Due to the huge population and stable business environment in Nimba County and its surroundings, the World Council of Credit Union (WOCCU) has opened the fifth credit union bank in Tappita.
The credit union bank will allow customers from adjacent towns and villages to benefit from financial services like personal or corporate savings accounts, mobile money transactions, ATM services, Western Union and MoneyGram services without having to travel out of town.
Dedicating the bank over the weekend, WOCCU Chief of Party and Project Director Patrick Muriuki said the bank has the capacity to serve customers on a daily basis, without running out of cash.
He said the regional credit union has started putting resources together to build its own banks around the country, and underscored the need to uphold the virtues of a model credit union.
The WOCCU official said a model credit union is a financially sound and growing enterprise that adopts a business approach to its operations, while still maintaining a cooperative spirit.
He added that it is also one which is not only effective in delivering needed financial services to its members, but also one which demonstrates financial responsibility and other business disciplines to help ensure its continued operations.
Earlier, Harmon Mensah, Program Specialist at United Nations Capital Development Fund (UNCDF), lauded the Government of Liberia and the Central Bank of Liberia for allowing UNCDF to initiate and implement such a program in the country.
He said the opening of the credit union bank in Tappita will also encourage his organization to open its savings program in Tappita.
Mr. Mensah said since the establishment of the UNCDF in 2013, the organization has achieved so much, and is planning to engage in more programs.
In achieving this goal, Mr. Mensah said UNCDF has worked to empower lots of organizations, including the Liberia Credit Union National Association (LCUNA), ACDI/VOCA, farmers and other women groups in the country.
Also speaking, the Managing Director of the Liberia National Credit Union Association (LCUNA), Yarkpazou Gbozouwoi, commended the WOCCU Chief of Party and the citizens for their support.
Mr. Gbozouwoi said he was impressed with the level of support by consumers in Tappita in getting the bank established in the district.
“Choosing Tappita to build our first branch was all the work of the people of Tappita; they fought for it, and today they have it,” he said.
He said residents in the area have already started benefiting from a community bank, founded by community residents in collaboration with the World Council of Credit Union (WOCCU) in Liberia.
In several remarks, residents expressed gratitude to Mr. Muriuki and officials of LCUNA for the bank.
The residents said the bank will go a long way in helping them ensure that their finances are well kept.
“The opening of this branch will save us from traveling from Tappita and other villages to Ganta for financial services,” a Tappita resident said.