In the early months of 2017, the Child Rescue Centre launched a pilot microfinance program. Specifically focused on the most vulnerable of the families served by CRC programs, 30 parents were invited to enroll in the first Microfinance Class. Participation in an 18 week course on savings, budgeting and money management is required for certification and the award of a small loan in the amount of 500,00 le (approximately $70).
Recently the participants where asked to share the most significant changes they've experienced since taking the class and receiving a loan. Many shared that they are now able to pay their rent, and that their school-aged children now have lunch money for school. Many participants are sharing the financial knowledge they've gained with their spouses and other family members.
Amara Fofanah says that one significant impact is that he "is able to pay for Saturday classes" for his children. These are necessary to help kids do well on national exams, but they often cost more so those who can't pay don't benefit. He also shared that for the first time, his children have lunch money to take to school with them.
Nancy Jusu Sr agrees. Before receiving her small loan, Nancy had to walk around Bo to sell cassava and potato leaves. The loan enabled her to set up a small table stall near her home. Even more importantly, it came in time for her to purchase medications for her very ill daughter, whom she's convinced would not have survived without it.