One of the leading microfinance institutions in Sierra Leone, Finance Salone, has loaned eight groups Le 37 million, says its Lumley office branch manager, Richard Lamin.
Before handing over the cheques, he cautioned the creditors that it was now yuletide, “so please be careful how you spend this money.”
He explained to Awoko that, “one good thing about the scheme is that microfinance is here for the poor and it is so easy to access. Unlike bank loans which are not easy to access, microfinance is easy to access. All you need to do is form a group and access the loans.”
“The productive poor that access these loans, are so happy for this lifetime opportunity because there is no protocol to access it,” he said.
Mr Lamin explained further that, “I was at Malama Thomas Street branch, while assessing this community I realised that creditors are willing to pay back their loans, unlike creditors at the central part of Freetown, who at times try to play smart.”
“In central Freetown the capacity is there to pay back, because it is a business district but the willingness is absent by some of the creditors,” he emphasized.