A Call to Business (ACTB), on behalf of the Ministry of Social Welfare, on Wednesday 18th October 2023, launched the Post Ebola Recovery Social Investment Fund (PERSIF) Micro-Finance Loan Scheme in Kailahun, for the eastern region of Sierra Leone, and attracted hundreds of business people around the township and its environs. ACTB, an implementing partner, contracted by the government, is one of Sierra Leone’s credited and biggest micro-financial institutions in the country.
It could be recalled that the African Development Bank (AfDB) provided $13.5 million in grants from the African Development Fund and the Rural Water Supply and Sanitation Initiative Trust Fund. AfDB and the government of Sierra Leone first launched the project to support 3,000 Ebola Virus Disease (EVD) survivors and orphans, and other vulnerable sectors of society in Sierra Leone.
The mini-launch was first done in Port Loko and Kono Districts respectively, followed by Kambia District recently.
ACTB Chief Operating Officer, Idrissa Alie Sesay, in his statement during the launch, spoke a bit about ACTB and the purpose of their visit to Kailahun. He pointed out that ACTB is one of the biggest micro-finance institutions in Sierra Leone, with12 branches across the length and breadth of the country, disclosing that ACTB started in 2006 with 2 people, but today, has thousands in their loan books. He furthered that the project was entrusted by ACTB to do the disbursement of the grants and loans, because of its track record.
The ACTB COO stressed the importance of the 5% interest on the loan, as compared to other institutions that asked for more than 23%, and enjoined potential beneficiaries to embrace the opportunity.
He emphasized that ACTB has a loan criteria and screening methodology and process that people should go through to benefit from the loans. He also made it very clear that the people ACTB is giving loan to should have the capacity to pay back.
He informed his audience that Kailahun is one of the cross border districts chosen by the government to benefit from this gestures, but it is not given free.
“On average loans, you will pay 23 to 25%, but the one AfDB is giving, they should not pay more than 5%. This is not a promise, the money is available, and once we get all the requirements, we will do the disbursement as soon as possible,” he said.
The COO encouraged his audience to give credit to the government for its relentless effort in ensuring that Sierra Leone benefits from the fund, as one out of the three countries are blackout from it.
He informed them that some of the loan will have to go through mobile money, stressing that the scheme is a recycling fund based on how one repay, that is how they will increase their loans.
ACTB Credit Manager, Mrs. Isatu Bangura, while presenting the loan criteria to her audience, said the criteria covers: willingness to pay, business capacity to carry the loan, and the capital to start a business. She went further to state that potential loaners should have means of communication; a business place, to avoid falsification, and a form of business identification. She spoke about the level of trust, which some have, while some can’t be trusted.
“We have people that are not trust worthy, while others have integrity. We are giving loans to people in business, not for those that want to start up business,” she said.
To speed up the process ACTB began to share out the form to potential loaners on the same day of the visit, to fill. She encouraged the women not to duplicate names, as they are giving one loan to one person, not duplicates.
“The power women have in business is very high, please don’t let me down. Let us hold the program with two hands and ensure you pay,” she advised.
Representative from the Paramount Chief, Chief Augustine Amara, while welcoming ACTB to the heart of Kailahun, said it is not by mistake that the government chose Kailahun, as they have suffered a lot, citing Ebola as an example. He stood guarantee that all those that are present for the meeting are people that do business in and out of Kailahun Township.
“We are happy when you talk about the 5%. We don’t want you to be coming and going, we want you to stay here,” he said.
He also encouraged the men to support the women business and not to kill their business. He encouraged them to pay so that others will benefit from it.
The Town Chief, Chief Alpha Ndoleh, said the women are more respected and are okay with the coordinator’s chosen by ACTB, who is a Pastor in the township, as they have trust in him. He recalled that loans have made lots of women to leave the town, because they had failed to pay back.
“If you don’t repay the loan, it will not benefit others,” he said.
Deputy Chairperson for Kailahun District Council, Madam Doris B. Momoh, expressed happiness in the venture, adding that as a Council, they should be giving developmental fund to others.
“We want to thank you and the President for your effort. It has made it simple for our men, because some men are not providing for the home,” she said.
She advised the business women to take the money as their husband, as it will do a lot of things in their lives and will make men not to look down on them.
“We have 15 chiefdoms in Kailahun District but the first set of people will make the foundation for others to get,” she said.
Statement was also made by the LUC Representative, Karim Bangura, and the event was Chaired by ACTB Marketing and Deposit Mobilization Coordinator, Rockslyn Alwyn Findlay.