As Standard Chartered Bank to Cease Operations… Bank of Sierra Leone Assures the Public of No Affection of Depositors’ Funds

In the wake of the news trending on various news platforms that the Standard Chartered Bank (SL) Ltd will cease operations in Sierra Leone, the Bank of Sierra Leone is assuring the public that Standard Chartered Bank (SL) Ltd is safe and sound and that there was no cause for alarm.

It must be reiterated that the Central Bank gave the assurance through a press statement on the 14th April, 2022, after Standard Chartered Group announced their plan to close operations in Sierra Leone and six other countries in Africa and the Middle East, respectively.

It must be noted that the British investment early this month announced its plans to stop operations in seven African countries and the Middle East including Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe.

They further underscored that there shall be an orderly transition to a new ownership, in accordance with the provisions of the Bank of Sierra Leone Act 2019, the Banking Act 2019 and the revised Prudential Guidelines for Commercial Banks 2012, adding that Standard Chartered Bank (SL) Ltd has also committed to providing updates on the said transition.

The Bank of Sierra Leone further assured the public that the transition will not affect depositors’ funds and customers were advised to continue their normal banking relationship with Standard Chartered Bank (SL) Ltd which will operate as usual during the transition.

They promised that the Bank of Sierra Leone shall continue to provide the necessary statutory and regulatory oversight.

Standard Chartered is a market-leading financial service brand in Sierra Leone and the bank has been operating in Sierra Leone since 1894.


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