Sierra Leoneans have little access to savings or lending facilities, there are only two deposit taking MFIs in the country and the banks are not interested in small savings. This makes it very difficult for individuals, except those at the top strata of society, to access credit for productive or entrepreneurial purposes.
The project aims to improve the financial capacity of women, youth and men throughout rural and urban Sierra Leone through access to financial services.
Credit unions offer the opportunity for communities to create and deliver financial services that are relevant to their needs, allow people to save and plan for the future, access credit for investment purposes, and improve household financial literacy.
This is phase II of the project which builds previous experience and will continue to build the capacity of credit union leaders (managers and directors) to meet the requirements of strong financial institutions, promote the establishment of new credit unions in high potential areas in rural and urban Sierra Leone,and support the growth and development of the National Apex. The project also aims to build capacity of the Department of Co-operatives to carry out responsible supervision, and promote an enabling environment for credit union growth.