+353 (0) 1 614 6700
+353 (0) 1 614 6700

Sierra Leone to establish a Credit Union Supervisory Board

In a significant development for the credit union movement in Sierra Leone, the National Cooperative Credit Union Association (NaCCUA), the Bank of Sierra Leone (BSL), and the Department of Cooperatives (DoC) have agreed to strengthen cooperation by signing a memorandum of understanding (MoU) on establishing a Credit Union Supervisory Board.

The Credit Union Supervisory Board is focused on establishing appropriate standards of performance and supervision and ensuring the compliance of registered cooperative credit unions with these standards, which meet the minimum criteria for Credit Union operations set down by NaCCUA for membership.

The MoU represents a commitment to complementing one another’s duties and functions. The Bank and Registrar granted NaCCUA first-level supervision power to regulate the country’s credit unions. This engagement with Doc and NaCCUA is working towards achieving stability in the Sierra Leonean financial system.

Speaking the the singing of the MoU, Newton Marlin, Registrar remarked “By collaborating through this MoU, we can leverage our collective strengths to ensure that credit unions operate efficiently and within the regulatory framework, thereby protecting the interests of their members“.

The Foundation has supported this key initiative as part of our current programme in-country StepUp. The engagement with all stakeholders is key to ensuring the development of a sustainable credit union movement, which provides access to secure savings and affordable loans.