MICROCAPITAL STORY: Sierra Leone’s Njala University College to Add Microfinance Course to its Offerings

Njala University College in Sierra Leone plans to incorporate a microfinance course into its current course offerings. Jointly developed by Njala University and NaCSA (National Commission for Social Action), the course will form part of the university’s Social Science Curriculum, leading to the award of a Bachelor of Science Degree. Course concepts will be intended for those who wish to become practitioners of microfinance. Subject matter will include principles of finance, lending methodology, and methods of controlling loan delinquency.

Njala’s decision to implement a microfinance course reflects a broader trend by educational institutions to provide formal training in microfinance management. Commercially-oriented microfinance in particular has prompted some of the world’s top MBA programs to implement microfinance courses into their curriculums. As microfinance continues to prove itself as a legitimate asset class, educational institutions stand ready to instill industry practitioners with the necessary acumen to ensure that the sector retains this perception.

Sierra Leone’s microfinance sector is relatively nascent, according to MITAF (Microfinance Investment and Technical Assistance Facility), an internationally-backed Sierra Leonean organization that supports the sector’s development. In a country where 80 percent of its 5.6 million people live below the poverty line, microcredit has served only 60,000 individuals. However, while small, that figure represents a three-fold increase from a client base of 20,000 in 2003. This increase can be at least partly attributed to Sierra Leone’s National Microfinance Policy unveiled in 2003, involving partnerships with UNCDF (United Nations Capital Development Fund), UNDP (United Nations Development Programme), and German Development Bank KfW.

Njala University College has been providing higher education to Sierra Leoneans since its inception in 1964. Founded by a parliamentary mandate, it is one of Sierra Leone’s two public universities. Financial information on the university is not available.

The National Commission for Social Action was established in 2001 by an act of parliament. Operating as a government commission, NaCSA aims to reduce poverty and promote sustainable development by funding projects that build social and physical capital. NaCSA currently manages USD 50 million in development projects.

By Ryan Benson, Research Assistant

Additional Resources:

Awareness Times: New Course On Micro-Finance In Sierra Leone

Microfinance Investment and Technical Assistance Facility: The Microfinance Sector in Sierra Leone

MIX Market Country Profile: Sierra Leone

Awoko Newspaper: Micro-Finance Module To Be Incorporated At Njala, by Solomon Rogers

Symbiotics: Sierra Leone: The Microfinance Investment and Technical Assistance Facility Project

Njala University: Inauguration Speech by the Vice Chancellor and Principal of Njala University

Sierra Leone Encyclopedia: NaCSA

NaCSA: Home

National University College: Home

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