The Deputy Governor for Economic Policy at the Central Bank of Liberia (CBL), Dr. MounirSiaplay, has underscored the importance of credit unions in providing affordable financial services. Dr. Siaplay said credit unions invest their earnings in helping members meet their financial goals. In addition to lower rates and betters services, he added, members experience the difference that comes through their democratic structure, services and social goals that credit unions represent. Each member of a credit union, he observed is an equal owner of that credit union and is entitled to one vote at the annual meeting, “regardless how much money he or she has deposited in that credit union.”
Dr. Siaplay made the comments recently when he deputized for Central Bank Executive Governor Milton Weeks, in commemoration of the International Credit Union Day in Paynesville.
The CBL Executive called on members to look beyond their local communities to recognize credit unions for the important role they play in many distressed rural and urban areas worldwide. In some areas of the world, Deputy Governor Siaplay observed, people would have no access to financial services at all without their credit unions. “No matter where you are in the world, access to financial services is vital. Credits unions are helping members overcome those challenges – not only here in Liberia, but throughout the world,” Governor Siaplay stressed.
He pointed out that the CBL has instituted measures to strengthen the sector by spearheading efforts to revitalize and modernize the credit union movements in Liberia. The CBL, he said has issued Regulations for the licensing and operations of credit unions in Liberia, in keeping with its mandate to regulate, monitor and supervise all bank and no-bank financial institutions. The regulations, Dr. Siaplay said are intended to provide minimum regulatory requirements, prudential standards and operational guidelines required of credit unions, which seek to offer saving deposits and loan services to its members. He disclosed that the CBL is currently undertaking an awareness exercise so that credit unions throughout Liberia will be duly informed of the new regulations which will help to strengthen the sector.
The 3rd Thursday in October each year is set aside to commemorate Credit Union Day around the world.