22nd May 2018
Bank of Sierra Leone Licenced Micro-Finance Bank for Private Sector Hailed
By press release (17/07/17)
The Bank of Sierra Leone has granted licence to ACTB Savings & Loans to operate a Micro-Finance Bank for private sector growth.
ACTB Savings and Loans are committed to supporting the private sector growth in Sierra Leone which is very popular. Previously known as A Call to Business Trading before its current re-branding process, ACTB Savings and Loans are pleased to inform its customers and the general public about the transformation in to a Micro-Finance Bank, a press release noted. (Pictured: Bank of Sierra Leone).
The application for a deposit taking license was triggered by the need to raise finance locally to meet the very ambitious plans of the company.
A Call to Business Trading started operations in Sierra Leone in 2008 offering Micro and SME loans to economically active poor people and middle sized businesses and have never looked back ever since.
The secret to this success is the combination of a strong sense of mission and strong leadership demonstrated by its Managing Director and team.
Receiving the License, Chief Executive Officer, Joe Abass Bangura emphasised the role the private sector has to play to drive forward the economy of the state.
He stated that growing ethical, people focused and profitable businesses has a key role to play in alleviating poverty and the inevitable social problems that come along with it. “We focus therefore on growing businesses that build our nation and leave a legacy that makes our communities better than we met them,” Mr. Bangura noted.
Following the granting of this license, ACTB Savings and Loans have released a list of products targeted at small and medium sized enterprises as well as private individuals seeking a new banking experience. Some of these products are tailored to fit the convenience of its valuable customers, such as the Osusu Account which allows customers to save money in a pool.
The Pikin Savings Account also encourages parents, guardians or sponsors to save for their kids or those under their custody. Other products and services provided include Fixed Deposit Accounts, Premium Investment Accounts, Current Accounts, Savings Accounts which also include General Savings and Special Savings.
“Another important product that will be launched later on is the electronic banking service involving ATM and Visa Cards. Most developed countries have digitised the way money is expended and therefore it is but prudent for ACTB Savings and Loans,” Abass Bangura expressed by illustrating the rationale for this move.
Head of Operations, Mrs. Priscilla Kanneh shared: “SMS and email alert services are also part of the package ACTB Savings and Loans will launch to keep its valuable customers informed particularly of specific account transactions. More products by ACTB Savings and Loans will be made public later on.”
“With a seed capital of $3,000, the company has grown to make tremendous gains in the market in just under a decade, rising to become the largest non-bank financial service provider with $3.8m in assets, 17,000 active subscribers, nine branches in eight districts and 96 staff across the country; at the time of application for the license.
“The fact that we can build our dream so doggedly, demonstrates we have the capacity to build the dream of our valuable costumers,” Joe Abass Joe assured.