The Sierra Leone Commercial Bank (SLCB) has spearheaded the charge in educating the people about the new Leones and cents-based currency.
It can be recalled that Sierra Leone will shortly replace its present currency with new re-denomination Leone notes and cents.
SLCB has put up displays of the new notes and cents at all of its branches and other outlets around the country to give value to all of its stakeholders, including the Bank of Sierra Leone.
It has created advertisements and flyers displaying the new currency for transmission and popularisation across the country. Three zeros have been removed from the new Leone, which has the same value as the previous Leone.
As a result, the old Le1,000 will now be worth Le1; the old Le5,000 will now be worth Le5; while the old Le10,000 will be worth Le10. This means that Le100,000 will be worth Le100 and Le1,000,000 will be worth Le1,000.
Le10 now equals one cent, Le50 equals five cents, Le100 equals ten cents, Le250 equals twenty-five cents, and Le500 equals fifty cents.
Under the energising leadership of new Managing Director, Yusufu Abdul Silla, SLCB continues to prioritise customer satisfaction.
Mr. Silla has a Master of Science in International Banking and Finance from London Metropolitan University, with a concentration in International Finance.
Some of the topics covered in this course include banking operations and strategy, domestic finance, international banking, corporate finance, research methods, portfolio management, qualitative methods and macroeconomics.
The new managing director is described as a highly motivated, goal-oriented, team player and people-oriented financial-services leader with excellent time management skills.
His previous assignment was as Managing Director of the Commerce and Mortgage Bank, PLC.
Mr Silla continues to vigorously drive SLCB’s digital transformation targeted at boosting the bank’s portfolio, having successfully moved the Mortgage Bank from a loss-making position of Le28 billion to a pre-tax profit of Le14.6 billion in the bank’s 2020 audited financial statement.
His vision for pushing SLCB to new heights includes staff training and motivation, as well as maintaining an organisational structure that is capable of meeting all of the departments’ goals and objectives.