Central Bank of Liberia (CBL) Boss J. Mill Jones
CBL Opened 3 Rural Financial Institutions In 2014
By Comfort M. Johnson/LINA
MONROVIA, February 28 (LINA) – The Central Bank of Liberia (CBL) opened three Rural Community Financial Institutions (RCFIs) in 2014 in continuation of efforts to extend financial services to the rural areas.
The RCFIs were set up in Fish Town, River Gee, Barclayville, Grand Kru and Bopolu, Gbarpolu counties, according to the CBL 2014 annual report.
The report said the CBL provided US$100,000 as capital investment to the RCFIs in order to provide financial services to these areas.
It said the CBL disbursed L$149,133,000 to 339 informal financial service providers, including three micro-finance institutions, 101 credit unions, 235 village savings and loan associations and other self-help groups across the 15 countries.
The CBL annual report said pursuant to revitalizing the credit union movement, the bank through funding from the World Council of Credit Unions opened three regional credit unions in Zwedru, Grand Gedeh, Ganta, Nimba and Buchanan, Grand Bassa counties.
The report states that CBL provided L$129,750,000 to the National Rubber Brokers Union of Liberia, as stimulus loan in order to revitalize the rubber sector, including smallholder farmers within the industry, as part of its outreach to all sectors of the Liberian economy.
The report said as part of its social responsibilities to communities and society at-large, the CBL awarded scholarships to students of the African Methodist Episcopal University.