BRAC Liberia Microfinance has dedicated two new branches in Bong and Lofa Counties, marking a significant milestone in its mission to reach underserved communities in Liberia.
The new branches, strategically located in Bekima Community in Palala, Bong, and Massabolahun Community in Wanhassa District, Lofa County, are a testament to BRAC Liberia Microfinance’s commitment to expanding its operations and offering financial services to unserved and underserved populations.
The official program, which took place in those counties on January 25 and 26, respectively, brought together local authorities of Palala and Massabolahun, including the District Commissioner, Joint Security, religious leaders, representatives from the Central Bank of Liberia, and BRAC Liberia Microfinance clients, amongst others.
These branches will enable more community members to access affordable financial services, fostering entrepreneurship and economic growth in these regions. With its mission to alleviate poverty and facilitate financial inclusion, BRAC Liberia Microfinance has a demonstrated track record of empowering individuals in Liberia by providing them with the necessary tools to build sustainable livelihoods.
Since its establishment in 2008, 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.
However, through its microfinance model, the organization has enabled thousands of entrepreneurs to embark on business ventures, create jobs, and improve their living standards.
The BLMCL Program Manager, Nur Alam Siddiki, said, “Expanding our outreach to Bong and Lofa Counties is a significant step forward for BRAC Liberia Microfinance as we strive to ensure financial inclusion reaches every corner of the country.”
“These two strategically located branches will bring BRAC closer to the communities they serve and will allow them to better understand the unique needs and challenges faced by the people in Bong and Lofa Counties,” he noted.
Siddiki further asserted that by establishing a presence in these areas, they aim to provide tailored financial solutions that cater to the specific requirements of the local population.
He maintained that this expansion not only signifies their commitment to inclusive growth, but also reinforces their dedication to empowering individuals and fostering economic development in Liberia.
Siddiki said currently, BRAC Liberia Microfinance Company Limited has served more than 78,000 borrowers, including households in nine counties with 42 branches.
Meanwhile, at the end of the occasion, BRAC also disbursed the amount of L$25,000 each to the first 25 borrowers in Palala and L$25,000 each to 25 borrowers in Massabolahun in Lofa County.
BRAC is one of the participating financial institutions for the Post-Ebola Reconstruction Project, coordinated jointly by the Central Bank of Liberia and the Ministry of Finance and Development Planning, and funded by the World Bank.
Besides its microfinance activities under BLMCL, BRAC, under the NGO BRAC Liberia, has carried out social development programs since 2008 in agriculture and food security, health, education, empowerment, and livelihood for adolescents, and ultra-poor graduation programs.
