The Executive Governor of the Central Bank of Liberia or CBL Milton Alvin Weeks has promised to provide access to financial services in rural communities at a reduced cost thru the establishment of community financial institutions.
Speaking at the dedicatory ceremony of one such facility recently in Tappita, lower Nimba County, he said the establishment of rural community banks across the country is to enable citizens have access to financial services.
The community financial institution is the first in that part of Nimba, owned by citizens and residents, who have purchased shares in the institution. Executive Governor Weeks commended the people of Tappita for the great effort they have shown through the purchase of shares to make the opening of the bank possible.
He noted that the institution will offer services such as savings deposit, shares deposit, Western Union and MoneyGram. Others services include local transfer from community bank to Afriland Bank in Monrovia and from Afriland Bank to community bank, payment of civil servants salary, loan program, customer’s services, foreign exchange and checking account as well as mobile money.
The President of the Tappita Market Women Association, Madam Oversic Mendoabor thanked the Government of Liberia, particularly the Central Bank family for initiating the rural community banking service. She said the establishment of the bank will help to save the local population from criminals, lamenting that in the past, they had fallen prey to criminals.
For his part, Nimba County Senator Thomas Grupee, commended the government for the level of development being provided to the people of Tappita. He named some of the services from government being enjoyed by the citizens as modern referral health facility, the Jackson F. Doe Hospital, public high school, women center and a modern airstrip, among others.
He then calls on Namibians to made use of the bank. Meanwhile, Executive Governor Weeks has stressed the need for citizens of Nimba to make use of the banking facility. Our Nimba County correspondent says the opening of the Tappita Community Financial Institution brings to three rural banks opened in the county.
The CBL has also established rural community banks in Sanniquellie, Karnplay with the latest being Tappita, bringing to 11, rural community banks across Liberia. The services in Sanniquellie and Karnplay were initiated by former executive governor Dr. Mills Jones.
Governor Weeks noted that citizens of Tappita abided by the rule of the banking system here which requires that to open a banking service in any part of the Liberia, citizens should be able to generate 50 percent of the monies, while the CBL will raise the balance 50 percent to attain the initial 100 percent capital.
He disclosed the CBL has opened two banks in Zorzor and Kolahun, Lofa County while Nimba County has three of such services. Weeks said government is committed to establishing rural banking institutions across Liberia but noted that other counties have not been able to raise or generate the 50 percent capital required in line with the bank’s policy.
By Franklin Doloquee, Nimba-Editing by Jonathan Browne