MONROVIA-July 20, 2015:
The Executive Governor of the Central Bank of Liberia (CBL), Mr. Milton A. Weeks, has dedicated a new Financial Service Center in Tappita City, Nimba County. The Tappita Rural Community Finance Institution (TRCFI) was inaugurated Saturday, July 16, 2016, at a ceremony witnessed by key stakeholders including residents and officials of the County.
Speaking during the occasion, Governor Weeks said the establishment of the Institution is a manifestation of the determination of the Management of the Central Bank of Liberia (CBL) and the Board of Governors, to promote financial inclusion across the country.
“In order to meet up with this goal, Governor Weeks stressed, "the Board of Governors and Management of the CBL agreed with the shareholders of the TRCFI that a Community Bank should be established in Tappita to enable the people of Tappita District and its environs to have financial services.”
The Governor commended the people of Tappita for the great effort they have shown through the purchase of shares to make the opening of the institution a reality.
Governor Weeks noted that although it is a requirement of the CBL that an interested community provides US $25,000.00 (twenty-five thousand United States Dollars), representing 50-percent of the amount required to establish a Rural Community Financial Institution, while the CBL provides the remaining 50-percent, amounting to the US $50,000.00 (fifty-thousand United States dollars) of the total requirement, the residents of Tappita raised over US $63,000.00 (sixty-three thousand United States Dollars), representing well over 100-percent of the total capital required.
Governor Weeks also applauded citizens, especially those living in the Diaspora, for purchasing shares to help make the opening of the new facility a reality. “Nimbaians in the Diaspora also rallied to the cause of creating Tappita’s first bank, contributing about US $30,000.00 (Thirty- Thousand United States Dollars) as their way of helping to start this bank.”
The Tappita Rural Community Finance Institution will provide services such as savings mobilization, checking accounts, loans, direct deposits; assisting civil servants with banking transactions, as well as money transfer services, including MoneyGram and Western Union.
“Credit Unions and Village Savings Loan Associations (VSLAs), who are beneficiaries of the Central Bank’s credit facilities, can also make repayment through the TRCFI,” the Governor disclosed.
Owned by citizens and residents of Nimba County, who have purchased shares, the Tappita Rural Financial Institution is the first banking facility to be established in that part of Nimba County.
The Rural Community Financial Institution (RCFI), is the 11th rural financial institution to be established in 8 (eight) counties. There are also two other rural financial institutions located in Karnplay and Sanniquellie in Nimba County.
For further details contact:
Cyrus Wleh Badio
Head of Communications
Central Bank of Liberia
Tel. 0886-45-4128