CBL Begins Seminar for Rural Financial Institutions in Ganta

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The CBL head and participants after the opening of the seminar.

The Central Bank of Liberia is conducting a seminar and capacity building forum on the management of rural community financial institutions (RCFIs) in Liberia.

The seminar, which started on Monday, December 11 at the Guinea Embassy Entertainment Center in Ganta City, Nimba County, will bring together Board Members of the RCFIs – local banking institutions established by the CBL.

The workshop will cover topics such as, RCFIs prospects and challenges (the Liberian experience); needs assessment of RCFIs; discussion SWOT analysis of ACDI/VOCA; and the importance of community banking (the Sierra Leone experience).

Foreign facilitators at CBL’s RCFI seminar

Others will be the role and responsibility of the APEX/TASU in the supervision and regulation of RCFI (the Sierra Leone experience); regulatory framework; returns and reporting standards for RCFIs; core banking software/procedures and operation of the RCFIs’ credit and credit risk analysis in RCFI, among others.

The CBL has brought experts from Sierra Leone to share their experiences with regards to the running of community banking institutions.

Executive Governor Milton Weeks said the Central Bank held the first seminar for RCFIs in August 2015 as a means of building the capacities of the staff, ‘which is an indication of CBL’s commitment to Liberians.’

He said the CBL believes that RCFIs can have an impact on the lives of Liberians.

Meanwhile, a release from the City Mayor of Ganta has called on the CBL and Afriland Bank to extend branches to other parts of Nimba to ease some of the banking problems faced by farmers and civil servants.

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