Heritage (Monrovia)

Liberia: Credit Union Upbeat About CBL Loan Scheme

The Unity Savings and Credit Union (USCU) says the financial intervention of the Central Bank of Liberia (CBL) in rural Liberia is a positive step in the fight against poverty and development of the country.

The USCU said the CBL, along with its partners, is not only helping to boost the work of credit unions by giving out cash loans, but training them to be better managers with skills to handle the funds.

The commendation was contained in a special statement delivered on behalf of the Southeastern Credit and Savings Clubs at programs marking the dedication of the union's headquarters in Zwedru , Grand Gedeh County recently.

The statement read by USCU Loan Manager, Harold Chea, praised Central Bank Governor J. Mills Jones and his staff for "a bold initiative" geared towards creating a middle class outside of the capital Monrovia.

He said the move will create an avenue to empower up-coming entrepreneurs, including farmers, industrialists, miners, traders and fishermen, among others, with the expertise, financial support and sound management needed to solve problems that confront them.

Cutting the ribbon to the new USCU Headquarters for four southeastern counties, Governor Jones challenged the Credit Union members to demonstrate commitment, dedication and fair play, and to work hard to pay back monies borrowed for others to benefit.

"This will make the institution trustworthy, credible and viable," Governor Jones said, adding, "no matter what critics may say, the CBL is not dishing out and dividing money at street corners free of charge, but is rather determined to empower and raise the living standards of people for self-employment and job creation as government cannot do it all."

Jones assured that the CBL will reach out to Liberians, "no matter where they are, because it is only Liberians that will build Liberia as other people have done for their countries."

The first credit club, according to a history read at the program, was established in the 1960s at the Catholic Mission in Maryland County, but did not reach regional level until the recent proliferation of credit and saving clubs around the country through the support of the CBL.

To date, there are four regional credit union headquarters around Liberia, namely Tubmanburg, Buchanan, Ganta and Zwedru.

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