The Central Bank of Liberia (CBL) and commercial banking institutions here have been urged to emulate the examples of others on the African continent.
The banking institutions referenced on the continent make training at their respective countries’ banking institutes a compulsory requirement for employment and upward mobility in the sector.
The Banking Institute of Liberia (BIL) established by the Central Bank of Liberia (CBL) and the Liberia Bankers Association (LBA) in March 2014 made the request.
The Institute’s Director General, Richard Saywah Panton, made the comments when making the Institute year-in-review report during the outdooring ceremony of the total of 114 participants nominated from the Central Bank of Liberia (CBL) and Liberia Bankers Association (LBA) member institutions last Friday, 2 December in Monrovia.
It strongly believes that the intent to elevate the Institute as well as increase its visibility in the industry has been the best practice that is imminent and carried out on the African continent.
BIL then names a few cases in point that are doing the same in their respective countries including the Chartered Institute of Bankers of Nigeria, Kenya Institute of Banking and Financial Services, Bankers College of Ghana, Egyptian Banking Institute, and many more in Africa.
Richard Saywah Panton said those 81 candidates certificated completed twelve-level short-term bank-related courses covering the period from Monday, August 1 to Friday, October 28, 2022.
Panton stated among many things that the Friday, December 2 program marked another milestone achievement in the history of the Institute in the certification of its fourth and fifth batches of candidates for its 2021 and 2022 training cycles.
The BIL’s boss said level II participants for 2021 covering the period from Monday, February 15 to Friday, April 30, 2021, should have been formally certificated.
Due to Covid-19 restrictions, he said the Institute did not certificate the participants until last Friday. A total of 33 participants were in that category.
He noted that level II courses were an upgraded version of level I entry courses intended to upscale the professional, administrative and managerial competency of staff in the banking and financial sector.
Also speaking during the ceremony, the president of the Liberia Bankers Association (LBA), George Mensah-Asante, General Manager of Ecobank-Liberia Limited stressed the need for digital banking in Liberia.
He said technology is a more advanced and effective area in the financial sector that is being used all over the world nowadays.
Mensah-Asante said the intensifying competition in the banking sector for technological innovation cannot be overemphasized.
Mensah-Asante however stated that with great prospects of growth, the financial sector continues to face the challenges of scarcity of the right set of skills and professionally trained personnel.
The Banking Institute of Liberia is a corporate training institute that specializes in banking financial management and non-financial related disciplines in Liberia.
It was established in March 2014 by the Liberia Bankers Association and the Central Bank of Liberia (CBL) to provide capacity-building and cutting-edge training support to stakeholders in the banking, other corporate, and financial sectors.