By Alfred Koroma
Deputy Minister of Trade, NaCCUA Chairperson, Ireland Ambassador and other officials at the launching of Credit Union Growth and Sustainability in Freetown
The National Cooperative Credit Union Association Sierra Leone (NaCCUA-SL), in collaboration with its partners, has launched a new microfinance program titled Credit Union Growth and Sustainability.
The initiative, launched on Thursday, January 16, is funded by the Government of Ireland through Irish Aid and the Credit Union in Ireland, with a budget of €2,777,087 to be implemented over five years.
NaCCUA Chairperson Lamin Kamara praised the program, highlighting its potential to significantly advance the Credit Union movement in Sierra Leone if fully executed. He described the initiative as a bold step towards consolidating their past efforts in establishing and expanding the Credit Union model as a cornerstone of financial inclusion in the country.
“NaCCUA has always believed in the power of collaboration, and this launch is a testament to what we can achieve together,” Kamara said. “This project is not just a milestone; it reflects shared values, mutual respect, and commitment.”
He assured the public that NaCCUA would ensure the project’s successful implementation, setting a new benchmark for success in the sector.
The program aims to go beyond providing financial services by offering capacity-building initiatives, delivering safe Credit Union services, and fostering the growth of the Credit Union movement in Sierra Leone.
Ireland’s Ambassador to Sierra Leone, Aidan Fitzpatrick, noted the global impact of the Credit Union movement, which serves over 440 million members worldwide. He emphasized that the program would greatly benefit Sierra Leone by improving access to finance. In Ireland, the Credit Union has remained the number one financial institution for the past eleven years, Fitzpatrick remarked.
Deputy Minister of Trade and Industry, Fatmata Kargbo highlighted the program’s alignment with the government’s objectives to promote financial inclusion. She underscored the Credit Union’s role in improving people’s economic well-being and urged the NaCCUA team to actively sensitize the public about the program’s benefits. “This will help position the Credit Union as a vital financial product,” she said.
Expressing gratitude to the donors, Kargbo assured stakeholders of the program’s success: “We want to assure you that this initiative will be a success.”
