By: Saidu Jalloh
In a landmark initiative aimed at enhancing the growth and efficiency of local traders in Sierra Leone, the Deputy Minister of Trade and Industry, Mrs. Fatmata Kargbo has officially launched the Credit Union Growth and Sustainability Program on Thursday, 16th January 2025,
The program, organized by the National Cooperative Credit Union Association (NaCCUA) Sierra Leone, is supported and funded by the Credit Union Movement and the Government of Ireland.
Representing the Minister of Trade and Industry, Ibrahim Alpha Sesay, who was unavoidably absent due to other governmental engagements, Deputy Minister Kargbo emphasized the ministry’s commitment to the initiative. “This program reflects our shared dedication to fostering inclusive economic development, financial empowerment, and sustainable growth for the people of Sierra Leone,” she said.
Kargbo highlighted the alignment of the program with President Bio’s “Big Five Agenda,” which prioritizes economic transformation, human capital development, and innovation. She praised President Bio’s leadership and commitment to advancing financial inclusion for all Sierra Leoneans.
She further explained the critical role credit unions play in bridging the gap between formal and informal financial institutions, empowering individuals, micro-enterprises, and cooperatives by providing access to affordable credit, savings opportunities, and financial literacy programs. “These services are essential for stimulating local entrepreneurship, fostering productive investment, and building community resilience,” she noted.
The Deputy Minister reaffirmed the government’s commitment to creating a conducive environment for credit unions to thrive. She announced ongoing efforts to finalize and implement standardized regulations for credit unions to ensure transparency, accountability, and compliance. Kargbo also emphasized the importance of collaboration with development partners to provide technical assistance, capacity-building programs, and mobilize financial resources to support the sector’s growth.
In closing, the Deputy Trade Minister Fatmata Kargbo called on stakeholders, including credit union leaders, small and medium-sized enterprises (SMEs), and beneficiaries, to embrace this transformative initiative. She urged them to adopt sustainable practices and fully leverage the opportunities provided by the program to drive progress and development.
The launch of the Credit Union Growth and Sustainability Program marks a significant step toward financial inclusion and economic empowerment for communities across Sierra Leone.
