By Politico Staff Writer
A group of four coaches from the Irish League of Credit Unions Foundation (ILCUF) have observed that credit unions in Sierra Leone were gradually improving in their activities, as illustrated in the impact of their operations on the people they serve.
The ILCUF officials made the observation as part of a report presented at the end of a two-week coaching and study in the country, which culminated in a two-day training of 24 leaders and staff of Cooperative Credit Unions.
The training was conducted in the Conference Hall of the Young Men’s Christian Association on Fort Street in Freetown on Friday 31st January, 2020.
“The Irish League of Credit Unions in Sierra Leone (ILCUs) is doing a great job, especially effective monitoring of the 28 Credit Unions in the country that are gradually improving. Credit Unions can make a very big difference in the lives of people. It is the poor man’s bank with reasonable interest,” said the team as part of a presentation.
“Traders are so happy that Credit Unions have helped them develop their businesses and get out of poverty. Some of them have built houses and educated their children through Credit Unions. People need access to credit,” they added.
Among others, the team examined the minutes of meetings of Credit Unions, their accounts and other records. They talked to directors and staff, as part of the information gathering process.
The team held discussions with officials of the Cooperative Department, where they highlighted the need for Sierra Leone to embark on aggressive marketing and sensitization on Credit Unions in the country. They also spoke about the need for trust, and said it would be helpful for the credit unions to showcase successful members of Credit Unions as Ambassadors.
In the report, the experts pointed out that Moyamba District Teachers’ Credit Union was first in terms of finance and Tawopaneh in Freetown came at the top in terms of membership.
The team also visited the Bo District Teachers’ Credit Union, Pujehun District Teachers’ Credit Union, Luawa Credit Union in Kailahun, and Nyandeyama Credit Union in Kenema.
The findings, according to the experts, indicated that all the unions were growing strong financially, with new policies been put in place. They observed that the mistakes they discovered were similar to those made by Credit Unions in Ireland in their formative days some 50 years ago.
Among the recommendations include the need to identify more awareness on risks, improve on the systems of control, financial management, credit control, and building of relationships. They also emphasized on the need for members to be creditworthy.
The team also made presentations on governance, supervisory committee, accountability to members, and management of finances.
According to ILCUF Sierra Leone Ltd General Manager, Mr Mwongyere Solomon, the coaching program started four years ago, during which period leaders and staff of Credit Unions in Ireland travelled to Sierra Leone for two weeks to visit Credit Unions in the country, review their operations, governance, policies in place, financial management and procedures and share their experiences with their Sierra Leonean counterparts.
“Our people have gained a lot from the program,” Mr Solomon said.
Credit Unions in Sierra Leone started in 2011; currently there are 28 credit unions in the country, with 10, 088 members who have Le7, 100, 000,000 in shares and savings. The members have borrowed up to Le6, 200, 000, 000.
The Irish League of Credit Union Foundation Ltd, together with the National Cooperative Credit Union Association Sierra Leone (NACCUA), is promoting the credit union movement in Sierra Leone with support from Irish Aid and Credit Unions in Ireland.
