Munafa : social microfinance in Sierra Leone

Munafa : social microfinance in Sierra Leone

In some of the most precarious slums of Freetown then in remote rural areas, Entrepreneurs du Monde will support the most vulnerable families. It will offer them financial and socio-economic services such as training and support that are adapted to their needs, to help them develop their income generating activities and permanently improve their living conditions. It will ensure that it has equal impact on both women and men.

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Munafa : social microfinance in Sierra Leone

At the beginning of 2018, Entrepreneurs du Monde decided to go ahead with an initial prospection of Sierra Leone for a new microfinance programme. In May, an in-country feasibility study was conducted which included surveying the target population and meeting with key actors and regulators. The study showed a large need for a social microfinance institution and Entrepreneurs du Monde confirmed its decision to open one. Following consultation with the target population, a local name was selected, “Munafa”, which means “to improve well-being and to prosper/grow”. It is a well-known local Krio word known by Sierra Leonean nationals.

In November, Entrepreneurs du Monde moved ahead with appointment of a local law firm to support with set up of the programme. Incorporation of the institution under Sierra Leonean law will be completed early 2019.

Funding need

To be able to start its action and quickly reach many micro-entrepreneurs, MUNAFA already receives financial support from the French Agency for Development but still needs to find additional partners.