By S. Siapha Mulbah
The Association of Microfinance Institution in Liberia (AMIL), has inducted its first-ever elected corps of officers highlighting the important role played by micro finance institutions in the economic development of the country.
On Thursday, members of the sector celebrated their work at the Central Bank of Liberia with a colorful program where the new president, Edwina Vakun, disclosed that small finance institutions are very essential in creating opportunities and making available jobs for cross section of citizens and providing assistance through loans to empower ordinary people.
Vakun intimated that microfinance institutions have emerged as powerful catalysts for the economic growth and social development of the country serving as conduit for financial inclusion reaching out to those segments of the population that have remained unbanked and underserved for far too long.
In her inaugural address to the body, she said, by providing access to credit, savings facilities, and financial literacy programs tailored specifically for these underserved individuals, the growth opportunities seem endless.
“The significance of our sector cannot be overstated, as we not only bridge the gap between financial exclusion and inclusion but also contribute significantly to the economic growth and poverty reduction in our economy,” AMIL boss stated.
She explained further that despite collective efforts in building a vibrant economy, they, as an institution, have been faced with multiple challenges in the sector over the years which she highlighted huge lost in the tune of millions in Liberian dollars collectively during the Ebola and the most recent Covid pandemic with no restitution whatsoever from the government of Liberia and the annual write-off due to nonpayment of loans by some unscrupulous clients in the sector.
Vakun also expressed her most recent disappointment stemming from AMIL’s denial or delay in benefiting from the LIFT Project for lending.
“Genuinely so, we are disappointed because we are the sector that interacts with the most underserved in our economy. It is painful that we have to sometimes wait for repayments from one batch of clients before disbursing to the next batch of client. There is always this long wait lines for clients to benefit from our cycles of loans,” she expressed.
She called for lasting collaboration among finance institutions, the government while thanking her colleagues for trusting her to lead the institution for the next two years pointing out, “We are indispensable partners in driving economic growth by reaching out and catering to segments of the population that lack access to traditional banking services.”
Other AMIL officials inducted to steer the affairs of the entity include Francis Dorko, vice president; Daniel Gayedyu secretary general, Hilary Swen the financial secretary and Julius Zeonyuway as national treasure.
