The Sierra Leone Association of Microfinance Institutions (SLAMFI) has met with the Bank Governor of Sierra Leone Mr. Momodu Kargbo to discuss possible ways of improving Micro financial institutions in the country. The aim of the visit was to appraise the Bank of Sierra Leone on their existence but more importantly to seek support and cooperation in developing the microfinance sector.
According to the president of Sierra Leone Association of Microfinance Institutions (SLAMFI) Mr. Noah Bangura, their vision is to have a viable and sustainable microfinance sector that will be integrated into the national financial system that is responsible for meeting the financial needs of the economically active/low income people.
He stated that their mission is to promote the development of professionally sound and financial suitable microfinance institutions through coordinated capacity building, dissemination of best practices, and advocacy for a conducive microfinance environment. He said promotion of such processes will create strong partnership with donors, investors and others key stakeholders that will meet the financial needs of the economy.
Making a statement during the ceremony, the Managing Director of A Call to Business David Kamara underscored the importance of the partnership with the Bank Governor. He said SLAMFI recognizes the microfinance sectors that are in need for an institutional frame work. He noted that through such meetings, common issues and concerns can be discussed and addressed.
He noted that the Central Bank is legally charged with the responsibility to formulate, implement monetary and supervise policies in the country. He said SLAMFI was set up in 2006 based on the support from a consortium of donors. He said the effort then was not sustainable caused SLAFI to be inactive in their operations.
Addressing the a cross section of the team from various microfinance institutions, the Bank Governor of Sierra Leone Momodu Kargbo lauded the role played by microfinance institutions.
As a bank, he noted they are planning to put a national financial regulatory system in place that will regulate the activities of the financial system in the country. He said with the financial system in place it will help address the challenges it is facing in the country. He called for robust development within the microfinance sector.
SOURCE: Awareness Times (Sierra Leone)
Apr 23, 2010 26
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