Apex Bank Champion of Islamic Microfinance

The Managing Director of Apex bank, Nelson Salia-Konneh having a handshake with the NaCSA Commissioner Amb. Ndomahina
The Apex Bank (SL) Limited recently signed a ‘Wakalah’ Investment Fund Agreement with National Commission for Social Action (NaCSA) for the implementation of Islamic Microfinance subproject of the Islamic Development Bank and GoSL funded Sierra Leone Community Demand Driven Development (SLCDD II) Project. The Agreement between the NaCSA Commissioner; Amb. Ernest Mbaimba Ndomahina and the Managing Director of the Apex Bank (SL) Ltd, Nelson Salia-Konneh, March 2024 made the Apex Bank not only the preferred premier financial institution in the country but the ‘champion’ of Islamic Micro Finance in Sierra Leone.

The Commissioner of NaCSA congratulated the Apex Bank for being the successful institution to implement the scheme and urged the Bank to work hard and ensure that the intervention succeeds.

Apex Bank MD and NaCSA Commissioner performed symbolic signing.

Nelson Salia-Konneh, Managing Director of the Apex Bank during the signing ceremony thanked NaCSA and the Islamic Development Bank for the trust bestowed on them and noted that the two institutions share similar vision towards poverty alleviation among rural people. Salia-Konneh further assured the Commissioner and team of his bank’s readiness to implement the scheme. He was represented at the Official signing in Kenema by his director in charge Islamic Microfinance scheme, Patrick Dumbuya, who acknowledged their bank’s strength in the area of outreach and competence in rural financing, which are key in the implementation of the Islamic Microfinance scheme.

Giving his keynote address at the official launching in Kenema, the NaCSA Commissioner, Amb. Ernest Mbaimba Ndomahina reiterated on the importance of the Islamic Microfinance subproject in the actualization of the Presidential flagship ‘Feed Salone’ initiative. He further described the scheme as a tool to alleviate poverty among the rural populace with women in specific.

“The Islamic Microfinance Revolving fund scheme is a realization of the value His Excellency places on women. This is so, as ‘Feed Salone’ could only be achieved if the women are at the center. The Islamic Microfinance scheme is therefore a conduit in positioning women at the center of the Presidential flagship ‘Feed Salone’ initiative,” he reassured.

Islamic Microfinance is a new concept in the country’s banking system and the Central Bank is the custodian of the system and regulator to the Apex Bank. In lending credence to the works of the Apex Bank (SL) Ltd, the Bank of Sierra Leone’s representative at the official signing ceremony in Kenema, the Deputy Director and Officer-in-charge for Other Financial Services Department, Md. Esther Johnson spoke on the uniqueness of the scheme and encouraged the beneficiaries with specific reference to the rural women to take advantage of the it.

The Fund is expected to service over 17,500 beneficiaries.