Rokel Commercial Bank

What Rokel Commercial Bank does

Rokel Commercial Bank (Sierra Leone) Ltd is a privately held indigenous commercial bank headquartered at 27 Siaka Steven Street, Freetown, that originated from the Sierra Leone operations of Barclays Bank Plc before being transferred to the government and people of Sierra Leone in 1999. It operates one of the largest indigenous banking platforms in the country by assets, customers, and deposits, ranked second in profitability in Sierra Leone under MD/CEO Dr. Walton Ekundayo Gilpin (in office since July 2017). The bank operates roughly 12+ full-service branches across Freetown, Bo (two branches), Kenema, Makeni, and Kono, supplemented by offsite ATMs and an agency banking network exceeding 200 locations, providing tiered reach into underbanked areas.

Its product platform spans corporate banking (cash management, trade finance, corporate advisory, letters of credit, bonds and guarantees), retail and SME banking (current, savings, fixed deposit, church/mosque accounts, children's savings, Osusu group savings), a specialized transportation offering including Kekeh loans and accounts for tricycle and motorcycle operators, and investment banking services. The digital stack is built on Simkorpor (mobile app on Google Play and Apple App Store plus a USSD/SIM-app variant for basic phones), Internet Banking at ebanking.rokelbank.sl, SMS Banking, a Visa-enabled ATM/POS network, and a Rokel Korpor card suite (debit, prepaid). The bank is the first in Sierra Leone to fully integrate African Payment and Settlement Systems (PAPSS), was nominated to the PAPSS Working Group in South Africa, and participates in cross-border remittances via SWIFT, MoneyGram, Western Union, and RIA.

Revenue derives from interest income on personal, SME, agriculture, auto, mortgage, and Kekeh loans, transaction and remittance fees (ATM, POS, SWIFT, MoneyGram, Western Union, RIA), FX services, investment product yields (Treasury Bills at minimum Le 50 million, fixed deposits, special deposits), and card-related fees. Distribution combines enterprise relationship banking for corporate clients, an in-branch retail and SME model, an agent network reaching 200+ locations, and a digital on-ramp through Simkorpor and Internet Banking for self-serve customers. Customers span government MDAs (e.g., Makeni City Council), enterprises (e.g., Nasdo Construction, Paradise Entertainment), SMEs (market women, traders), retail individuals, and informal transport operators, executed with a relationship-led go-to-market that is gradually layering in product-led acquisition through QR-code-based merchant payments.

Name

Rokel Commercial Bank

Legal name

Rokel Commercial Bank Sierra Leone Ltd

Website

https://rokelbank.sl

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

101–250 employees

Short description

Rokel Commercial Bank (Sierra Leone) Ltd is an indigenous commercial bank headquartered in Freetown, offering corporate, retail, SME, and digital banking via branches across Freetown, Bo, Kenema, Makeni, and Kono, a 200+ agency network, the Simkorpor mobile app, and Visa/POS/SWIFT infrastructure, serving government, enterprise, SME, and informal-sector customers.

Ownership category

akta.pro rank

Product category

Commercial Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

State Commercial Banks (6022)

akta.pro primary industry

General SME & Middle-Market Commercial Banking (FSABABAA)

akta.pro secondary industries

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA), SME Cash Management & Payments (Merchant, ACH/Wires, Payroll) (FSABABAD), SME Trade Finance & Working Capital (LCs, Guarantees, Receivables) (FSABABAF)

Keywords

• Retail banking services
• Corporate banking
• Mobile banking app
• International remittances
• Trade finance

Headquarters

HQ city

Freetown

HQ country

Sierra Leone

Offices18 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Infrastructure, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Interest Income from Lending: Traditional banking revenue from interest charged on loans including personal loans, business loans, SME loans, agriculture loans, auto loans, mortgage loans, and Kekeh loans for tricycle operators
2. Transaction Fees: Fees from ATM withdrawals, POS transactions, wire transfers (SWIFT), international remittances (MoneyGram, Western Union, RIA), and digital banking services
3. Foreign Exchange Services: Revenue from currency exchange services in various currencies at competitive rates across branches
4. Investment Products: Revenue from fixed deposits, treasury bills, special deposits, and other investment products with minimum investment requirements
5. Card Services: Revenue from Visa debit cards, prepaid cards, annual maintenance fees, and international transaction fees

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels6 records

Core offering

Rokel Commercial Bank is a Sierra Leonean commercial bank offering deposit accounts, loans and advances, payment cards, mobile and internet banking, international remittances, trade finance, treasury products, and corporate and investment banking services. It serves retail consumers, SMEs, large corporates, and institutional clients through a branch, ATM, agency, and digital banking distribution network.

Product overview

Rokel Commercial Bank operates as a Sierra Leonean commercial bank offering a unified platform of banking products and services. The core digital infrastructure includes Rokel Sim Korpor (mobile banking app), Internet Banking, and SMS Banking. Card products include the Rokel Korpor Card, Visa Prepaid Card, and Debit Visa Classic Card. Deposit products span Current Account, Savings Account, Fixed Deposit, Rokel Instant, Rokel Save, Rokel Premium, Rokel Kombra (children's savings), Rokel Osusu (group savings), and Rokel Kekeh (tricycle operator savings). Lending products include personal, business, SME, agriculture, auto, and mortgage loans plus the specialized Kekeh Loan. The bank also offers corporate banking, investment banking, agency banking, treasury bills, foreign accounts, safe custody, trade finance (letters of credit, bonds and guarantees), and international remittance services via MoneyGram, Western Union, and RIA.

Differentiator

Problem solved

Functional benefit

Brands

• Rokel Sim Korpor: Mobile banking platform that allows users to conduct various banking transactions directly from their smartphones, including deposits, withdrawals, fund transfers, bill payments, and e-cheque transactions via QR codes.
• Rokel Korpor Card
• Rokel Osusu Account
• Rokel Kekeh Account
• Rokel Kombra Savings Account
• Rokel Premium
• Rokel Instant
• Rokel Save
• Rokel Special Deposits
• Kekeh Loan

Products and services

• Simkorpor Mobile Banking Proprietary mobile banking application enabling account access, transfers, bill payments, and balance inquiries for retail and SME customers in Sierra Leone.
• Internet Banking Online web-based banking platform that allows customers to view balances, transfer funds, and manage accounts from a browser.
• SMS Banking SMS/USSD-based banking channel that allows customers to perform basic transactions and receive account notifications via mobile phone.
• Rokel Korpor Card Co-branded debit card product enabling cardholders to make point-of-sale and ATM transactions domestically and internationally.
• Visa Prepaid Card Visa-branded prepaid card allowing customers without traditional bank accounts to make electronic payments and ATM withdrawals.
• Debit Visa Classic Card Classic Visa debit card linked to customer accounts for point-of-sale purchases, online transactions, and ATM access.
• Current Account Transaction account for individuals and businesses that supports deposits, withdrawals, cheque books, and electronic transfers.
• Savings Account Interest-bearing deposit account for individuals seeking to grow savings while retaining access to funds.
• Fixed Deposit Account Term deposit account that pays a predetermined interest rate in exchange for funds being held for a fixed period.
• Rokel Instant Instant inter-account fund transfer service that allows Rokel customers to move money between accounts in real time, 24/7.
• Rokel Save Targeted savings product designed to help retail customers build disciplined savings habits.
• Rokel Premium Premium banking product tier that bundles higher-value deposit terms, priority service, and tailored relationship management.
• Rokel Kombra Savings Account Segment-specific savings account tailored for the Kombra (traditional savings cooperative) customer base.
• Rokel Osusu Account Rotational group savings account that formalizes the traditional Osusu model, allowing members to contribute and receive pooled funds on a rotating basis.
• Rokel Kekeh Account Specialized deposit account tailored for kekeh (tricycle) transport operators, supporting daily collections and savings.
• Rokel Special Deposits Special-purpose deposit product designed to meet the savings needs of specific customer segments at tailored terms.
• Foreign Currency Account Foreign currency-denominated deposit account that allows customers to hold and transact in major foreign currencies.
• Safe Custody Service Safe custody service that provides secured vault storage for customer valuables, documents, and securities.
• Personal Loans and Advances Personal credit facilities extended to individual borrowers for consumption, education, and other personal financing needs.
• Mortgage Loans Residential mortgage financing for individuals seeking to purchase or develop homes.
• Auto Loans Auto loan facility that finances the purchase of vehicles by retail customers and transport operators.
• Agricultural Loans Specialized loan product tailored for farmers and agribusinesses to finance crop production, livestock, and related activities.
• Business and SME Loans Working capital and term loan facilities extended to small and medium-sized enterprises for business operations and expansion.
• Micro Credit and Small-Scale Lending Microfinance lending facilities providing small-ticket credit to micro-entrepreneurs, market women, and small-scale businesses.
• Kekeh Loan Specialized loan product tailored for kekeh (tricycle) transport operators to finance vehicle purchase and operations.
• Corporate Banking Services Bundled corporate banking services including cash management, salary accounts, and tailored financing for large businesses and institutions.
• Investment Banking Investment banking services including capital raising, advisory, and structured financial solutions for corporate and institutional clients.
• Letters of Credit Letters of credit issued by the bank to facilitate secure domestic and international trade transactions for corporate clients.
• Bonds and Guarantees Bank bonds and guarantee instruments issued to support corporate performance, contractual, and regulatory obligations.
• Treasury Bills Government treasury bills offered to clients as short-term investment instruments for treasury and liquidity management.
• Agency Banking Bank-in-a-shop agency banking service delivered through a network of 200+ agent locations across Sierra Leone, enabling deposits, withdrawals, and transfers outside of branches.
• International Remittances (MoneyGram, Western Union, RIA) International remittance services that allow diaspora senders to remit funds to recipients in Sierra Leone through MoneyGram, Western Union, and RIA channels.

Quantifiable outcome

• Second most profitable bank in Sierra Leone since 2017
• +3 more outcomes

Named customers10 records

Segments5 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature4 records

Partnerships

Seven partnerships are on record, tiered flagship, minor and core.

• African Leadership Organisation (UK)flagshipStrategic or Co-development Partner · 22 September 2024Dr. Walton Gilpin appointed as Chair of African Leadership Council for Sierra Leone Chapter. The organization influences and advances global opportunities for African countries, with Dr. Gilpin leveraging opportunities to promote Sierra Leone on the global business stage.
• West African Bankers Association (WABA)flagshipStrategic or Co-development Partner · 9 August 2024Dr. Walton Gilpin elected as Vice President II of WABA at 78th Executive Council Meeting and 42nd General Assembly in Sierra Leone. WABA is a sub-regional body seeking to become the most impactful bankers association on the continent by 2030, pivotal in supporting ECOWAS projects including single currency establishment.
• Intra-African Trade Fair (IATF)minorStrategic or Co-development Partner · 9 November 2023Participation in IATF 2023 in Egypt (November 9-15) as flagship project of African Union Agenda 2063. The trade fair supports AfCFTA implementation and strengthens trade relations between Sierra Leone and the sub-region.
• African Payment and Settlement Systems (PAPSS)coreTechnology or IntegrationRokel Bank first to fully adopt and integrate PAPSS in Sierra Leone. The payment system creates seamless international payment infrastructure supporting the African Continental Free Trade Area (AfCFTA). RCBank was nominated to PAPPS Working Group at forum in South Africa to promote adoption of the platform.
• Bank of Sierra LeonecoreOthersCentral bank partnership for national switch instant payment system. Dr. Gilpin assured Bank of Sierra Leone of Rokel Commercial Bank's preparedness to accommodate the national switch system initiated by the Central Bank.
• Sierra Leone Association of Commercial BanksflagshipStrategic or Co-development PartnerRokel MD Dr. Walton Gilpin serves as President of the Sierra Leone Association of Commercial Banks. Hosted WABA event in collaboration with the association at Freetown International Conference Centre.
• Sierra Leone Commercial BankminorChannel Partner/ Reseller/ DistributorSister bank collaboration where senior staff from Sierra Leone Commercial Bank joined the Sierra Leone delegation to the Intra-African Trade Fair in Egypt.

Scale indicators7 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• Guaranty Trust Bank (GTBank) Sierra Leone: Nigerian-headquartered pan-African bank with Sierra Leone operations. Competes on digital banking, SME, and retail segments with strong technology capabilities.
• United Bank for Africa (UBA) Sierra Leone: Pan-African banking group with Sierra Leone presence offering retail, corporate, and digital banking. Direct overlap with RCBank's target segments and competition in cross-border payments and trade finance.
• Ecobank Sierra Leone: Subsidiary of pan-African Ecobank Group operating full-service commercial banking in Sierra Leone. Competes with RCBank in corporate, SME, and retail segments, with broader regional network as a differentiator.
• Zenith Bank Sierra Leone: Nigerian pan-African commercial bank with Sierra Leone subsidiary. Overlaps in corporate banking, trade finance, and increasingly digital/retail segments.
• Access Bank Sierra Leone: Pan-African banking group (Access Holdings) operating in Sierra Leone with retail, SME, and corporate offerings. Competes on digital channels and financial inclusion.
• Standard Chartered Bank Sierra Leone: Global bank with Sierra Leone presence focused on corporate, trade finance, and affluent retail. Historic peer in the Sierra Leone banking market with strong international network.

Emerging players

• Orange Money Sierra Leone: Mobile money operator targeting the same unbanked and underbanked segments (market women, informal sector) that RCBank serves via Simkorpor. Represents the primary fintech/mobile-money competitive threat to RCBank's payments and inclusion strategy.
• Africell Money: Mobile money service from Sierra Leone telecom operator Africell. Competes directly with Simkorpor in P2P transfers, merchant payments, and financial inclusion among low-income and informal-sector customers.

Others

• Bank of Sierra Leone: Sierra Leone's central bank and primary regulator of RCBank. Not a commercial competitor, but a key partner for the national switch instant payment system and policy implementation; relevant as systemic context and infrastructure counterpart.

Direct peers

• Sierra Leone Commercial Bank (SLCB): Another major indigenous Sierra Leonean commercial bank with similar full-service retail, SME, and corporate banking offerings. SLCB is the most direct domestic comparable, and the two banks have collaborated on delegations such as the Intra-African Trade Fair.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/rokel_bank
• Facebookfacebook.com/rokelbank
• LinkedInlinkedin.com/company/rokel-commercial-bank
• Instagraminstagram.com/rokelbank

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Rokel Commercial Bank