Sierra Leone - Rural Finance and Community Improvement Programme (RFCIP) - June 2022
Community Improvement Programme (RFCIP) in 2008 to help ensure that rural communities have access to the financial services they need. The programme now boasts of 76 Rural Financial Institutions (RFIs) located in rural towns and villages across the country.
“Providing access to financial services is one of the main challenges we face in rural areas of our country. There is great potential to quickly eradicate rural poverty if poor people have ready access to financial services,” said Victor Songu, the 34-year old manager of the Mambolo Financial Services Association (FSA). “Many members of Mambolo community have moved from poverty in record time and I am appealing to other people in the community to join the FSA and take advantage of the services we offer, such as safe keeping of money and loans”.
The FSA encourage members of their community to buy shares in the FSA. They must be shareholders in order to be eligible to receive a loan, which can be up to four times the equivalent amount of their respective share value or 10% of the total share capital of the FSA, whichever is lower.
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