Understanding Sierra Leone Commercial Bank and Its Services

Sierra Leone Commercial Bank is a leading financial institution in the country, offering a range of services to individuals, businesses, and organizations.

The bank's history dates back to 1963, when it was established by an Act of Parliament.

One of the bank's key services is its personal banking offerings, which include current and savings accounts, loans, and credit cards.

With a strong presence in the country, Sierra Leone Commercial Bank has over 30 branches across Sierra Leone.

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The audit into the Sierra Leone Commercial Bank's operations has uncovered some serious issues. The Auditor General's Team found significant deficiencies in the provision of supporting documents for parliamentary loans.

A review of 25 parliamentary loans revealed a lack of supporting documents for loans granted in various categories, including building materials, furniture, cars, and rent payments. In fact, there were no requests for approval of loans on file in many cases.

The auditors noted that crucial steps, such as credit reference checks to the Bank of Sierra Leone, were missing. Invoices and receipts for some loans were absent from the files or were unsigned, unstamped, and lacked serial numbers.

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The deficiencies extended to various aspects, including the absence of gratuity computations for some loans. In cases where computations were available, they did not cover the full loan amount.

The absence of employer guarantees and recommendations for facilitation from the Office of the Clerk of Parliament added further concerns. These revelations underscore the need for immediate attention to rectify the lapses in documentation and ensure a transparent and accountable lending process.