MFI Report

Grassroots Gender Empowerment Movement (GGEM) Services is an indigenous Non-governmental Organization based in Sierra Leone. It has been operating community development programme with a micro credit component since 1973. In the year 2007, GGEM’s operation was reviewed and it was decided that GGEM should have a separate microfinance programme wing other than community development. Since 1st January 2008 up to date, it has been and is still providing microfinance services through a separate microfinance department and produces separate Financial Statements and Portfolio Report. With assistance from a Resident Technical Advisor, it has developed Credit Manual, Finance Manual, Internal Control Manual and Human Resource Management & Development Manual that are now being implemented. GGEM is now in the process of registering a separate Microfinance Institution namely GGEM Microfinance Services Limited. GGEM, as an NGO MFI needs as part of its registration requirement to submit report to the Ministry of Finance and Economic Development (MoFED). By 31st December 2008, it has two branch offices located in Freetown and Moyamba with 18 employees committed to make as a viable MFI. Most of the clients are petty traders. GGEM has also recently started to provide agricultural loan to farmers.

The numbers of group loan clients and individual loan clients, as at 31st December 2008, are 1,683 and 144 respectively with a total of 1,827. The outstanding loan portfolio is US$ 215,019 (Le 640,756,148). The loan portfolio at risk over 30 days is 3.18%. GGEM collects up-front cash collateral based on loan amount and it has US$ 57,378 (Le 170,986,648) as cash collateral deposit. The ratio of loan portfolio to Cash collateral deposit is 27%. Cacher