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Sierra Leone: Access Bank Starts Operations in Salone
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Concord Times (Freetown)
25 July 2008
Posted to the web 25 July 2008
Mariama Kandeh
Access Bank Sierra Leone limited Thursday commenced operations in the country with the commissioning of its corporate head office on Siaka Stevens Street in Freetown.
Giving the vision of the bank at the opening ceremony chief executive officer Aigboje Imoukhuede said a financial institution would not realize its true value if it remains to be a local champion.
"It will only realize its true value when it gains financial dominance globally and that is what Access Bank is working to achieve," he said.
He said his bank operates in over six countries including Rwanda, Zambia and Democratic Republic of Congo.
Chief Imoukhuede said the bank would also introduce the visa card system which would be the first in Sierra Leone.
He said the bank is also partnering with reputable financial institutions such as the International Financial Corporation.
He said the bank has gained popularity for being the most innovative bank in Africa and pledged to showcase professionalism and compliance in Sierra Leone.
Minister of finance David Carew said the financial system in Sierra Leone was oligopolistic (few sellers influencing price) with the central bank as the head.
He disclosed that there are eleven commercial banks in the country with twenty eight branches nationwide.
"There are seven international money transfer agents in the country but regrettably we have observed a very low level of concentration on the market space," he said.
Carew said there was a need to stimulate growth through the micro financing which currently seem inadequate.
He said high interest rate is affecting the cost of daily business and called for an increase in the financing of the agricultural sector.
Bank governor Dr Samura Kamara said the bank of Sierra Leone is introducing a currency development policy.
"This policy will enhance the replacement of old currency notes with clean notes. We are working with our currency printers Thomas de La rue of the United Kingdom and this will soon be implemented," he said.
He revealed plans to ensure a management and functional review.
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"The financial sector needs an optimum size and operation to move foreword. The stock exchange, which will be opened in the next couple of weeks, is a starting point," he said.
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