people not keep their cocoa money at home but at the safer bank. Nobody will cry that the thieves have broken my house and carry all my cocoa money,” he said.
PC Banya added: “For business and social lives to grown, we need competition in the financial sector, but just FIB Bank in Kailahun was a burden even to the business people.”
Doris Kamara, a caterer and restaurant owner in Kailahun Town, said the arrival of Rokel is blessing for business people like her in the town. As an account holder with the bank, Kamara said she had to travel to Kenema every month to withdraw money to stock up her business. She said all they look forward to now is for affordable loan.
“We want the management of Rokel Commercial Bank to consider we the caterers by making provision for us anytime we are given contract for pre-financing,” she said.
“The partners we do business with, a lot of them do business with Rokel Commercial Bank. So everything will be alright with us. Our payment will no longer delay after working for organizations,” she added.
Mohamed Fullah, a local contractor, also welcomed the arrival of Rokel.
“One reason we are happy with Rokel is that it is our bank. Any profit made will come back to we the citizens in terms of government making roads, providing healthcare services and a lot of others,” he said.
He added: “I have been with Rokel Commercial Bank for over 15 years, but when I transferred to Kailahun and Rokel wasn’t here, I found it difficult to do business.”
Chairman for Kailahun District Council, Sahr Kekeh Lamin, described the occasion as another milestone in terms of development for the people of Kailahun District. He said: “Banking system for the people of Kailahun has been a challenge with only one bank. “
“The decision of the Rokel Commercial Bank Management of extending their services to Kailahun shows that they are serving the people of this country. It is a positive development for the people,” he added.
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