Munafa : social microfinance in Sierra Leone
7083 beneficiaries
93% of micro-entrepreneurs being supported are women
39 employee
*Figures 2021.
The majority of Sierra Leone’s population is rural (62%) and young (42% under the age of 15). 70% of young people are unemployed or underemployed. Many of those living with financial insecurity earn money buying and reselling, running workshops, working the fields or raising livestock, but they lack the financial resources and training to develop and sustain their businesses.
Munafa, social microfinance program in Sierra Leone
In 2018, Entrepreneurs du Monde decided to start working in the poorest neighborhoods of Freetown and then in outlying areas. It set up Munafa («prosper» in several local languages), a social microfinance institution offering individual loans, a savings account and tailored training. This comprehensive support allows entre– preneurs to develop their businesses and income and improve their living conditions in a sustainable way.
Methodology of Munafa
Entrepreneurs form groups of 15 to 35 people. After five initial training sessions, participants can obtain a first loan based on their financing needs and repayment capacity. No guarantor or deposit is required. Twice a month, the group meets with its facilitator. Participants make loan repayments, add to their savings accounts and take part in training in management/sales or on a social theme (education, health, rights, etc.) to strengthen their businesses and help their family and community to move forward on all levels.
Support by Entrepreneurs du Monde
Since 2019, Munafa’s local team has been providing socio-economic services in 19 communities in Freetown. With support from Entrepreneurs du Monde’s technical experts, the team provides training, implements its Management Information System and manages risks and social and financial performance. Today, Munafa is a social enterprise under Sierra Leone law and has obtained microfinance approval. Led by a competent, motivated management team, the microfinance institution is well on its way to achieving its aim of social and financial balance.
Recipients and team testimonials
Partners of MUNAFA
