By zainab.joaque@awokonewspaper.sl
Freetown, SIEERRA LEONE – In a significant move aimed at fostering economic development and financial inclusion in Sierra Leone, the International Finance Corporation (IFC), a member of the World Bank Group, has officially committed a $3 million investment in ACTB Savings and Loans. The agreement, inked on Tuesday, March 12, 2024, at the Wilberforce Office, marks a pivotal moment in supporting the growth of small businesses in the region.
The IFC emphasized that this strategic partnership is geared towards enhancing financial inclusion, promoting job creation, and bolstering economic activity in Sierra Leone. Dahlia Khalifa, IFC’s Regional Director for Central and Anglophone West Africa, underscored the project’s focus on providing access to credit, savings, and other financial services, particularly targeting women entrepreneurs. Khalifa articulated, “By supporting women in their entrepreneurial endeavours, we are not only promoting gender equality but also ensuring a more robust and inclusive economic growth for Sierra Leone and stimulating investment in the sector.”
The investment’s timing aligns seamlessly with the recent International Women’s Day theme, “Invest in Women, Accelerate Progress,” reinforcing the commitment to empowering women in business.
David Kamara, Chief Executive Officer of ACTB, expressed optimism regarding the collaboration’s potential impact on strengthening the microfinance sector in Sierra Leone. Kamara emphasized the strategic goal of expanding coverage sustainably and generating greater income for their diverse customer base. He also acknowledged the valuable technical assistance received from the IFC and highlighted the meticulous due diligence process undertaken by ACTB as part of the partnership.
Kamara stated, “This loan will better enable Micro, Small and Medium Scale Enterprises (MSMEs) to obtain the financial services they require in a market where over 70 percent of Sierra Leoneans remain financially excluded. Together with IFC, we aim to bridge that gap and foster a more inclusive and resilient economy.”
In support of this initiative, Sheikh Yayah Sesay, Deputy Bank Governor II, commended the partnership’s alignment with the Central Bank’s Financial Inclusion Strategy, focusing on client-centric products, particularly for women and youths. Sesay emphasized the critical role of such investments in overcoming barriers to finance for Micro, Small, and Medium Scale Enterprises (MSMEs) and urged responsible resource utilization with utmost integrity.
As of December 2023, ACTB holds a notable market share of 20.6% by loan portfolio and serves over 23,000 active borrowers, with more than 70% being women. The IFC’s investment signifies a collaborative effort to propel economic growth, empower entrepreneurs, and pave the way for a more inclusive and resilient financial landscape in Sierra Leone. ZIJ/13/2/2024