By Amin Kef Sesay
As a means of providing easy banking and loans to all, A Call to Business (ACTB) Savings and Loans has upgraded and up scaled its existing branch in Kono to a Class A category as was pronounced during a short ceremony.
At the colourful ceremony, which was held on Wednesday 18th November, 2020 in Koidu City, stakeholders and customers that graced the occasion lauded the move by ACTB.
ACTB Chief Executive Officer, David Kamara, informed his audience that the ACTB was established in Kono in 2016 just after the Ebola scourge.
“What we are doing is the upgrading and upscaling of our existing branch in Kono to a class A category,” he intimated.
He said that means indirectly they are bringing in capacity, new products and loans that are only in their head office in Freetown and other bigger branches. “The difference is that Kono branch will be connected directly to the headquarters in Freetown which means direct transaction will be done and on real time basis.”
In terms of security, the CEO said they have a team of experts in IT and a good security system backed by a CCTV installation in all sensitive areas.
He pointed out that ACTB will not only operate in Koidu City as that is just a primary perimeter but they will go beyond the city, looking at the urban and rural areas.
He disclosed that in January, ACTB launched their Rural and Agricultural Financial Program that is looking at off farm loans and farm loans.
For the farm loan, he said, they do not give cash but look at the need of the planting season. During the first pilot phase they will start giving support in terms of seedlings and at the end of the planting season the beneficiaries will pay back with the seeds.
He said they also link them to people that are buying maize and rice and ensure they are treated fairly in that process.
He went on to state how they are basing their services on the traditional system by re-defining what people consider as Micro finance. “We are looking at the situation and needs on the ground and the products that will suit them.”
He also spoke about the School Development Loan which supports access to education.
Amadu Sahr Fayia, the Evaluation Officer, Koidu New Sembehun City Council, in his statement described the day as a memorable one for them. He said Kono is reliable and trust worthy for doing business and described them as the type of partners they do embrace as they help Council to generate revenue. He pledged the Council’s continued support and promised to educate residents of Kono about ACTB’s good gestures.
Operation Officer of the Tankoro Police Division, Tamba Kamanoh also pledged maximum security at all-time not only for ACTB but all other businesses in that region.
Established in 2008, ACTB Savings & Loans Limited (ACTB) provides financial services for Sierra Leone’s largely unbanked population. The company now has a microfinance and SME loan book above US$4.1 million and is on track for a loan book exceeding US$6 million by July 2018.
ACTB has grown to become a ‘pro-poor microfinance bank’ with 9 branches, 103 employees and more than 15,000 active clients. The company was granted its deposit taking license in May 2017 by the Central Bank of Sierra Leone, becoming the first credit-only microfinance institution in the country to transition into savings and loans. Between June and October 2017 over 10,000 new bank accounts were opened.
ACTB products includes: Premium Investment Account, Current Account, Osusu Account, Fixed Deposit Account, Savings Account and ACTB Smart Kids Account among others.
