CBL Expands Micro Finance, Opens New Community Finance Institution in Foya, Lofa County


MONROVIA, August 12, 2017:A Rural Community Finance Institution (RFCI), has been opened in Foya, Lofa County.  Officiated Thursday, August 10, 2017, by the Executive Governor of the Central Bank of Liberia (CBL), Mr. Milton A. Weeks, the initiative is consistent with the CBL’s strategic goal of promoting financial inclusion.


In his opening statement, Governor Weeks stated that the Foya Rural Community Finance Institution belongs to the people of Foya and not the Government, as it is the people of Foya who put up most of the money for the establishment of the RCFI. “As a Foya people bank, the people of Foya should patronize their bank”, the CBL Governor said.


A number of citizens from Foya District have bought shares in the RCFI including Vice President Joseph Boakai, as well as members of the Lofa legislative caucus and the Foya business community.


In a special statement at the formal opening of the Foya Bank, Vice President Boakai said the opening of the Bank had long been coming but the moment had finally arrived. He urged all Foya citizens to buy shares, stating that “if you buy shares you will be paid dividends in the future, which you can then do business with”.


Local officials, including the County and District Superintendents, Paramount Chiefs and members of the Lofa County legislative caucus spoke at the event, lauding the efforts of the people who made the Foya Rural Community Finance Institution a reality and calling on more people to buy shares.


The Central Bank Governor then issued an official license for the Foya Rural Community Finance Institution to operate, followed by the formal cutting of the ribbon by the Vice President Boakai and a tour of the facilities.


The new facility will enable the people of Foya to establish savings accounts, take loans, receive mobile money, and payment of their salaries; transactions they previously had to travel several miles to Voinjama to undertake. The Foya Rural Community Finance Institution now brings to 12 the total number of RCFIs operating in eight counties including Nimba, Grand Kru, River Gee, Gbarpolu, Rivercess, Sinoe, Lofa, and Bong Counties. All of the RCFIs are involved in the payment of civil servants’ salaries and nine of the RCFIs are granting salary based loans.  The RCFIs are also involved in providing money remittance services such as local transfers, Money Gram, and Western Union.