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NEWS : Local News  

In Sierra Leone, KPMG raps Financial Institutions
By Augustine Samba
May 24, 2010, 13:34
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A renowned and reputable auditing firm, KPMG Friday 21sy May 2010 conducted Sierra Leones ever first Financial Services and Industry Round Table conference for financial institutions in the country at the Bintumani Hotel, Man O War Bay Aberdeen in Freetown on the theme Enhancing Trade, Investment and Economic Development through a Vibrant Financial Service Sector. Participants at the forum included World Bank representatives, commercial banking institutions and the Central Banks. The aim of the conference was to bring the Sierra Leone Government and other financial industries together to discuss issues affecting the growth and development of countrys financial sector in the post global meltdown.

In her presentation, the Deputy Bank Governor, Madam Andrina Coker highlighted issues and current developments in our financial sector as well as challenges faced by the sector. Her topic of presentation was Regulatory Response to Changing Financial Service Environment in Sierra Leone particularly appropriate to the current global financial environment. She said the recent development in our financial institutions now focuses on stability and fundamental reforms.

She said in order to keep pace with emerging global challenges, and to ensure that the associated risks and complexities were addressed, the BSL must respond to the changing financial services environment. "The main challenges in the recent past include the global financial crisis and the influx of commercial banks in the country. To tackle these problems, the BSL decided to increase the minimum paid-up capital of commercial banks from Le. 15 billion in 2009 to Le. 30 billion by the end of December 2014 for unforeseen circumstances," she informed, adding that such arrangements would provide security for clients.

She disclosed that BSL has singed an MOU with the Nigeria Central Bank and members states of the West Africa Monetary Zone (WAMZ) to strengthen cross boarder and consolidated supervision. "This will also facilitate information exchange and supervision among central banks in the sub region."

In his contribution, KPMG Partners, Tax, & People Regulatory Services manager, Mr. Claudius Williams-Tucker disclosed that the conference was engendered by the call of financial industries confronted with clientele problems . He went on to say that the conference was for the government and financial institutions for the latter to view the issues affecting the former, while maintaining that KPMG aims at creating a better understanding between both entities.


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