About Ecobank Sierra Leone
About Ecobank Sierra Leone: Ecobank Sierra Leone is a wholly owned subsidiary of Ecobank Transnational Incorporated (ETI), a leading Pan-African banking group, employing over 14,800 people and operating across 33 markets across Africa. Ecobank Sierra Leone commenced business in November 2006. It provides a wide range of financial services to; Consumer, Commercial and Corporate Banking customers through its head office and branches in Freetown, Makeni, Kenema and Bo.
The Bank is regulated by the Central Bank of Sierra Leone (BSL) and the Ministry of Finance of the Republic of Sierra Leone.
The Bank’s share capital is currently Le 86.5 billion while the net worth is Le 1trillion. As per BSL requirement, all commercial banks in Sierra Leone should have a minimum of Le 45 billion unimpaired capital by the close of December 2019.
The bank made a PBT of Le 82.3 billion in 2019 which is 44% growth from 2018.
Ecobank outlets in Sierra Leone have all been strategically placed in locations with high traffic. Ecobank differentiates itself in the market with the range of digital offerings available to customers.
- 8 Branches,
- 28 ATMs,
- Telephone Banking Services through the Ecobank 24/7Contact Centre,
- Remote Banking on Ecobank’s Internet Banking platform, Ecobank Mobile and other E-Banking platforms
Sierra Leone’s banking system is overseen by its central bank, the Bank of Sierra Leone and twelve commercial banks operate in the country.
All commercial banks are headquartered in Freetown. Accounts can be held in foreign and domestic currencies. While automatic teller machines are available in Freetown and other parts of the country, credit cards are not widely accepted. Transfers of over US$10,000 in value must be sent through the banking system with the objective of ensuring transparency.
Banks cannot lend in foreign currencies, which is a limitation on local business expansion. This can in turn impact the supply chains of large foreign-run businesses.
Currency can be freely converted in Sierra Leone, subject to availability. The Leone is not pegged to a foreign currency and has a floating exchange rate. The Leone has been subject to depreciation since mid-2014 due to declining inflows from the mining sector and, from mid-2015 onwards, a winding-down of Ebola-related donor inflows. Accordingly, the official US$/SLL exchange rate has moved from approximately Le 4,310 in August 2014 to approximately Le 8,600 in February 2019. Typically the US dollar trades in the unofficial, parallel currency market at a premium of 5-10% to the official exchange rate. The continued dollarization of the economy affects the exchange rate.
This is a list of commercial banks in Sierra Leone