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New Community Bank Underway For Bong
Date Uploaded: May 18, 2014

Senator Jewel Howard-Taylor

 

 

New Community Bank Underway For Bong

By Ballah Kollie, LINA Bong County Correspondent      

GBARNGA, May 18 (LINA) – The Central Bank of Liberia (CBL), in partnership with Afriland First Bank, has begun sensitizing Bong citizens on the creation of a community bank in Bong County.

Addressing a cross-section of citizens from nearly all 13 Administrative Districts of Bong County, Afriland First Bank Portfolio Manager, Mr. Francis J. Morgan, said the bank seeks to reduce constraints faced by both business people and individuals whose incomes and transactions are processed through banks in the country.

According to Mr. Morgan, while the new rural community financial institution or community bank will also sell shares to individuals wanting to participate in the business.

Share, he said, will be sold at US$5 and shareholding will be limited to100 shares per person.

In remarks, Senator Jewel Howard-Taylor called of marketers, who are mainly women, to take advantage of the opportunity being introduced and buy as many shares as possible in the bank.

She lauded the Central Bank and Afriland First Bank for the initiative, noting “the county’s population is too huge to be limited to few banks.”

To jump start the operation of the bank, citizens are required to raiseUS$25,000, while the CBL will raise the remaining US$25,000 to meet the US$50,000 required to start the bank.

The newly-establish banking system is currently in operation in River Gee, Grand Kru and Gbarpolu Counties. Bong is expected to be the fifth branch in Liberia.

LINA BMK/PTK

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