4 December 2012

Liberia: 'Banks in Liberia Are Robust'

The President of the Liberia Bankers Association (LBA) says commercial banks in Liberia are more robust despite numerous challenges being faced in that sector.

Mr. Sylva Ashimole who is also the Managing Director and Chief Executive Officer (CEO) of the First International Bank Liberia Limited (FiBank) said like other banks in the region and other parts of the world, commercial banks in Liberia are striving to provide quality services to their customers in the country.

Speaking at a press conference in observance of Bankers' Week in Monrovia, Mr. Ashimole said since its establishment in 1976, the LBA has been a major advocacy group in pushing for the development of Liberia's financial sector.

He said the commercial banks trying to ensure that banking is made easier for their clients in the country.

"Banks in Liberia are robust as banks in Sierra Leone, Ivory Coast, Ghana and others; but the only difference is the infrastructure, because banking requires a lot of money in terms of technology deployment and part of the challenges of the war that destroyed some of the infrastructures..." Mr. Ashimole said.

The FiBank boss indicated that one of such infrastructures that were destroyed is the national switch which allows banks to serve customers through that system, like a 'power source' that supplies other areas.

He said due to the destruction on the system, pay checks and other services are being delayed.

The Bankers' week is being observed under the theme: Rebuilding the Financial Sector Infrastructure."

The LBA, according to Mr. Ashimole consists of nine (9) members, including FiBank Liberia Ltd, the Liberia Bank for Development and Investment (LBDI), ECO-Bank Liberia Ltd, International Bank Liberia Ltd, United Bank of Africa (UBA), Global Bank, Access Bank, Guaranty Trust Bank (GTB), International Bank (IB) and Afriland Bank.

The observance of the week is intended to create awareness of the activities and functions of the banks and their contributions to the Liberian economy as well as engender a stronger appreciation of the banking sector.

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