The 75th International Credit Union Day (ICUD) was on Thursday 19th October 2023, celebrated on the theme: ‘Empower Your Financial Future with the Credit Union’ at an impressive ceremony held at the New Brookfields Hotel in Freetown, at which ceremony the Chief Director of Trade in the Ministry of Trade and Industry, Mr. Emmanuel Konjoh, articulated that cooperatives play a significant role in the socio-economic development of the country, especially in the informal sector.
It was also revealed at the ceremony that Credit Unions will soon be established for the Civil Service, the Bank of Sierra Leone, the Correctional Service and the Fire Force.
He asserted that the corporate services offered by Credit Unions (CUs) have also increased, despite the challenges in governance, underlined that their focus is to diversify the economy that is primarily dependent on mining, observing that cooperatives in the cocoa sector are doing well, that black marketeers in foreign currencies have also established CUs, and called for the establishment of CUs for the over 300,000 artisanal miners, commercial motorbike and tricycle riders, drivers, tailors and others in the service sector.
According to Mr Emmanuel Konjoh, a CU for the civil service would be launched in January next year, and observed that nine of the thirteen Commercial Banks in the country are Nigerian-owned, and stressed the need to look inwards, due to global shocks and reiterated that financial inclusion is critical in the economic space and the need to ignite the culture of savings, as cooperatives have existed in the country for decades. He informed that the Cooperative Policy and Act would be reviewed, but asked how we reinvest depositors’ savings.
The representative of the Bank of Sierra Leone revealed that the government recognizes CUs for reaching out to the unbanked and that only 30% of the population have access to financial services, reiterating the immense benefits of CUs and disclosing that the CU model would be used to access financial services.
He continued that the bank has drafted Memorandums of Understanding with various stakeholders to ensure the safety of members’ deposits, that CU leaders must take full responsibility for managing members’ deposits, and intimated that the bank would soon establish a CU for its staff. He commended CUs for making great strides to promote financial inclusion, as well as complementing government efforts to advance financial inclusion and reduce poverty, despite the challenges, and hoped to see the day when all Sierra Leoneans would become members of CUs.
The ceremony was graced by representatives of the Ministries of Finance, Trade and Industry, Bank of Sierra Leone, Development and Economic Planning, Internal Affairs, the police, army, Department of Cooperatives, Send-Sierra Leone, Fourah Bay College, the Institute of Public Administration and Management (IPAM) and the media.
In his welcome statement, the Chairman of the National Cooperative Credit Union Association (NaCCUA), Mr Ibrahim Sorie, revealed that the day is to showcase the values of CUs, adding that the day has been celebrated since 1948 too, among others, to honour and appreciate the principles of the CUs and their impact on society.
He continued that the day is also to demonstrate to government and partners how CUs have transformed and impacted the lives of their members, asserting that CUs are not for profit making, but offering financial services, disclosing that CUs have increased from 15 -to 27 nationwide, with 27 million in total assets and 15,000 members, stressing that their savings are for development.
Mr. Ibrahim Sorie also commended NaCCUA and the Irish League of Credit Union Foundation (Limited) (ILCUF) for their invaluable support and affirmed that their wish is for all Sierra Leoneans to join CUs for financial inclusion, as well as to enhance economic sustainability, and underscored that testimonies abound about the numerous and invaluable benefits of CUs on their members.
He continued that they believe in the six core values of CUs, including self-help, solidarity, the right to participation and democracy, and highlighted some of their challenges as the outdated Cooperative Act of 1977, which he affirmed must be reviewed to meet modern-day trends, the high-interest rates charged by commercial banks, and commended all stakeholders for their support, especially ILCUF and DSIK, for their financial and technical support for the past ten years.
The Chairman of NaCCUA further acclaimed SEND-Sierra Leone for establishing CUs in the Southeast of the country.
The representative of ILCUF, Mr. Harry Barry, disclosed that this is his fourth visit to the country, and enlightened that CUs have increased from 15-27, adding that he was a manager for 30 years in his Irish CU that has 1 million dollars in assets, furthering that they have been supporting CUs in Sierra Leone for the past ten years, adding that with their population of 5 million, they have 500 CUs with strong leaders and staff and that for the past nine consecutive years, CUs have won the survey on trust conducted for institutions.
He further underscored the need for cogent legislation that would help CUs to grow in Sierra Leone, adding that they review their legislation regularly.
The highlights of the well-attended ceremony were the launching by the Senior Permanent Secretary in the Ministry of Internal Affairs, Mr David Banya, of the simplified handbook on CUs with both soft and hard copies covering the Philosophy of CUs, Governing Structure, Roles and Responsibilities, Conflict of Interest, Good Governance and the template on the various Policies and Procedures for Board Members.
Mr. David Banya also informed that the Ministry would establish CUs for three Agencies (the Police, Fire Force and Correctional Service) out of the eight agencies under its purview.
Other highlights of the event included the march pass from the NaCCUA headquarters at Pultney Street to the New Brookfields Hotel, video testimonies and case studies about the success stories and impact of CUs on the lives of its members and entertainment, while the vote of thanks was rendered by Christiana Vandy.
The ceremony was graced by representatives of the Ministries of Finance, Trade and Industry, Bank of Sierra Leone, Development and Economic Planning, Internal Affairs, the police, army, Department of Cooperatives, Send-Sierra Leone, Fourah Bay College, the Institute of Public Administration and Management (IPAM) and the media.
The ICUD was preceded by a two-day training of CU leaders nationwide.
The Master of Ceremony was popular comedian, Kindo Amani.
