By zainab.joaque@awokonewspapersl.com
Freetown, Sierra Leone – In a strong show of confidence from depositors, Sierra Leone Commercial Bank (SLCB) emerged as the industry leader in customer deposits for the year 2023, closing the year with an impressive NLe 4.79 billion. This marks a significant year-on-year growth of NLe 1.52 billion, positioning the bank firmly at the top of Sierra Leone’s commercial banking sector in 2023.
Trailing in second place is Rokel Commercial Bank (RCB), which secured customer deposits totaling NLe 2.95 billion—a sizable sum, yet NLe 1.84 billion short of SLCB’s commanding lead.
The banking industry as a whole recorded robust growth, with total customer deposits surging by NLe 6.05 billion, rising from NLe 17.09 billion in 2022 to NLe 23.14 billion in 2023. This marks a notable expansion in one of the sector’s most critical financial indicators.
A deeper look at the data reveals a particularly strong performance from the three locally owned banks—SLCB, RCB, and Union Trust Bank (UTB)—all of which secured positions in the top half of the rankings. Collectively, these homegrown institutions accounted for NLe 8.92 billion, representing a significant 38.5% share of total industry deposits across all 14 commercial banks.
The fact that each of the top nine banks recorded over NLe 1 billion in customer deposits underscores the competitive and growing nature of Sierra Leone’s banking sector, and points to a deepening culture of saving and financial inclusion.
With continued macroeconomic reforms and increasing public trust in the banking system, analysts expect the upward deposit trend to persist — especially if banks maintain customer-focused strategies and continue improving access to digital banking services. ZIJ/19/5/2025
 emerged as the industry leader in customer deposits for the year 2023, closing the year with an impressive NLe 4.79 billion. This marks a significant year-on-year growth of NLe 1.52 billion, positioning the bank firmly at the top of Sierra Leone’s commercial banking sector in 2023.){kind=link}