MFI Report

Sierra Leone is one of the poorest countries in the world. It has an estimated population of about 6,144,562. Over 74% of people live in rural and remote areas under difficult conditions. According the 2003/04 household survey, agriculture, forestry and fishing sustains about 77% of the population. Agricultural activity is limited mainly to subsistence farming (mainly rice). After peace establishment from year 2001, the country has been struggling to improve the economic condition of Sierra Leonean. Government is running an ambitious program called as National Commission for Social Action (NaCSA) to rehabilitate and renovate the development infrastructures. The country is not growing as expected due to lack of appropriate technology and knowledge. The Sierra Leone Government has recognized that an inclusive financial service could boost up the socio-economic condition of the people. In this respect, government is trying to make conducive environment for microfinance institutions and community banks. Marampa Mesimera Community Bank (MMCB) is one of the four community banks established to provide financial services to rural population of Port Loko district of Sierra Leone. MMCB, as a community bank, received license from Bank of Sierra Leone for banking services. It has been permitted to mobilize savings deposit, lending credits and money transfer services. The major challenge is to mobilize small scale savings and get external fundings to meet the desired on-lending fund for greater outreach. Hide