21 March 2019

Liberia: Ecobank, UL, Sign Tripartite Loan Agreement

Dr. Weeks and Ecobank MD Mensah-Asante exchanged loan agreement after the signing ceremony.

Pan-African banking group Ecobank Liberia Limited and the University of Liberia have signed a tripartite loan agreement to extend loan facilities to its faculty association who are full-time employees of the university. The loan package, according to Ecobank Managing Director, George Mensah-Asante, comes at a concessionary interest rate, with a one-month moratorium.

"As a bank, we continuously find innovative ways to promote our business and to also grow our customer base. We are therefore extending our full array of financial services to the membership of the University of Liberia Faculty Association," Mensah-Asante said at the signing ceremony on Wednesday, March 20, 2019, in Monrovia. "This includes loans, a variety of digital products and services as well as other traditional banking facilities to ULFA members."

Under this agreement, he said, loan applicants can apply for personal, vehicle loan, and mortgage depending on the individual's debt-service ratio.

Explaining the qualification aspect, the Bank Managing Director said applicants must first be full-time employees of the university and have no other loan obligations with any other bank.

Also commenting at the signing ceremony, President of ULFA Cllr. Viama J. Blama thanked Ecobank for the timely intervention, which seeks to elevate the lives of the association members.

He said the loan has a 12 percent interest rate and is only open to full-time employees of the institution.

Cllr. Blama disclosed that his administration lobbied with reputable banks for ULFA members to obtain a loan that will enable them to buy a car or build their own homes. He said, his administration has been able to lobby with the University of Liberia (UL) administration in forming a cordial partnership to address issues affecting the warfare of the association.

"So, we are happy today to sign this agreement. This loan is a tripartite agreement and the case of dismissal or death, ULFA takes the responsibility," Cllr. Blama added.

For her part, UL President, Prof. Dr. Ophelia Inez Weeks, expressed gratitude to Ecobank for making available such financial services, especially the loan packages, to members of the Association.

She pledged, on behalf of the members, that they will endeavor to fulfill all obligations, as customers of the bank and to repay all loans contracted timely.

Meanwhile, the signing ceremony was attended by the management of Ecobank Liberia, management of UL as well as the leadership of ULFA.

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