Commercial Bank of Sierra Leone Wins Global Finance Award

  • Yusuf Sillah: MD SLCB

The new managing director, Yusuf Sillah, is an experienced banker. In a short tenure coupled with the milestone achievements of its predecessors, Sierra Leone Commercial Bank has won the Global Finance Award, 2021. A reluctant optimist, he is determined to continue this trajectory of global recognition and serve clients with the state of the art digital banking.

The new CEO is there to serve and improve the bank’s capitalization and profitability portfolio.

Global Finance Magazine has a 22-year heritage of experience in international financial markets and provides a valuable source of data on 192 countries. The award is now a recognized and trusted standard of excellence. In its 28th annual list of the world’s best banks, Global Finance named the top global, regional and national winners, drawn from more than 160 countries and regions. Sierra Leone Commercial Bank, SLCB, has become the best bank in Sierra Leone for the year 2021

SLCB’s strong domestic performance and dedication to innovation helped the Bank become Sierra Leone’s best bank as Global Finance announced the country’s winner award to the world.

Despite the Covid-19 pandemic, the Bank has strengthened its commitment to serving its customers, accelerating its digital transformation to increase efficiency.

For its corporate clients, SLCB has rolled out the SLCB Mi Yone e-banking platform which enables businesses to conduct banking transactions online. Some of the platform’s capabilities include creating additional accounts; view balances, transactions, loan details; transfer of funds to own and third-party accounts; flashing payment and chat with the bank in real time.

The Bank has also launched its cashless payment services based on its SLCB Mobile App platform: SLCB Quick Pay enables cashless payment in stores and supermarkets across the country. The introduction of its Mi Yone SLCB Visa Cards as a versatile selling companion enables users to shop online and access ATMs in Sierra Leone and around the world.

Mi Yone SLCB Premium and Debit cards are known to be convenient, secure and easy to use with low transaction fees and affordable maintenance fees. At the same time, the bank has increased its money transfer services to include Western Union, Money Gram, Ria, Small World which allow customers to make their international payments quickly and directly to their accounts.

SLCB maintains its CSR lead in corporate social responsibility, donating more than five billion leones to government and NGOs in the fight against the COVID-19 pandemic. The bank is also involved in the fight against other health problems and contributes to development projects in the country.

Sierra Leone Commercial Bank Limited is among 184 winners worldwide, after the editors of Global Finance, with input from industry analysts, business executives and technology experts, selected the winners of the best banks in the world 2021, using information provided by banks and other providers. , as well as independent research, based on a series of objective and subjective factors.

The judges took into account performances over the period from January 1 to December 31, 2020, with the exception of the global winners, for which the evolutions of the first half of 2021 were also taken into account. Global Finance then applied a proprietary algorithm as a criterion to shorten the list of contenders and arrive at a numerical score, with 100 significant perfections.

The algorithm assesses a range of materiality criteria, including knowledge of local conditions and customer needs, financial strength and security, strategic relationships and governance, competitive pricing, capital investment and innovation in products and services. Once the judges narrowed the field, they considered the final criteria, including breadth of global coverage, size and experience of staff, customer service, risk management, range of products and services , execution skills and the use of technology.

In the event of a tie, judges look to local providers rather than global institutions. The panel also tends to favor private sector banks over public institutions.

The organizers concluded by commenting that the winners are the banks and providers that best meet the specialized needs of businesses engaged in global commerce; therefore, they seek to honor not the greatest institutions but the best: those that have the qualities that companies should look for when choosing a supplier.

Sierra Leone Commercial Bank has met these criteria to become the best bank in Sierra Leone in 2021.

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