Skye Bank, 7 others win US$ 8M BSL Wholesale FX Auction

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Skye Bank SL Managing Director, Abiola Bolaji

Skye Bank (SL) Limited, a leading financial institution in Sierra Leone and ranked among the top 10 banks in the country fully participated and won the Bank of Sierra Leone (BSL) Wholesale Foreign Exchange (FX) Auction.

On Wednesday, 21st September 2022, BSL put an offer for sale of USD 8,000,000.00 (eight million United States dollars) to Commercial Banks through the Competitive Window of the auction. Out of the 14 commercial banks that competed, Skye Bank was among the eight banks that won.

The winning of the FX auction is a clear indication that the Skye Bank is expanding in size, and they are also positioned in the same category as the other 7 banks pursuing the same market. The growth of the bank has begun to take shape from the time the new Managing Director, Abiola Bolaji, took up office. If Skye Bank can win such a bid, it is an indication that they are in a better position of providing quality services to their customers.

Currently, Skye Bank operates in Sierra Leone with five branches, three cash points, and over eighty employees.  Some of its products include cash points, loans and advances, international trade transfer, mobile money, remittances and internet banking platform.

In the coming months Skye Bank will launch corporate banking solutions, mobile banking application, ATM machines. MasterCard will be provided across it branches and as open three more branches and eight mobile cash points,” all under the leadership of the new Managing Director who emphases that there is room for growth in Sierra Leone, which is a fertile ground for the banking business.

Skye Bank (SL) Limited operates as one of the leading financial services companies in Sierra Leone and provides facets of financial products and services powered by a purpose-built technological framework that supports the service delivery process to customers. Skye Bank (SL) Limited operates through Retail Banking, Commercial Banking, and Treasury, Corporate, and Investment Banking segments.

The Retail Banking segment provides private banking services, individual customer current accounts, deposits, investment savings products, custody, credit and debit cards, consumer loans, and mortgages. The commercial banking segment provides current accounts, deposits, overdrafts, loans, and other credit facilities, foreign currency, and derivative products. The Treasury, Corporate, and Investment Banking segment provides financial instruments trading, structured financing, and corporate leasing.