Sierra Leone

West Africa

Projects

$24.5M

Total Investment Value

Funded

UTB Digital Transformation Journey

Technology & ICT

$5.0M

Union Trust Bank's digital transformation journey is a strategic initiative to modernize banking infrastructure, improve operational efficiency, and enhance customer experience through the deployment of advanced digital platforms and IT systems. UTB is indigenous and known across the industry with strong client loyalty. The bank has operated for over 28 years with 16 branches across the country and has shown resilience through all economic shocks. Digital Financial Services are at the center of the bank's remodelling agenda, driven by advanced technology and innovation. The bank is well-resourced and focusing on talent alignment to optimize digitization. Partnerships include Western Union, MoneyGram, and Ria, with extended deployment of solutions from SWIFT and the recent National Switch system. The transformation aims to return the business to a sustained profit position by 2024.

Planning

UTB Branch Optimization and Reengineering

Banking & Finance

$2.0M

Union Trust Bank's branch optimization and reengineering project aims at streamlining the physical branch network of 16 branches across Sierra Leone to improve service delivery, reduce overhead costs, and shift toward leaner, high-impact operational models. The bank is shifting its business model to an enhanced risk-based approach as part of its five-year strategic plan. Despite challenges including regulatory capital requirements, the bank grew deposits by 47% YoY to NLe 1.1Bn with 64% sticky for over 24 months, while reducing loans and advances by 46% to Le 31bn and growing T-Bills by 49% to Le 141Bn. The optimization strategy focuses on returning the business to a sustained profit position through operational efficiency and strategic branch reengineering.

Planning

UTB Digital Financial Services (DFS) Remodelling

Technology & ICT

$3.5M

Union Trust Bank's Digital Financial Services (DFS) remodelling initiative aims to expand financial inclusion through mobile banking, agency banking, and agent networks, targeting the unbanked and underbanked segments of the Sierra Leonean population. With mobile penetration at 97% but low debit card penetration, and only 12% of adults in the banking population, the opportunity is significant. UTB offers UTB Self Redeem, a digital financial service at the core of the bank's strategy to be future-fit. Products include current accounts and transactional banking, foreign currency accounts, and cross-border remittances via Western Union, MoneyGram, and Ria. The initiative leverages SWIFT and the National Switch system for extended deployment of digital payment solutions.

Budget

UTB Equity and Capacity Growth Investment

Banking & Finance

$10.0M

Union Trust Bank seeks strategic equity and capacity growth investment to strengthen its balance sheet, increase lending capacity, and meet regulatory capital requirements. The bank's paid capital is Le 32.5 million, which is short of the minimum regulatory capital of Le 85 million. Incorporated on April 26, 1995, UTB has been in operation for over 28 years, owned by indigenous individuals and corporate entities. The bank posted profits for many years before recent challenges from regulatory capital requirements and non-performing credits. Despite challenges, deposits grew 47% YoY to NLe 1.1Bn. The five-year strategic plan focuses on investing in viable business propositions and returning to sustained profitability. The Board of Directors includes Harish Agnani, Thelma V.O Thomas, Khadijatu Bassir, Dr. J. Sanpha Koroma, Ambassador Andrew Gbebay Bangali, Mr. David C. Bertin, Rajesh Hark-Ishin Balani, and Nabie Musa. Governance committees include Main Board, Board Audit and Risk, Executive Management, Credit Risk, and other business/project committees.

Planning

UTB Market Expansion in Financial Services

Banking & Finance

$4.0M

Market expansion opportunity in Sierra Leone's financial services sector, capitalizing on growing demand for retail and SME banking services. UTB offers credit products including bank overdrafts (working capital for individual and corporate businesses), corporate loans (working capital and fixed term loans), salary loans (35% of annual salary, min SLL 1k max SLL 50k), and SME/MM loans (working capital and fixed assets for small and medium enterprises, min SLL 1k max SLL 50k). The banking industry posted 85% growth in profit before tax from Oct-22 to Oct-23, with deposits at NLe 21,049.41K, loans and advances at NLe 3,572.59K (6% growth), and T-Bills at NLe 11,559.77K. With customer credit at USD 131M (Sep 2023) and access to credit at less than 10% of the population, there is significant untapped market potential. The bank's mission is to establish an efficient, sound, and enduring financial institution that explores the tremendous human and material potentials of the country to create national wealth and ensure lasting prosperity.