Vice President Alhaji Sam Sumana recently, officially opened the Home Finance Company (HFC) which will be providing home loans for Sierra Leoneans at Liverpool Street in Freetown.
In his statement, the Chairman Board of Trustee National Social Security and Insurance Trust (NASSIT), Jacob Kanu said many a time “we discussed with pride the beauty of the natural and human and other resources of our beloved Sierra Leone rightfully it is a pride that will never go away.
But just as we begin to admire our natural endowment our excitement is soon checked by the fact that much needs to be done to complete the panorama and ensure the beneficial exploitation of our resources. The ten years civil conflict saw the destruction of many units of housing in rural and urban Sierra Leone.”
He disclosed that it is against this dismal background that NASSIT commissioned a study in February 2005, to develop a framework for a housing development scheme that targets the middle to low income earners.
He explained that findings of that study indicated that lack of financing was a major deterrent that contributed to housing shortages in Sierra Leone. “Hence it was established that a well develop housing finance scheme was needed to address the supply of houses in the country.”
“Accordingly in 2006 NASSIT engaged the services of HFC in Ghana to carryout technical and market feasibility studies, which culminated into the establishment of mortgage finance operations in Sierra Leone,” Kanu said.
He disclosed the company itself currently 99% NASSIT and 1% director general on behalf of NASSIT was license by the Bank of Sierra Leone in 2008 under the Financial Services Act 2001. Managing Director HFC -Ghana, Asare Akufu said the company will be providing technical assistance, noting that HFC Sierra Leone will be providing home loans for Sierra Leoneans which is a major development. The Governor Bank of Sierra Leone, Sheiku Samadeen Sesay congratulated NASSIT for pioneering such a venture. “This is another demonstration of NASSIT’s unreserved commitment for being the catalyst of socio-economic development in Sierra Leone,” he said.