Standard Chartered Bank Sierra Leone
Despite a presence in Sierra Leone dating back more than 100 years, Standard Chartered was almost back to square one when the civil war was officially declared over in 2002.
The bank’s operation had been scaled down from 14 branches to three and it remains the only international bank in the country, focusing on multinationals and development organisations.
“The country is gradually recovering from the civil war with economic growth at 7%. We have seen growth in the mining, agriculture and fisheries sector. The bank is developing and launching products and services to meet the evolving needs of our customers,” says managing director Lamin Manjang.
One example has been the launch of a fast money transfer service with Western Union, plugging a rapidly growing need in this segment of the market.
The judges also noted Standard Chartered’s success in implementing the group’s ambitious customer-service initiative, Outserve. Stemming from this, the bank has modernised its branches, invested in staff training and development, and improved service delivery systems. The response has been stronger brand reputation in the market.
“The bank has consolidated its leadership role in the financial sector in Sierra Leone, maintaining our position as the most profitable bank in the country with a RoE of 93%,” says Mr Manjang.
