By Mohamed J Kargbo
The National Cooperative Credit Union Association (NaCCUA), in collaboration with the Irish League of Credit Unions Foundation (ILCUF) and other partners, celebrated World Credit Union Day on Thursday, October 17, 2024, at the New Brookfields Hotel in Freetown.
The event underscored the importance of credit unions in promoting financial inclusion and economic empowerment across Sierra Leone.
NaCCUA, established in 2013, serves as the apex body for all credit unions in Sierra Leone. It began with six credit unions and has since grown to 24 member unions with a combined membership of over 10,000.
Those unions include both community-based and employee-based credit unions, providing essential financial services to Sierra Leoneans.
Delivering the keynote address on behalf of the Deputy Minister of Trade, Emmanuel Konjah, Chief Director at the Ministry of Trade, expressed his delight at attending the celebration, which recognized the contributions of credit unions nationwide.
Konjah highlighted that when he first assumed his role, total savings across credit unions amounted to only 3 billion old Leones. Today, that figure has quadrupled, reflecting the significant progress made by the credit unions.
He further emphasized the key achievements of credit unions since their inception in the 1970s, including the establishment of the Credit Union Bank and a cooperative bank.
Konjah praised the growth of the union, which now boasts 25 credit unions, a milestone that has played a critical role in poverty alleviation across the nation. “We cannot develop as a nation if 90% of our businesses remain in the informal sector,” he stated, underscoring the importance of formalizing the informal economy.
Konjah announced that on October 31, the government will launch a roadmap to formalize the informal sector, an effort that has been in the works for the past four years.
He noted that the government has focused on creating an enabling environment through legal and regulatory reforms, and the growth of credit unions is a testament to the trust and commitment of their members.
He concluded by urging more individuals to register with credit unions to access available financial support. “Many claim they lack access to finance, but funds are available. Over the past two and a half years, I have facilitated matching grants to women in post-rice harvest, but many couldn’t access them because they weren’t registered,” he explained.
Lamin Kamara, National Chairman of NaCCUA, described the celebration as a special occasion that brought together stakeholders to commemorate World Credit Union Day. He stressed that credit unions are not just financial institutions but part of a global movement championing financial inclusion and economic empowerment.
Kamara highlighted that the ultimate goal of celebrating this day is to raise awareness and acknowledge the incredible work credit unions are doing.
He also referenced a recent Memorandum of Understanding (MOU) signed between NaCCUA, the Bank of Sierra Leone, and the Department of Cooperatives, which has instilled confidence in their members.
Kamara reaffirmed NaCCUA’s commitment to its core values of “people helping people,” and urged members to reflect on their achievements while looking forward to future growth. “As we reflect on our milestones, we see financial growth, stronger communities, empowered individuals, and shared prosperity,” Kamara said.
Irish Ambassador to Sierra Leone, Aidan Fitzpatrick, spoke about the rich history of credit unions in Ireland, sharing that he had been a member since the age of five. He noted that in a recent survey, credit unions in Ireland were ranked highest for customer service, demonstrating their commitment to service delivery.
Fitzpatrick reaffirmed the Irish government’s support for credit unions in Sierra Leone, revealing that over the past decade, the Irish embassy has contributed 15 million new Leones annually. He announced a significant increase in support, with the embassy pledging to double its contribution to 72 million new Leones per year for the next five years to help further the growth of credit unions.
Esther Johnson, representing the Bank of Sierra Leone, echoed the sentiments of previous speakers, reaffirming the bank’s commitment to working alongside credit unions to elevate their position in the financial sector.
She emphasized the need for credit unions to embrace financial literacy and technological innovations to remain competitive in the evolving financial landscape.
Johnson concluded by encouraging credit unions to enhance their visibility and seize opportunities for growth, stressing that the future of financial inclusion depends on collective efforts and continuous innovation.
