Awoko -

“Never underestimate the importance of good communication”. That was the message microfinance institutions (MFIs) received this month at a Communications Champions training course run by MITAF (Microfinance Investment and Technical Assistance Facility).

Fourteen staff from MFIs across the country attended the day-long event. It was aimed at improving internal and external communication within organizations, increasing understanding of the importance of communicating with other MFIs and creating better understanding of microfinance among potential customers.

Pearson said: “Improving communication within MFIs won’t just benefit individual organizations, in the long term it will benefit customers and the industry as a whole. Better internal communications will reduce costs and improve staff motivation. Better communication among MFIs will improve information sharing and strengthen the industry. Better external communication will improve customer satisfaction and retention as well as increase understanding among potential clients so they can make an informed decision as to whether microfinance is right for them.”
Daniel Braima from SMT in Makeni is one of the training participants. He said: “It was very worthwhile and has made me think differently about external and internal communications. It’s important the way we communicate. Good internal communication ensures vital information is passed on with speed and accuracy. Externally it can give you a competitive edge. I’ll definitely be taking what I’ve learnt back to my colleagues at SMT. It will help us greatly.”

All staff attending the course were tasked with going back to their organizations to champion better communication from within. They will be looking for better ways to share information, identifying where communication may be breaking down and suggesting ways to improve it, and helping other staff understand why communication is important to the sustainability of MFIs. Microfinance has helped thousands of low income entrepreneurs in Sierra Leone access finance and expand their businesses. However, a survey carried out by MITAF in May 2010 found that as many as 55% of traders in Freetown don’t understand what microfinance is and therefore can’t make an informed decision as to whether it will benefit them.