BRAC Liberia Tops 60 Decibels Microfinance Index
---Says 97% of all BLMCL’s clients’ lives have improved
BRAC Liberia Microfinance Company Ltd (BLMCL) says it is proud to be in the top spot in the first-ever 60 Decibels Microfinance Index.
The index report shows the comparative social performance of 72 microfinance organizations (MFIs), based exclusively on the voices of nearly 18,000 clients.
Collectively, these MFIs are serving more than 25 million clients in 41 countries, more than 15% of all microfinance clients globally.
The 60 Decibels Microfinance Index measured client-level outcomes across the five common dimensions of impact: Access, Business Impact, Household Impact, Financial Management, and Resilience.
According to the report, BLMCL demonstrated consistently high performance across the dimensions and was the top performer in the Access, Financial Management, and Household Outcomes dimensions.
The report further revealed that 97% of all BLMCL’s clients’ quality of life had improved after engaging with BRAC.
The top reason they gave for the improvement is that they have been able to grow their businesses, allowing them to afford a better life from the increased income.
According to the 2021 Lean DataSM Impact survey, 96% of clients reported they earned more, 97% planned their finances better, 95% saved more, and 62% experienced improved financial resilience, after engaging with BLMCL.
BRAC Liberia Microfinance Company Limited (BLMCL) is the largest microfinance provider in Liberia, having started operations in 2008 with the mission to provide a range of financial services responsibly to people at the bottom of the pyramid.
It particularly focuses on women living in poverty in rural and hard-to-reach areas, to create self-employment opportunities, build financial resilience, and harness women’s entrepreneurial spirit by empowering them economically.
BLMCL has about 46,516 borrowers, 97% of whom are women, and has disbursed over US$110 million in loans since its inception.
In remarks, the CEO of BLMCL, Khaled Morshed, said, “It makes us very proud to be at the top of the MFI index among 72 microfinance institutions. This achievement belongs first and foremost to our clients for their hard work and persistence to create a better future for themselves and their families.
“Secondly, I want to thank our staff whose dedication and commitment has made BLMCL a truly client-centric and impactful organization.”
BRAC is one of the founding partners of the inaugural 60 Decibels Microfinance Index.
Since 2019, BRAC has partnered with 60 Decibels to conduct annual Lean DataSM surveys to learn directly from clients, address challenges, and continuously improve client outcomes and impact.
Several BRAC microfinance entities have made the top 20 list for best performing microfinance institutions.
BRAC started microfinance in Bangladesh in 1974. It first expanded its microfinance operations internationally in 2002 and now operates in six countries outside of Bangladesh — Myanmar, Tanzania, Uganda, Rwanda, Sierra Leone and Liberia.
In each of these countries, BRAC’s financial institutions are legally registered entities and uniquely positioned to serve its markets. BRAC has deposit-taking institutions in Myanmar, Rwanda and Uganda.