NaCSA SIGNS 2.9 MILLION USD ‘WAKALAH’ INVESTMENT FUND AGREEMENT WITH APEX BANK (SL) LTD...

The Commissioner of NaCSA, Ambassador Ernest Mbaimba Ndomahina has on Thursday, March 7, 2024 officially signed a ‘Wakalah’ Investment Fund Agreement with the Apex Bank (SL) Limited for the implementation of the Islamic Microfinance subproject of the Islamic Development Bank and GoSL funded Sierra Leone Community Demand Driven Development (SLCDD II) Project. This followed the actual signing of the ‘Wakalah’ Agreement between the NaCSA Commissioner, Amb. Ernest Mbaimba Ndomahina and the Managing Director of the Apex Bank (SL) Ltd, Nelson Salia-Konneh on Tuesday, March 5, 2024 at NaCSA House, Charlotte Street in Freetown.

Giving his keynote address at the official launching in Kenema, the NaCSA Commissioner, Amb. Ernest Mbaimba Ndomahina reiterated on the importance of the Islamic Microfinance subproject in the actualization of the Presidential flagship ‘Feed Salone’ initiative. He further described the scheme as a tool to alleviate poverty among the rural populace with women in specific.

“The Islamic Microfinance Revolving fund scheme is a realization of the value His Excellency places on women. This is so, as ‘Feed Salone’ could only be achieved if the women are at the centre. The Islamic Microfinance scheme is therefore a conduit in positioning women at the centre of the Presidential flagship ‘Feed Salone’ initiative,” he reassured.

The Commissioner earlier on congratulated the Apex Bank for being the successful institution to implement the scheme and urged the Bank to work hard and to ensure that the intervention succeeds.

Nelson Salia-Konneh, Managing Director of the Apex Bank during the signing ceremony thanked NaCSA and the Islamic Development Bank for the trust bestowed on them and noted that the two institutions share similar vision towards poverty alleviation among rural people. Salia-Konneh further assured the Commissioner and team of his bank’s readiness to implement the scheme. He was represented at the Official signing in Kenema by his director in charge Islamic Microfinance scheme, Patrick Dumbuya, who acknowledged their bank’s strength in the area of outreach and competence in rural financing, which are key in the implementation of the Islamic Microfinance scheme.

Islamic Microfinance is a new concept in the country’s banking system and the Central Bank is the custodian of the system and regulator to the Apex Bank. In lending credence to the works of the Apex Bank (SL) Ltd, the Bank of Sierra Leone’s representative at the official signing ceremony in Kenema, the Deputy Director and Officer-in-charge for Other Financial Services Department, Md. Esther Johnson spoke on the uniqueness of the scheme and encouraged the beneficiaries with specific reference to the rural women to take advantage of the it.

The Programme Manger of the SLCDD II Project, Momoh Juanah gave a reflection of the project, highlighting keys successes and deliverables they made over the implantation span of the project. He acknowledged the contributions of various players in ensuring the actualization of the scheme. NaCSA, he noted is the first government institution to have ever undertaken such venture in the history of the country.

The 2.9 million United States dollars ‘Wakalah’ Investment Fund is expected to service over 17,500 beneficiaries through the implementation of the Islamic Microfinance subproject.