By Bill W. Cooper
A new banking institution known as Cititrust Saving and Loans Limited-Liberia is expected to bring total relief to the business community having begun full operations in the country.
The new financing institution is said to have the lowest loan rate of 4 percent than any other banking institution as well as other valuable services intended to meet the needs of the ordinary Liberians.
Cititrust Savings and Loans Ltd was incorporated in Liberia by the Central Bank of Liberia (CBL) on November 2, 2020, and was granted its Provisional Bank License on January 28, 2021, while its final license was issued by the CBL on June 11 of 2021.
The new banking institution is a Specialized Deposit-Taking Institution which believes in making a difference in the lives of its customers as well as contributes to the growth of businesses and the Liberian economy.
The financial giant is also a subsidiary of the larger group Cititrust Holdings PLC which has its operations spread across African countries namely Nigeria, Ghana, South Africa, Kenya, Botswana, Cote D’Ivoire, Uganda, Tanzania, Benin Republic and Malawi.
Products loans and services offered by Cititrust Saving and Loan Ltd are Corporate Accounts; Citi Susu Quick Loan; Cheque Clearing; Savings Account; Micro Enterprise Loan; Inward Remittances; Citi-Cheese Account; Working Capital Facility; Premium Savings Account and Cash Collections.
Others are Overdraft Facility; Fund Transfers; Target Savings Account; Personal/Salary Loan; Mobile & e-Banking; Salary Account; Staff Scheme Loan; Email & SMS Alert; Call Account; Contract Financing; Payroll Service; Fixed Term Deposit and LPO from US$10,000 for 91days / 182days, 365days.
The Managing Director and Chief Executive, Efe Valentine Emerhana, emphasized that the institution’s aims and objectives are to impact and make the difference in the lives of Liberians as well as changing the narratives of banking in Liberia.
According to him, there is a huge gap between the retail and cooperate end, which his institution is doing to make everything possible to fill and bring a new dimension in the banking system of the country.
He added, “My own research carried out showed that 84 percent people are unbanked and these unbanked people are where the money is and this is where we need to impact lives and take them out of poverty and this is where Cititrust is coming to fill-up.”
“We will also be running normal banking transaction services but will do it in a unique way by capturing the banking market. We will do it differently. We are also working out modalities to collaborate with other GSM companies and other financial institutions like TipMe and others to ease the burden Liberians normally go through financially,” Mr. Emerhana alluded.
The Cititrust Saving and Loans Ltd Operations office is located on 20th Street in the TipMe Building on Tubman Boulevard with an extension of its sales and marketing team at the Duala Market opposite Lonestar office.