Freetown, Sierra Leone – On Thursday, October 17, 2024, the National Cooperative Credit Union Association (NaCCUA) teamed up with the Irish League of Credit Union Foundation (ILCUF) to mark International Credit Union Day. Held at the New Brookfields Hotel under the theme “One World Through Cooperative Finance,” the event not only celebrated the contributions of credit unions (CUs) worldwide but also launched a newly reviewed Loan and Credit Control Policy.
During the event, Irish Ambassador to Sierra Leone, Aidan Fitzpatrick, expressed Ireland’s pride in supporting CUs. He highlighted the success of CUs in Ireland, with two-thirds of the population being members, and shared hopes for similar growth in Sierra Leone, where CU membership could potentially rise from 16,000 to 100,000.
The event also focused on Sierra Leone’s progress in the credit union sector, with Ms. Esther Johnson, representing the Bank of Sierra Leone, stressing the need for CUs to modernize and digitize their operations. Johnson highlighted that credit unions are essential in supporting the financially underserved and are key drivers of financial inclusion in the country.
Mr. Emmanuel Conjoh, from the Ministry of Trade and Industry, emphasized that credit unions are vital for improving livelihoods. With capital in the sector rising from Le 300 million to Le 20 billion, Conjoh called for further formalization of the informal economy, including the integration of artisanal miners and commercial riders.
NaCCUA Chairman Lamin Kamara reflected on the global and local impact of credit unions, highlighting their role in economic empowerment and shared prosperity. The event closed with a colorful parade, musical performances, and the singing of the Credit Union Song, celebrating decades of commitment to financial wellbeing.
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