March 16, 2021
By: Aruna Kamara (Bo)
The Chairman of the Fenton Road Traders in Bo, Foday Conteh has said that the traders are waiting with a bated breath to receive the MUNAFA Loan but they will have to mount a robust verification exercise in order to get rid of those impersonating as traders.
He told this medium that they will move to the shops and tables of those who registered with the Traders Union to verify whether they are indeed traders as they do not want to be blamed for fraudsters infiltrating the loan scheme.
“We are happy with the step taken by the SLPP government to provide the loan, as COVID 19 has an adverse effect on their businesses. The closure of the Guinea boarder in fact compounded the problem but thank God, President Bio intervened and the border is now opened,” Conteh said.
According to him, we have asked the traders to register with the Sierra Leone Traders Union so that they can benefit from the MUNAFA loan, adding that the traders are in dire need of the loan to help reduce the impact of COVID 19.
He said that they are delighted about the low interest rate of 9% and this will make the traders easily compliant in defraying the loan unlike the astronomical interest rates that had been demanded by some of the micro-finance institutions in Bo.
Conteh said that they have not sensed any political interference in the scheme, which according to him is good, but stated that he hope this will continue to ensure that traders despite their tribe or political affiliation benefits from the loan if they fulfill the set criteria.
The Secretary of the Bo District Civil Society Forum, Momoh Kamara called on the Sierra Leone Traders Union to ensure that those who register with the Union are qualified to get the loan and the union’s executive should not favor any trader against the other but follow the due process of the loan scheme.
Mr. Kamara however said that it is the responsibility of the government to cater for the needs of the people and that much is expected from Sierra Leoneans to act responsibly to sustain the scheme for small business expansion.
It could be recalled that Chief Executive Officer of the Small and Medium Enterprises Development Agency (SMEDA) Sharka Samuel Sannoh 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.
However, this medium has reliably learnt that 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 benefit from the pending loan.