Members of the Liberia Bankers Association (LBA) have honored and bid farewell to its president and Managing Director, George Mensah-Asante, for his contributions to the growth and development of the association and banking sector in the country.
He served as president of the LBA for almost two consecutive years (2022–2023) and will officially be retiring from the Liberian banking sector.
The program, which was organized by the LBA, coincided with the gowning of Mensah-Asante in a traditional African attire to serve as a symbol of the Liberian heritage followed by a traditional named from Lofa County called “Tarnue.”
In his farewell speech held in Monrovia recently, Mr. Mensah-Asante said he was pleased to report the success they have made together, especially in the general payment system of Liberia and the implementation of the financial inclusion strategy launched in December of 2019.
“As handed over the mantle of authority to a colleague, Mr. OlalekanBalogun, an experienced banker in marketing who has worked both in Liberia and Ghana, I look forward to him taking the LBA to the next level,” he said.
The outgoing LBA president declared that, though he may no longer be with the LBA, his wish is to see commercial banks in Liberia compete with other banks to ensure that they can match with commercial banks in Ghana, Sierra Leone, and banks in Nigeria, etc.
He said, “We are in a country where cash is very essential in our daily lives, as it remains the most widely used means of payment (both LRD and USD). Most account holders at commercial banks pay utility bills, school fees, and other general financial transactions in cash. We all know the benefits of digital payments, so I am urging all banks to consider deploying the necessary digital payment platforms to assist their customers.”
Mensah-Asante further seized the opportunity or moment to ask members of the LBA to continue collaborating with relevant state institutions, including their regulators, the central bank, to explore ways of improving the important role of financial intermediation as well as the introduction of modern forms of making payments and sending remittances within Liberia and across the world.
He also used the occasion to urge all managing directors of commercial banks in Liberia to have remarkable results in their respective institutions.
In response, OlalekanBalogun, the newly inducted president of the LBA and managing director of Global Bank Liberia Limited, commended his predecessor and members of the association for electing him president to lead the LBA to the next level.
“The former president did a very good job and now it is left with me to fill that gap. If we don’t make any impact then that means we are retrogressing,” he said.
According to him, the job has been done already as far he is concerned.Balogun revealed that there are a lot of challenges in the Liberian banking sector and the economy, especially advocacy. However, as a bankers association, one thing they need to do is undertake advocacy, which is paramount to the industry in Liberia.
The current LBA president, who also served as vice president of the association, reiterated that, as the new president of the association, his wish now is to see commercial banks compete with other banks and, as a whole, compete with what others are doing.
He added, “I have the opportunity of working in three geographical locations, including Nigeria, Liberia, and Ghana. So, if I don’t bring in new innovation in how we do things in Liberia, then I will fail you while in this position.”
Balogun further assure members of the association and in the banking sector that they will see a lot of changes under his regime.
Those inducted to steer the affairs of the association are Mr. OlalekanBalogun, president; Mr. Henry F. Saamoi, managing director of IB, vice president; and Mr. Robert Nkous, managing director of Afriland First Bank.
