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The Deputy Minister of Trade and Industry, Madam Fatimata Kargbo, on Thursday 16th January 2025, delivered a keynote statement at the official launch of the Credit Union Growth and Sustainability Program organised by the National Cooperation Credit Union Association (NaCCUA) SL, supported and funded by Credit Union Movement and the Government of Ireland.
Speaking at the event, Madam Fatimata Kargbo expressed gratitude for representing her boss, the Minister of Trade and Industry, Ibrahim Alpha Sessay, who she said was unavoidably absent due to other government engagement, adding that her ministry is happy to be part of such a remarkable development of such nature.
“This initiative is a testament to our collective commitment to fostering inclusive economic development, financial empowerment, and sustainable growth for the people of Sierra Leone,” she stated. She also underscores President Bio’s visionary leadership and strong commitment to prioritising excellent financial inclusion for all Sierra Leoneans, adding that the program aligns perfectly with the President’s “Big Five Agenda,” which seeks to drive progress in economic transformation, human capital development and innovation.
Madam Fatimata Kargbo also shade light on the integral role Credit Unions play in bridging the gaps between formal financial institutions and informal institutions providing equitable space to empower individuals, micro – enterprises and cooperatives to access affordable credit, savings opportunities and financial literacy programs. She further emphasized that such services are vital in stimulating local entrepreneurship, enabling productive investment and building resilience within communities.
Madam Kargbo reaffirmed government unwavering commitment and steadfastness towards creating an enabling environment for credit unions to thrive. She reviled that they’re also working to finalize and implement standard rules for Credit Unions, to ensure transparency, accountability, and compliance. She also noted that the government will continue to collaborate with development partners to provide technical assistance and capacity building programs and mobilize financial resources to support the growth and expansion of credit unions services nationwide.
In conclusion, Madam Kargbo called on all stakeholders to play their parts in ensuring the success of this newly launched transformative program. She also called on the leadership of the Credit Unions, SME’s, members of the public, and beneficiaries to embrace this innovation and adopt sustainable practice, and maximize the opportunities presented by the program. She thanked all the donor partners for their invaluable support in helping to achieve this initiative.
