Sierra Leone

 

Overview of ILCU Foundation Support:

The ILCU Foundation, in partnership with the Canadian Cooperative Association (CCA) and the Credit Union Association of Ghana (CUA), set out to revitalise the credit union movement and expand financial services to thousands of communities in Sierra Leone in 2013. This project began successfully and progressed; however, in early 2014 the largest and most complex Ebola outbreak in history led to its suspension and the Technical Advisor who was overseeing the project had to leave the country.

Marion Fornah Member of Sierra Leone Teachers’ Credit Union

In September 2015, the project was reactivated and to ensure the successful delivery of the project a full-time country manager has been employed to oversee the work. The project has engaged with 20 credit unions from across the West African nation and while the project was suspended credit unions have reported an increase in membership and assets whilst continuing to support their members needs.

Key Project Objectives:

  • Supporting credit union development through promoting credit unions
  • Educating credit union leaders as to the requirements of strong financial institutions
  • Supporting the development of the movement through promoting and supporting the national apex organization
  • Promoting responsible credit union development to the government and other agencies
  • Advocating for supportive and prudent legislation and regulation

At a glance

Population: 6.3 million

No. of credit unions: 20

No. of members: 4,482

% living on < €1 a day: 53%

Life expectancy: 57 yrs.

Type of loan issued: Agricultural, commercial, educational, housing and medical.