By Saio Marrah
As a way of empowering managers and other participants from various micro finance industries on the new models of financing, a UK based institution called Financial Inclusion Advocacy Centre (FIAC) will today Friday 20th August 2021 conclude five days training of institutions on financial inclusion.
The Executive Director of FIAC, Godfrey Lord Crentsil told Politico that unlike formal learning system in universities that are mostly based on theories, the training has mostly focused on the practical aspect. “This is much more practical industries specifics rather than theoretical classroom work assessment for masters. So this is much more…customized microfinance industry,” he said.
He noted that their aim is to deepen financial inclusion in the microfinance industries: “In a way we are trying to deepen financial inclusion through these micro finance managers.”
The executive director said microfinance helps provide financial services to the economically active participant in various communities and serves as a vehicle used in deepening financial inclusion whereby every adult will have footprint in the financial system and the means to take themselves out of abject poverty in developing countries.
Crentsil noted that all the banks within the country are involved in financial inclusion because according to him they work with the Central Bank of Sierra Leone through a financial inclusion strategy, incorporating both government and private commercial banks.
He highlighted the means by which Sierra Leoneans can benefits from the financial inclusion saying: “It is going to benefit Sierra Leoneans a lot in the sense that when these managers of the various financial institutions understand the principles of microfinance they will be able to come out with very good product and services for their client and thereby the clients having financial product to buy will definitely help them to get out of abject poverty.”
He also pointed out that microfinance is not a charity but a scheme giving out small loans to people that are already in business at the lower bottom of the economic pyramid for them to expand their business so that they can employ other people.
FIAC’s mission is to build the institutional strength and outreach of the inclusive finance sector, by providing a full range of high quality, best practice technical input and support to all industry stakeholders, in a sustainable and demand-driven manner. As an independent support centre, FIAC is committed to promoting innovations, transparency, and enhanced access especially to the poor, according to the brochure.
FIAC is an international action-oriented and practice-based think-tank geared towards promoting sustained financial inclusion and responsible microfinancing strategies.
Copyright © 2021 Politico Online (20/08/21)
