Rural Community Finance Institutions
The Board of Governors of the Central Bank of Liberia approved the implementation plan for the establishment of Rural Community Finance Institutions (RCFIs) in all of the political subdivisions of Liberia. The establishment of these RCFIs is consistent with the Government’s focus on creating an inclusive financial environment through the delivery of financial services to the people of Liberia based on the National Strategy for Financial Inclusion adopted in 2009. These institutions are owned by members of the communities through capitalization share purchases. Services to be provided by these RCFIs include:
- savings mobilization
- checking accounts
- loans
- direct deposits
- money transfer services, including moneygram and western union and
- payment of government salaries
The mobilization of savings in the rural communities will also spur local investment and increase economic activity. Overtime, people in the rural areas will become more fully integrated into the traditional banking sector.
Since inception of the project four RCFIs have been opened:
- Gbehley-Geh RCFIin Karnplay, Nimba County
- Grand Kru RCFIin Barclayville, Grand Kru County
- River Gee RCFIin Fishtown, Rivergee County
- Gbarpolu RCFIin Bopolu City, Gbarpolu County