The Central Bank of Liberia has opened its seventh Rural Financial Institution in Sanniquellie, Nimba County with local business entrepreneurs and county officials praising the CBL Governor, Dr. Mills Jones and staff for their economic and financial inclusion nationwide.
The opening of the Nimba Rural Community Finance Institution (NRCFI) in Sanniquellie makes it the second financial institution constructed by the CBL and the Afriland First Bank in that County, the first one located in Karnplay, Gbelleyger District in Nimba County.
The CBL, under Dr. Jones’ leadership, had inaugurated and opened five similar financial institutions in Karnplay, Gbeh-lay Geh District, Nimba County; Barclayville, Grand Kru County; Fish Town, River Gee County; Bopolu, Gbarpolu County; and Cestos City, River Cess County.
These financial entities have since been bringing relief to government employees, businesses and other citizens in terms of moving to distant areas to get banking services including money transfer services.
NRCFI is under the management of the Afriland First Bank
Presenting the banking license to the chairperson of the board of NRCFI, the CBL Governor urged citizens to utilize the facility by banking their money and paying back money credited to enable others to benefit.
Gov. Jones declared, “We have to make the lives of the people of Rivercess County better and simple economics says, when you save you invest,” adding, “it is good to save your money for economic growth.”
He noted that the CBL and Afriland Bank have done it with the creation of the rural financial institution, but it is the determination and hard work of the people that will bring growth and improve livelihoods.
Earlier, Mr. Thomas King, Sr. Analyst, Microfinance and Financial Inclusion Unit of the CBL, who introduced the program, noted that the opening of the NRCFI would ease the problem of the residents to go to distant areas such as Tappita, Saclepea, Ganta and nearby villages to encash their salary checks, savings account, direct deposit and to utilize money transfer services such as MoneyGram or Western Union.
At the dedicatory ceremony in Sanniquellie, traditional leaders praised the CBL and its leadership including the chairperson Board of Directors of the Afriland First Bank, Mrs. K. Margaret Korkpor, wife of Liberia’s Chief Justice, Francis Korkpor, for their tireless efforts in providing another banking institution to them.
For her part, Mrs. Korkpor urged Nimbaians to make use of the facility by saving their money. She also promised them that the bank under her supervision as chairperson will provide better services to them.
Also speaking, Nimba County Development Superintendent, Dorr Cooper cautioned Nimbaians against using the bank as a political tool by the people of the county noting that development should now be the inner objective of all Nimba citizens.
At the same time, the traditional leaders vowed to support and sustain through the buying of shares and economic and financial interaction.
Meanwhile, Hamadou Bayo, President and Chief Executive Officer (CEO) of Afriland First Bank, which provided technical assistance prior to the opening of the NRCFI, said the bank will serve all the financial transactions of the people of that county.