By Fohad Mbaimba Kallay in Kono
Momornyandema Savings and Loan Association has on Saturday gifted one hundred and seven women with a whopping over two hundred million old leones in a bid to ameliorate poverty and to empower women who are engaged in small-scale businesses in the Kono district.
The much-anticipated event took place at Small Market in Gbense Chiefdom, Koidu City, where the association made its fourth share among 107 loyal and committed members
The founder of the association, Remington Kamanda, disclosed that the association was established immediately after the country's 2018 general elections when they thought it expedient to establish the savings and loan association with the primary aim to mitigate poverty and empower women in their trade sector in the district.
‘’After the 2018 general elections, there were high expectations from the people, particularly businesswomen who anticipated politicians to assist them with loans to aid their businesses in the district but all of their expectations were fruitless", he stated.
Kamanda further revealed that in 2019, the association started its savings and loan activities with a handful of just 23 members. It was the time he said that they did their first share out with a sum of over sixty million old leones whilst the second share out was over hundred and twenty million old Leones and that it was shared among sixty participants.
In 2022, he noted that they also did another share out with a staggering sum of over one hundred and seventy million old leones among ninety-one members.
Kamanda stressed that the primary objective of forming the association was to think about a means of salvaging the constraints that women are faced with, especially those who are engaged in trade activities in the district. adding that sometimes women are practically faced with embarrassment in the area of securing micro-credit to improve their businesses, and are often charged with high rates of interest. Because of the above reason, he said many homes have separated apart while others have been forced to relocate to another town.
Since the formation of the Momornyandema Savings and Loan Association, he stated that it had graciously created a platform for business people in that part of the country to access loans interest-free.
"For this year, we can dish out to our members the sum of over two hundred million old leones among 107 women, and this year marks the fourth time since we have started savings and loan activities. To be fair enough, we have recorded the highest savings and we have also completed the fourth share out at the tail end of this year," he said.
Remington Kamanda maintained that such a move had proven to be a huge blessing to not only the businesswomen but to the development of the district at large.
He thanked the members for their usual cooperation in ensuring the successful completion of the fourth share out of the ceremony. He encouraged the entire members that a lot of people including those who are considered to be business tycoons in the district are now anticipating to be part of the association for the next share out based on the remarkable efforts that the association has embarked on to improve lives in the district.
The Secretary General of Momornyandema Savings and Loan Association, Hawanatu Sia Tarawally, applauded her colleague women for their fruitful completion of the fourth circle of their share out. She entreated all recipients of the fourth share out of this year to carefully utilize their monies so that those who are yet to come on board could see reason for being part of the association.
Some of the members of the Momornyandema Savings and Loan Association in the Kono district expressed their delights about the association and vowed to incorporate more accurate members thereby stressing their unending usual cooperation with the association.
They concluded by deeply acknowledging the tremendous efforts of the Founder, Remington Kamanda, and the entire executive for exhibiting a high level of transparency and accountability in the association.
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