Sierra Leone Telegraph: 2 November 2019:
Sierra Leone’s largest indigenous owned bank – the Sierra Leone Commercial Bank (SLCB), last Wednesday launched a pioneering service, which will see customers now able to send money abroad from Sierra Leone, as well as receive funds from abroad with much ease and security.
The Bank has gone into partnership with Small World – the world’s third largest money transfer service to make this possible. Managing Director – Fidelis Turay, said that this partnership will “make the world smaller for our customers.”
Commercial Bank says that this low cost, fast, secure money transfer service, will for the first time in Sierra Leone offer customers the opportunity to not only receive money from overseas direct into their account, but also be able to remit money from their account overseas – a big service to particularly business people and importers.
Managing Director Fidelis Turay said that: “Time and time again, we at SLCB have expressed our strategic vision to provide financial services across every corner of our nation and to every eligible person that can conduct financial transactions with the following key objectives: Security – for peace of mind; Convenience – from wherever you are, whenever you want; Accessibility – Using tools that you already own
“The beauty of the service is that it allows money transfers in and out of Sierra Leone directly into one’s account wither at SLCB or other banks at a minimal charge of 1.75% of the money sent. The service makes it easier for business people to pay for goods into their business partners’ accounts overseas. Both SLCB customers and non-customers can use the service to pay for goods and services outside the country using Leones.
This unique, convenient service adds to SLCB’s complementary range of similar products already available, including Money-Gram and Western Union.
Managing Director Turay said that money transfer is done instantly and at a super competitive rate. And that as with all the other transfer services, the receiver can pick up his/her money from any SLCB location across the country within minutes.
SLCB’s SMALL WORLD money transfer and receive service is now available. SLCB is guaranteeing that given the high premium SLCB places on customer confidence and satisfaction, it is safe, efficient and reliable.
Small World Money Transfer is owned by Small World Financial Services based in the United Kingdom, with operations in 190 countries and over 260,000 locations worldwide.
The Head of SLCB Money Transfer Operations – Amadu Sanu-Sesay, said that this new product will exceed what the normal money transfer offers to the people. “Using the SLCB Small World service, you can send money directly into a bank account to any country among the 190 countries they are operating. Any of our customers can use this platform for someone overseas to send money directly into your bank account with SLCB,” he said.
He noted that SLCB Small World will offer bank deposit and cash pick for a start as this new product has additional features like mobile wallet and bills payment.
As Sierra Leone domestically struggles to move money from people’s bank accounts to offshore bank accounts using the two traditional forms of money transfer; Western Union and MoneyGram, he said, with SLCB Small World products, it is possible with competitive tariff for the service.
This new service will make it easier for business people to pay for goods into their business partners’ accounts overseas without travelling with bulk cash, he said.
SLCB customers can also use the product to pay their children’s fees directly to their schools or colleges’ bank accounts overseas.
He reiterated that this new product will make it possible to utilize the customers’ Leone account to remit money to an overseas account with foreign currencies, using the designated rate set by the Central Bank for conversion of stipulated foreign exchanges.
SLCB says it has launched series of new products and services to improve customer satisfaction and financial service delivery, commencing October this year.