BRAC Microfinance Sierra Leone Ltd Awarded In Four Categories At The Inaugural SLAMFI Awards 2023
BRAC Microfinance Sierra Leone Limited (BMSLL) has been recognised in four categories: Best Compliance, Best Loan Book/portfolio, Best Support to SLAMFI, and the Highest Outreach Microfinance Institution of 2023 and for “outstanding commitment to and demonstration of the highest standards in improving financial services”. The awards were given by the Sierra Leone Association of Microfinance Institutions (SLAMFI), on Friday night, 17th November, 2023.
In the event, the chief guest, Sheik A.Y. Sesay, Deputy Governor of the Central Bank of Sierra, said “We are delighted to be part of this inaugural SLAMFI award ceremony. This event provides us the opportunity to pay tribute to key stakeholders and recognise the valuable contributions that the microfinance sector made to the financial industry and by extension, the economy as a whole. More importantly, it’s about acknowledging outstanding microfinance institutions in the country. The award ceremony coincides with a critical period where financial inclusion stands at the topmost of the Bank of Sierra Leone’s priority”.
Shimimana Ntuyabaliwe, CEO of BMSLL shared her excitement in receiving the awards “It is a great feeling to be recognised for your work”, said Shimimana. “These awards are testaments of BRAC’s work and its impact in the community. I want to thank our dedicated colleagues, especially those at the frontline for their commitment in driving BRAC’s mission. I express my sincere gratitude to our clients for letting us serve you and be a part of your success”.
BMSLL is the largest microfinance institution in Sierra Leone, serving over 63,886 clients, of whom 95% are women and 52% are living in rural areas, through 42 branches in 14 administrative districts of the country. The institution is amongst the largest employers in the country with a staff establishment of 585 employees, of whom 94% are women.
Launched in 2008, BMSLL is driven by a mission to provide financial services responsibly to people at the bottom of the pyramid. It particularly focuses on women living in poverty in rural and hard-to-reach areas to create self-employment opportunities, build financial resilience, and harness women’s entrepreneurial spirit by empowering them economically.
BRAC believes that given the right opportunities and tools, people living in poverty can turn around their own lives. In 2023, BMSLL conducted its annual impact survey in partnership with independent research firm 60 Decibels. In the survey results 99% of BRAC’s clients stated that their quality of life has improved since engaging with BRAC. Further, the survey found that 98% of clients earned and managed their finances better after engaging with BRAC.
BMSLL currently offers three loan products – a group-based microloan exclusively for women, small enterprise loans for both men and women entrepreneurs seeking to grow their businesses. It has also taken measures to provide financial literacy training to its clients to enable them to better manage their finances.
BMSLL’s sister NGO Entity, BRAC Sierra Leone has been registered under the Ministry of Planning and Economic Development since 2008. Currently, BRAC Sierra Leone is actively engaged in the implementation of five distinct programmes: the Mastercard Foundation Accelerating Impact for Young Women in Partnership with BRAC (AIM), Employment Promotion program (EPP), Agriculture, Food Security and Livelihoods (AFSL), and Early Childhood Development (ECD).
