NaCSA Holds Validation Workshop
The National Commission Social Action (NaCSA) held a one day validation workshop on the review of the Micro Finance Policy Programme; the ceremony took place on the 24th November 2010 at Satano House at Howe Street, Freetown.
In his opening remarks the chairman of the programme Mr. Prince Williams noted that, the Micro Finance operation is a major component in the development in any country, he reiterated that, the role of NaCSA Micro Finance Unit plays greatly in the promotion of the livelihood of its citizens mostly in the rural communities in the country.
In his statement the deputy director E.P.R.U at the Ministry of Finance Economic Development Mr. Mohamed Waritay said that reaching the poorest families defined as families in developing countries who are in the bottom 50% of the population living below their country’s poverty line, he maintained that there are several considerations that motivate Government and development institution to promote Microfinance.
In his key note address the Deputy Commissioner Charles Rogers stated that the Micro-Finance programme of NaCSA in collaboration with the Ministry of Finance and economic Development (MOFED) has undertaken a series of activities of which one is the review of Micro Finance Policy, he said it is over six years since the Micro Finance policy was formulated and endorsed by cabinet in 2003.
The Deputy Commissioner of NaCSA noted that within this period there has been considerable development in the industry, he further boasted that seven (7) rural banks have opened windows of Micro-Finance. Commercial banks are stepping down to Micro-lending and NGO’s and other limited liability companies have also entered into the industry.
The Local Consultant Mr. Michael Johnny presented the draft Micro Finance Policy for Sierra Leone in his presentation on the draft policy on Micro Finance, he highlighted on the introduction the structure of the Sierra Leone Economy.
The draft policies talk about an undeveloped rural agricultural sector, the mining sector as the next largest rural productive resource, the component not only in the Micro-Finance section, topic like the Micro Economic performance, financial sector reforms, and the role of micro finance.
The overview of microfinance services provider, which also highlighted a variety of traditional sources of Microfinance exist in Sierra Leone. He reiterated on the need for a Micro Finance Policy, he stated that according to a survey conducted by the consulting firm D.F.C and Statistics Sierra Leone in 2008. 81% of households in Sierra Leone are not served by any lending institutions. 81% receive it from an informal lender (money Lender) (Friends Relative, and 10% form a semi-formal lender or group, and only 9% from a formal institution such as commercial , development and community banks, or an M.F.I.
Stay with Sierra Express Media, for your trusted place in news!
© 2010, https:. All rights reserved.
