The National Cooperative Credit Union Association (NaCCUA), in collaboration with the Irish League of Credit Union Foundation Limited (ILCUF), on Thursday 17th October 2024 celebrated the International Credit Union Day on the theme ‘One World Through Cooperative Finance’ at the New Brookfields Hotel in Freetown at which event the Reviewed Loan and Credit Control Policy, with input from members nationwide, was also officially launched.
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 Esther Johnson, some of the challenges facing CUs include outdated laws, lack of visibility noting that the financial landscape is changing, called for streamlining of their operations and underscored the need to go digital as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 MoUs 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.
The Director of Trade and Professional Head in the Ministry of Trade and Industry, Mr. Emmanuel Conjoh said the CU is a serious business, that the day is to recognize the efforts of CUs disclosing that their capital has increased from Le300 million-Le20 billion and from 6 CUs -26 CUs and observed that the country cannot develop if 90% of the businesses are in the informal sector observing that out of the population of 8 million there is less than three million account holders in the country.
He articulated that CUs promote and improve the livelihoods of their members, that CUs started in the country in the 1970s, that they had a bank that later closed down and appealed to CUs to capture the 300,000 artisanal miners, commercial motorbike ‘okada’ riders, tricycle riders and artisanal fishermen.
Mr. Conjoh also disclosed 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, that there are 18,000 civil servants in the country, that the Cooperative Act would be reviewed with support from the International Labor Organization and that new laws and regulations would be in place next year as well as the Cooperative Bank that would be reopened also in 2025.
Earlier, the Chairman of NaCCUA, Mr. Lamin Kamara revealed that CUs are an economic empowerment, that the day has been celebrated since 1948 to highlight the incredible work they are doing globally, recalled that the celebration this year stated with a three-days Credit Union Supervisory Workshop for CU stakeholders to educate them about the essence and role of the Supervisory Board followed by a symposium.
He also recalled the two Memorandums of Understanding signed between the Bank of Sierra Leone and the Department of Cooperatives on the one hand and the other between the Bank of Sierra Leone and NaCCUA in June this year that has bestowed a lot of confidence in CUs.
He continued that the day is a reflection of the shared commitments of people helping people, reflect on the work they are doing and shared prosperity, improve the financial wellbeing of their members and ensure that no one is left behind.
According to Mr. Lamin Kamara, due to the hard work, dedication and commitment of CUs, the pubic now has confidence and trust in them and commended partners like the ILCUF, DSIK, the Bank of Sierra Leone and the Department of Cooperatives in the Ministry of Trade and Industry (DoC) that are supporting them to touch and change countless lives, that CUs are now walking into the future with optimism and would soon go digital starting with the Moyamba Teachers Cooperative and Tawopaneh.
He furthered that they are operating with the outdated 1977 Cooperative Act that needs to be reviewed.
The representative of the Irish Credit Union, revealed that CUs started in Ireland in 1959 with a lot of challenges like Sierra Leone which they overcame with commitment and professionalism that they are now giving back to Sierra Leone adding that they have committed to fund the CUs in Sierra Leone for another five years and underscored that they are very proud to support the country.
The march pass of CUs from Pultney Street to the New Brookfields Hotel, the vote of thanks, musical performances and singing of the Credit Union Song climaxed the well-attended event.
