March 2, 2021
By Mohamed M. Sesay
The Chief Executive Officer of the Small and Medium Enterprises Development Agency (SMEDA) Sharka Samuel Sannoh has on the 1st of March, vehemently condemned emerging criminal activities of some individuals in the provinces illegally and clandestinely registering MSMEs at the sum of Le 80,000 to 100,000 per persons. They are reportedly pulling the scam under the guise of helping those swallow the bait that they will benefit from the pending loan.
Venting his disappointment at a press briefing, the Chief Executive Officer Sharka Sannoh lashed out at those he termed as criminals, attempting to undermine the micro credit initiative of government.
He further intimated that all registrations of MSMEs should be done with the City and District Councils, Office of the Administrator and Registrar General, Corporate Department, and Corporate Affairs Commission and later with SMEDA as provided under SMEDA’s Act of 2016.
“Over the last two week after the launch of the Munafa Funds by the president, a lot of complaints from all over the country have reached us indicating that people with very bad motives are registering people in the name of SMEDA.
He added: “We have had stakeholder’s engagements across the country talking to people that registration for the MUNAFA Fund is free and we have not outsourced that registration to anybody to do it on our behalf. So for those who are requesting money particularly in the name of the Fund are doing a kind of criminal act. It is criminal and it is fraudulent and whosoever is caught in that act will be dealt with accordingly.”
Sharka Sannoh continued that they have reported the matter to the Anti-Corruption Commission and the Sierra Leone police. He disclosed that they have become very watchful for those engaged in such criminal racketeering enterprise.
Also updating the press about the various service providers of which the Agency has outsourced the disbursement and recovery of the Munafa Funds to, the Chief Execute Office disclosed that they did an expression of interest in November last year and seventeen (17) Financial Service Providers responded to it.
He said they therefore did a robust due diligence on the service providers including desk review to come out with ten out of the seventeen that applied. Those certified service providers were provided symbolic checks.
He added that SMEDA has various districts, which they have allocated the Financial Service Providers to wherein Eco Bank Micro Finance in Bo district has been allocated one billion leones in order to service one hundred twenty (120) SMEs that would receive five million leones each, and forty (40) SMEs that would receive ten million leones each.
Win Trust Micro Finance in the same Bo District has been allocated one billion leones to also service one hundred and twenty SMEs that would be receiving five million leones and forty SMEs would be receiving ten million leones each. MOPANDA Micro Finance LTD. In Bo District has also been allocated five hundred million leones to service sixty SMEs that would be receiving five million leones each and twenty SMEs that would be receiving ten million leones which bring the total of two billion five hundred million leones allocated to Financial Service Providers in Bo District which would service three hundred SMES that would receive five million leones and hundred SMEs for ten million leones.
For Bombali, Sharku Sannoh also informed that there is a Financial Service Provider call Community Empowerment and Dev. Agency has been given one billion leones that would service hundred SMEs at five million leones and fifty SMEs at ten million leones. Eco bank in Bombali has also been given one billion leones to service hundred SMEs at five million leones, and fifty SMEs at ten million leones bring the total of two billion leone for Bombali District. Bonthe District has only one Financial Service Provider which is the Imperi Trust has been allocated nine hundred million leones targeting one hundred and twenty SMEs at five million leones and thirty SMEs at ten million leones.
Kailahun District has Lift Above Poverty Organization Micro Finance has been allocated five hundred million leones to service sixty-seven SMEs at five million leones and seventeen SMEs at ten million leones. The second Financial Service Provider in Kailahun is the Mopanda Micro Fianace has also been allocated one billion leones to service one hundred and thirty-three SMEs at five million Leones and thirty-three SMEs at ten million leones bring the total of one billion five hundred million leones for Kailahun District.
Kambia also has Lift Above Poverty Organization Micro Finance which has been allocated one billion leones in order to service one hundred SMEs at five million leones and fifty SMEs at ten million leones bring the total amount of one billion leone for Kambia. Kennema has Eco bank Microfinance has been allocated one billion leones to service hundred and twenty SMEs at five million leones and forty SMEs at ten million leones. Trust Microfinance in Kenema has also been allocated one billion five hundred million leones to service one hundred and eighty SMEs at five million leones and sixty SMEs at ten million leones bring the total to two billion five hundred million leones for Kenema.
Kono has Harvest Microfinance which has been allocated five hundred million leones to service fifty SMEs at five million leones and twenty-five SMEs at ten million leones. Mopanda Microfinance also in Kono has been allocated one billion five hundred million leones to service one hundred and fifty SMEs at five million leones and seventy-five SMEs at ten million Leones bringing the total of two billion leones for Kono District. Falaba District has Community Empowerment and Dev. Agency Microfinance which has been allocated a total of seven hundred and fifty million leones to service hundred SMEs at five million leones and twenty-five SMEs at ten million leones bringing to the total of seven hundred and fifty million leones for Falaba District. Moyamba has Community Empowerment Dev. Agency Microfinance which has been also allocated five hundred million leones to service fifty SMEs at five million leones and twenty-five at ten million leones. Similarly so, Imperi Trust in Moyamba has also been given five hundred million leones to service fifty SMEs at five million leones and twenty-five SMEs at ten million leones bringing the total of one billion leones for Moyamba District.
In Portloko, a Microfinance institution called Grassroots Gender Empowerment has been allocated one billion leones to service one hundred and eleven SMEs at five million leones and forty-four SMEs at ten million leones. Quick and Reliable Microfinance in Portloko also has been allocated one billion two hundred and fifty million leones to service one hundred and thirty-nine SMEs at five million leones and fifty-six SMEs at ten million leones bringing the total of two billion two hundred and fifty million leones for Portloko. Pujehun has Mopanda Microfinance which has been allocated one billion leones to service hundred people at five million leones and fifty at ten million leones. Tonkolili District has Community Empowerment and Dev. Agency also being allocated one billion two hundred and fifty million leones to service one hundred and fifty beneficiaries at five million leones and fifty people at ten million bringing the total of one billion two hundred and fifty million leones for Tonkolili Diistrict. Karene has Gross root Gender Empowerment Microfinance which has been allocated a total of seven hundred and fifty million leones to service hundred people at five million and twenty-five beneficiaries at ten million leones.
Lift Above Poverty Organization Microfinance in the Western Rural District has been allocated one billion two hundred and fifty million Leones to service one hundred and fifty SMEs at five million leones and fifty SMEs at ten million Leones. Western Urban District has Eco Bank which has been allocated five hundred million leones to service fifty-six SMEs at Five million leones and twenty-two SMEs at ten million loenes; Harvest Microfinance allocated two billion Leones to service twenty-two SMEs at five million leones and eighty-nine SMEs at ten million leones. Lift Above Poverty Organizatio Microfinance allocated one billion two hundred and fifty million leones to service one hundred and thirty-nine SMEs at five million leones and fifty-six at ten million Leones. Quick and Reliable Microfinance allocated seven hundred and fifty million leones to service eighty-three SMEs at five million Leones and thirty-three at ten million Leones bringing to a total of four billion five hundred million Leones for Western Urban District.
Koinaduugu District also has Community Empowerment and Dev. Agency Microfinance being allocated five hundred million Leones to service sixty-seven people at five million Leones and seventeen beneficiaries at ten million Leones. Eco Bank Microfinance in Koinadugu as well is being allocated four hundred million Leones to service fifty-three SMEs at five million and thirteen SMEs at ten million Leones bringing a total of nine hundred million Leones for Koinadugu.
Sharka Sannoh encouraged the general public wishing to make any enquiries on either the Fund or SMEDA, to please contact the Agency’s head Office at Cantonment Road, Brookfieds Freetown or call on the following numbers; 076685049/077940810.