The Assistant Director of the Central Bank of Liberia (CBL), Abdullah D. Molley, has acknowledged BRAC Liberia Microfinance (BLMCL) for its crucial role in providing financial assistance to communities in hard-to-reach areas.
BRAC Liberia is the largest microfinance provider in the country, transforming the lives of its clients with access to finance.
In his recent statement, Molley highlighted the significant impact BLMCL has made as the largest microfinance institution in Liberia, emphasizing its vital contribution to financial inclusion and economic development.
The CBL Assistant Director made the remarks recently when he officially inaugurated BRAC offices in Cape Mount, Bomi, and Samukai Town.
He said, “BRAC -Liberia is a contributing partner to the Central Bank of Liberia and has performed well among 17 microfinance institutions in Liberia”.
“It is very challenging to bring financial services in this part of the country because of the distance. The Government has taken favorable policies to encourage microfinance institutions like BRAC to promote financial inclusion in Liberia,” he added.
Molley also said that the “Central Bank of Liberia remains committed to working with BRAC because their intent is to boost the economy of the country through women empowerment”.
He said, “As most of you may be aware, the microfinance sector, which constitutes one of the largest components of the financial sectors in Liberia, is in a developing stage, and that the Central Bank of Liberia is doing all it can to encourage financial inclusion to all parts of the country to extend financial services to as much of the population as possible.”
Molley revealed, “the Central Bank policy is to allow for fair competition amongst the financial institutions, and we are happy that BRAC will consider directing some of its lending resources to the agriculture and SME sectors, which are in dire need of credit to enhance economic development.”
The CBL representative noted that the microfinance sector is in a better position to provide needed financial resources to support the growth of the Liberian economy, create jobs, and reduce poverty; and that the improvement in the sector over the past years has focused on increased capitalization of financial institutions, enhanced corporate governance, and better risk management practices.
Providing the overview, Dyson Mandivenga Ziviso, Chief Executive officer of BLMCL, told the gathering that they are always ready to assist Liberian people, especially women.
“We are honored to play a role in transforming the lives of our clients through providing access to finance. We have not only impacted the lives of our clients, but BLMCL has also created many jobs in the country. We now employ 581 Liberians in our company and the majority of our staff are women,” Ziviso said.
“We are grateful to have this opportunity to strengthen our ties with the Government of Liberia and contribute further in improving access to safe and reliable financial services,” he said.
Also speaking, Bomi and Cape Mount City’s Mayor, Maima B. Freeman, said the people in the Western region were grateful to have BLMCL, and their office is open in the counties.
They urged the women to take what they can manage and use it for the right reasons to be able to pay back.
The two representatives also recommended and appealed to BLMCL to look at other districts within their county for empowerment.
Meanwhile, at the grand opening of its offices in Cape Mount, Bomi, and Samukai Town, several women received loans ranging from L$20,000 and L$25,000.
The beneficiaries lauded BRAC and pledged the group’s commitment in meeting the time limit of the loan program.
BLMCL’s mission is to provide a range of financial services to people at the bottom of the pyramid, especially women living in poverty in rural and hard-to-reach areas, to create self-employment opportunities, build financial resilience, and promote women’s entrepreneurial spirit by empowering them economically.
