ACTB Launches PERSIF Micro-Finance Loan Scheme in Kailahun
A Call to Business (ACTB) on behalf of the Ministry of Social Welfare has launched the Post Ebola Recovery Social Investment Fund (PERSIF) Micro-Finance Loan Scheme in Kailahun.
The scheme which will start along the border lines of Sierra Leone was launched this past Wednesday 18th October at the Kailahun District Council attracted hundreds of business people around the township and its environs.
The mini launched marked the start of the loan disbursement scheme to communities in Kailahun for the eastern region of Sierra Leone.
ACTB an implementing partner contracted by the government is one of Sierra Leone credited and biggest micro-financial institutions in the country.
It could be recalled that, the African Development Bank (ADB) provided $13.5 million in grants from the African Development Fund and the Rural Water Supply and Sanitation Initiative Trust Fund. ADB and the government of Sierra Leone first launched the project to support 3,000 Ebola Virus Disease (EVD) survivors and orphans, and other vulnerable sectors of society in Sierra Leone.
The mini launched was first done in Port Loko and Kono Districts respectively followed by Kambia District recently.
ACTB Chief Operating Officer, Idrissa Alie Sesay spoke a bit about ACTB and the purpose of their visit to Kailahun.
He pointed out that ACTB is one of the biggest micro-finance institutions in Sierra Leone with12 branches across the length and breadth of the country.
He disclosed that ACTB started in 2006 with 2 people and today has thousands in their loan books.
He furthered that the project entrusted by ACTB to do the disbursement of the grants and loans responsibility because of its track record.
The ACTB COO stressed the importance of the 5% interest in the loan compared to other institutions that asked for more than 23%, and enjoined potential beneficiaries to embrace the opportunity.
He emphasized that ACTB has a loan criteria and screening methodology and process people should go through to benefit from the loans.
He also made it very clear that the people ACTB is loaning must have the capacity to pay back.
He informed his audience that Kailahun is one of the cross borders’ districts chosen by the government to benefit from these gestures but it is not given free.
“On average loans you will pay 23 to 25% but the one ADB is given they should not pay more than 5%. This is not a promise, the money is available and once we get all the requirements, we will do the disbursement as soon as possible,” he said.
The COO told encouraged his audience to give credit to the government for its relentless effort in ensuring that Sierra Leone benefits from the fund as one out of the three countries blackouts from it. He informed them at some of the loan will have to go through mobile money, stressing that the scheme is a recycling fund based on how one repays that is how they will increase their loans.
ACTB Credit Manager, Mrs. Isatu Bangura, while presenting the loan criteria to her audience, said the criteria cover: wiliness to pay, business capacity to carry the loan, and the capital to start a business.
She went further to state that potential loaners should have means of communication; a business place, to avoid falsification, and a form of business identification.
She spoke about the level of trust which some have while some can’t be trusted.
“We have people that are not trust worthy while others have integrity. We are giving loans to people in business not for those that want to start up business,” she said.
To speed up the process ACTB began to share out the form to potential loaners on the same day of the visit to fill.
She encouraged the women not to duplicate names as they are giving one loan to one person not duplicates.
“The power women have in business is very high, please don’t let me down. Let us hold the program with two hands and ensure you pay,” she advised.
Representative from the Paramount Chief, Chief Augustine Amara while welcoming ACTB to the heart of Kailahun, said it is not by mistake government chose Kailahun as they suffered a lot when it comes to Ebola.
He stood guarantee that all those that present for the meeting are people that do business in and out of Kailahun Township.
“We are happy when you talk about the 5%. We don’t want you to be coming and going, we want you to stay here,” he said.
He also encouraged the men to support the women business and not to kill their business. He encouraged them to pay so that others will benefit from it.
The Town Chief, Chief Alpha Ndoleh said the women are more respected and they are okay with the coordinator’s chosen by ACTB who is a Pastor in that township, as they have trust in him.
He recalled that loans have made lots of women to leave the town because they fail to pay back.
“If you don’t able to pay, it will not benefit others,” he said.
Deputy Chairperson for Kailahun District Council, Madam Doris B. Momoh said she is the happiest person because they at Councils should be giving developmental fund to others.
“We want to thank you and the presidentyou’re your effort. It has made it simple for our men because some men are not providing for the home,” she said.
She advised the business women to take the money as their husband as it will do a lot of things in their lives that will make men not to look low on them.
“We have 15 chiefdoms in Kailahun District but the first set of people will make the foundation for others to get,” she said.
Statement was also made by the LUC Representative, Karim Bangura and the event was chaired by ACTB Marketing and Deposit Mobilization Coordinator, Rockslyn Alwyn Findlay
