The capital base of Credit Unions operating in the economy has hit the 2O billion Leone mark. This marks a tremendous growth over the 300 million Leone it recorded few years ago. Also in like fashion, the number of Credit Union has grown from 6 to 26 outfits over same period.

The Director of Trade and Professional Head in the Ministry of Trade and Industry, Mr. Emmanuel Conjoh who disclosed this in Freetown noted that Credit Union business is a serious and very important business in the economy adding that a country cannot develop if 90% of the businesses are in the informal sector.

Mr Conjoh who was addressing guests at the recently held international Credit Union Day in Freetown disclosed that the business of Credit Union had commenced in Freetown since 1970 and that the Unions have strived in promoting and improving the livelihoods of their members ever since. “CUs started in the country in the 1970s, tthey had a bank that later closed down”, he informed the gathering and thereafter appealed to CUs to incorporate the over 300,000 artisanal miners, commercial motorbike ‘okada’ riders, tricycle riders and artisanal fishermen operating in the country.

He announced plans by the Ministry to formalize the informal sector, review the legal and regulatory space noting that CUs can do more and that they have no time to waste revealing that the Ministry would this year establish its own CU, to incorporate over 18,000 civil servants.

Also speaking at the occasion, the Irish Ambassador in Sierra Leone, Mr. Aifdan Fitzpatrick informed that his government is happy and proud to support CUs in the country, that out of the 5.5 million population in Ireland, 3.6 million are CU members or 2 out of every 3 Irish national asserting that it’s an incredible global movement with 400 million members worldwide adding that a survey has revealed that CUs in Ireland are the best service providers for the past 10 years.

He also disclosed that CUs in Sierra Leone have for the past ten years increased their shares to Le50 thousand new Leones and that he is looking forward to the day when CU membership in Sierra Leone will increase from 16,000-100,000.

The representative of the Bank of Sierra Leone, Ms. Esther Johnson said the day is for CUs to reflect on the profound impact they have created, observed that CUs are different from banks and other financial institutions, that they are the driving force, especially for the financially underserved and excluded asserting that CUs are the key drivers to financial inclusion.

According to Ms. Esther Johnson, some of the challenges facing CUs include outdated laws, lack of visibility noting that the financial landscape is changing, called for streamlining of their operations and underscored the need to go digital as well as embrace transformation, maintain the human touch in all they do and equip their members with financial literacy that is lacking enlightening that the two Memorandum of Understanding (MoU) signed with CUs in June this year are to ensure that they are effectively supervised and reaffirm their commitment to inclusive culture and that no one is left behind.