Foya Gets Rural Finance Institution

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VP Boakai, CBL Governor Weeks, Sen. Zargo and other government officials cut the ribbon to the FRCFI in Foya District, Lofa County.

– Business people, civil servants grateful to CBL

Businessmen, women, civil servants and ordinary citizens of Foya District recently breathed a sigh of relief when a financial institution was dedicated by Vice President Joseph Nyuma Boakai and Central Bank Governor Milton A. Weeks. Stakeholders of Foya District and CBL officials told the Daily Observer during the dedication ceremony that the financial enterprise is named Foya Rural Community Finance Institution (FRCFI).

Speaking at the program last Thursday in Foya City, Lofa County, VP Boakai said because of FRCFI’s geographical location in the commercial hub of Lofa County, it deserves such a socioeconomic empowerment. He, however, urged the business community to deposit, open accounts and invest in the financial institution to ensure its sustainability, which will in turn improve the lives of the people. “I encourage all business people, civil servants, and ordinary people to buy more shares and consider the financial entity as your own property, which will strengthen the center’s financial capacity,” VP Boakai stressed. He also cautioned FRCFI Board Members and shareholders against harboring deposited monies for their personal enrichment.

In a drive to ensure the growth and progress of the FRCFI, VP Boakai bought several shares for himself, as well as for the women’s and physically challenged organizations in Foya District. He added that as a leader, critical initiatives such as the FRCFI is at the crux of his heart and mind, and will always show exemplary leadership for the general welfare of the citizens of the country. The Vice President extended gratitude to the CBL administration for its continuous financial extension programs to the most viable areas of the country. “From today onward, your money can be secured in a protected financial entity right at your doorsteps, and the critical issue of traveling with huge sums of money in bags is completely over in our district,” VP Boakai assured.

In remarks, CBL Governor Milton A. Weeks reminded depositors, shareholders and citizens of Foya District that small financial entities are being established throughout the country to ensure the socioeconomic development and progress of all Liberians, especially Liberian entrepreneurs. He urged shareholders, depositors and the general business community of Foya District to take advantage of the FRCFI to expand their businesses in towns and villages.

Governor Weeks noted that the small business enterprise will ensure the protection of large, medium and small business entities in money transfers and the efficient handling of other critical financial instruments in the district in particular and Lofa County in general.

In a brief statement, Senator Steve Hammadu Jorgbor Zargo clarified that there is a poverty doctor already in Liberia and said former CBL Governor J. Mills Jones presided over and expanded the government’s financial inclusion policy. Senator Zargo pointed out that the establishment of the FRCFI was the collective effort of the Lofa Legislative Caucus, citizens and the business community of Foya District a few months ago. “We have over the past few months invested substantial amounts that helped to establish two rural financial institutions in Lofa County, namely Kolba and Zorzor cities, which have for the past few months greatly improved businesses in those areas,” Senator Zargo asserted.

In a statement, Representative Francis Sakila Nyumalin of Foya District reminded the gathering that the revamping and completion of the FRCFI is one of the one hundred days deliverables promised during the district’s 2016 by-election. Rep. Nyumalin thanked the CBL management for the infusion of additional funds that led to meeting the financial and policy requirements for the reconstruction and dedication of the FRCFI in Foya District. He warned against interference by shareholders and Board Members in the operation of the FRCFI.

For his part, Lofa County Superintendent George Sekou Dunor thanked the CBL and the government for initiating a project that will greatly alleviate the enormous hardships encountered by civil servants, non-governmental organizations and the business community in Lofa.

A representative of the Afriland First Bank, Francis Morgan, conducted the training for the FRCFI staff and urged them to prioritize the welfare of the depositors and shareholders to ensure the credibility of their work in the years to come.

In a statement on behalf of the businessmen and women of Foya District, Madam Hawa Masri described the opening of the FRCFI as a wonderful blessing, as their suffering to protect their hard earned money over the years has ended. “Thank God for you CBL Governor Weeks and your staff for providing a place to keep our money secure; and we also believe our money will grow and benefit us plenty,” Madam Masri concluded.

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