Munafa is a Sierra Leonean microfinance institution that works in the poorest neighborhoods of Freetown and in the peripheral areas. Munafa offers individual loans, a savings account and adapted training.
The population of Sierra Leone is mostly rural (62%) and young (42% under 15). And 70% of young people are unemployed or underemployed. To live, a large number of people in precarious situations start a purchase-resale activity, a workshop, cultivate a field or raise livestock. But they lack financial resources and training to develop and maintain their business.
Munafa, a social microfinance program of Entrepreneurs du Monde in Sierra Leone, supports the most vulnerable families in the most precarious slums of Freetown and in remote rural areas. It provides them with financial and socio-economic services adapted to their needs to help them develop their business, their income and their living conditions in a sustainable way.
In 2018, Entrepreneurs du Monde decided to act in the poorest neighborhoods of Freetown and then in the peripheral areas. She created Munafa (“prosper” in several local languages), a social microfinance institution that offers individual loans, a savings account and adapted training courses. Thanks to this comprehensive support, entrepreneurs develop their business and income and sustainably improve their living conditions.
Entrepreneurs form groups of 15 to 35 people. After five initial training sessions, everyone gets access to a first loan according to their financing needs and their ability to repay. No guarantor or deposit is required. Twice a month, the group meets with its leader. Everyone pays back a loan term, funds their savings account and participates in management/sales training or on a social theme (education, health, rights, etc.) to strengthen their business and help their family and community progress at all levels.
Since 2019, Munafa's local team has been providing socio-economic services in 19 communities in Freetown. This team is supported by the technical experts of Entrepreneurs du Monde to deploy training courses, its Information and Management System, the management of its risks and its social and financial performance. Today, Munafa is a social enterprise under Sierra Leonean law and has obtained microfinance approval. The competent and motivated management team makes good progress for the microfinance institution towards the desired social and financial balance.
