Comment from the Ambassador
After the successful completion of the SCPI programme in the Philippines, I am very happy that The Comgest Foundation agreed to grant their support to a new similar programme in Sierra Leone. Social microfinance is a powerful lever to enable vulnerable people to increase their autonomy and improve their living conditions. Thanks to microloans granted without any guarantee but with in-depth social monitoring, they can develop simple income generating activities and change the way they conceive their own future and the future for their family within the space of a few months. A microloan’s reimbursement also enables a new microloan to be granted to another beneficiary… and so on!
This project aims to provide microfinance loans and training to beneficiaries in the slums of Freetown, the capital of Sierra Leone. These beneficiaries mainly derive their living from small informal activities in trade or service, such as the sale of shoes and clothing, drinks, oil, provisions, catering and other income generating activities.
After a first field market study by Entrepreneurs du Monde in April 2018, the programme was registered as a local company, named Munafa, in February 2019 and obtained its credit-only microfinance licence in October 2019. Munafa is engaged in improving in a sustainable manner the resilience and living conditions of marginalized families, by providing financial and socio-economic services tailored to their needs for the development of income generating activities. Munafa uses the individual responsibility group methodology promoted by Entrepreneurs du Monde, which has a strong social component, brings down all the barriers to access loans (no financial or physical guarantees, no joint liability collateral system) and promotes the strengthening of beneficiaries’ skills to develop their income-generating activities. In addition to microloans, Munafa provides socio-economic training and social support.
Impact / Main indicators
• Number of branches: 5 in 2023
• Number of active borrowers: 3 850 in 2023
• Granted loan portfolio: 910,600 euros in 2023
• Socio-economic training: financial education, social and health awareness
• Training modules: 37 after 3 years
• Training sessions: 3 080 after 3 years
• Training of local teams in social microfinance methodology developed by Entrepreneurs du Monde.
Munafa – Sierra Leone