6 May 2014

Liberia: CBL to Establish Bank in Gbarpolu County

The Central Bank of Liberia (CBL) is making efforts to establish an Afric Bank Liberia Limited branch in Gbarpolu County.

On Friday, CBL authorities from the Micro Finance Unit (MFU) of the bank held a mass meeting with 40Village Savings Associations (VSAs) to discuss getting the bank started.

Addressing the VSAs, three CBL representatives, led by the head of the MFU, Tunu Throw, told the citizens at different meeting sites, including Bopolu, Gbarma, Henry's Town, Bokomu, Tarlpoima, Totoquelleh that they need to raise US$5,000 or its equivalent in Liberian dollars in each of the four districts.

They also encouraged the people to buy shares at the cost of L$400, which will lead to the eventual opening of the bank in the county.

The CBL officials said initially the bank wanted them to raise US$25,000, but due to the prevailing financial situation, the bank decided to reduce the amount to US$5,000.

Responding on behalf of the VSAs, Mr. Sando Farwen, recalled that in 2012, the CBL started providing micro-loans to credit unions as its intervention in the Poverty Reduction Strategy (PRS) through the Village Savings Loan Association (VSLA).

He encouraged business people operating in the county to form part of the process to ensure that Afric Bank Liberia Limited is established in the county.

Mr. Farwen disclosed that the establishment of the bank will further reduce the hardship that ordinary people and business owners face in saving their money.

When established, Afric Bank Liberia Limited will be the first commercial bank in Gbarpolu County since it gained county status in July 1999.

Afric Bank Liberia Limited already has a branch in River Gee County, which was established in March 2014.

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