One of the vibrant financial cooperatives operating in Liberia, the Trust Savings Credit Union (TSCU) has begun introducing a new value chain for inclusive economic growth and sustainability for all.
At a one-day workshop under the title, “The Digital Reserve Product Integration in Existing Services,” TSCU leadership said the new value chain approach will concentrate on three thematic areas, including Digital Money Market, Agro-Business and Inclusive Financial Expansion.
The digital money market will, accordingly, be looking at the emerging ledgers and the internet-based value exchange system, with emphasis on bitcoin and block-chain technologies, according to TSCU’s presentation.
In the Agro-business, TSCU and investors will support small and medium scale farmers with the needed resources through a value-chain approach as a means to increase productivity for consumers and investors, where support base will be directed to three cardinal areas, such as technical, financial and marketing.
The inclusive financial expansion will link vulnerable entrepreneurs at the bottom of the economic pyramid with business training and financial services, reducing poverty while facilitating growth of the credit union sector in the country.
In his report, the head of the TSCU Thomas Demawu, said the organization, as a financial cooperative operating in Liberia, has oversight responsibilities to bring on board key supporters, investors and other potential partners that are willing to promote financial inclusion and access to affordable financial services for all.
“In our quest to promote the value chain concept in our sustainability goals, this will set the path in achieving our short, medium and long terms plans,” Demawu said.
He said the theme will set the stage for credit unions to participate in these new innovative approaches to succeed in every investment.
“This model will setup the fundamental guidelines of activities to be performed in the implementation phase of any program or investment, thereby forecasting early warnings and prospect ahead of any investment,” he said.
Emmanuel Johnson, one of Liberia’s prospective terminal degree holder in Computer Science from the Southern California University, explained the importance of technology, which has to do with the growth of the cryptocurrency market and the block-chain technologies.
Johnson is meanwhile helping the TSCU to setup its software, where all the transactions will be placed, where limited internet services will be required and at the same a website will be developed for others to access the TSCU transactions.
The TSCU was established in 2013 as one of the four regional credit unions to increase rural households’ access to financial services, particularly through savings mobilization.
It is expanding savings opportunities to unbanked population of region 3, Bong, Lofa and Nimba counties and addressing the financial needs of its members and expanding outreach to customers.