CBL Opens 5th Rural Financial Institution In R’cess

The Central Bank of Liberia has opened its fifth Rural Financial Institutions in Cestos City, River Cess County with traditional leaders lauding the CBL Boss, Dr. Mills Jones for his efforts aimed at ensuring economic and financial inclusion nationwide.

The CBL under the leadership of Dr. Joseph Mills Jones had inaugurated and opened four similar financial institutions in Karnplay, Gbelleyger District in Nimba County, Barclayville, Grand Kru County, Fish Town, River Gee County and Bopolu, Gbarpolu County.

These financial entities have since been bringing relief to government employees, businesses and other citizens in terms of moving to distance areas to get banking services including money transfer services.

The traditional leaders from the two main tribes of the county (Bassa and Kru) praised the CBL and its leadership including the Board of Governors for the opening of the institution which is the first of its kind since gaining county status in 1985.

The traditional leaders and elders cautioned against using the bank as a political tool by the people of the county noting that development should now be the inner objective of all River Cess citizens.

At least at Friday’s opening ceremony of the River Cess Rural Financial institution, the traditional leaders who spoke through an interpreter said even though they are not illiterate, they have born children who are literate and are capable of guiding them in carrying out banking activities including the buying of shares, making deposits and withdrawers among others.

The traditional leaders vowed to support and sustain through the buying of shares and economic and financial interaction.

Mr. HamadouBayo, President and Chief Executive Officer (CEO) of the Afriland Bank, the bank that provided technical assistance prior to the opening of the River Cess Rural Financial Institution said the bank will serve all the financial transactions of the people of River Cess County.

He said the bank will render Western Union and Money Gram Services and ensure that the people have access to loans among others.

He used the occasion to introduce the shareholders of the bank all of whom are citizens of River Cess County and urged others residing in the county to become shareholders by buying shares.

River Cess citizens who spoke through their county authorities lauded the Mills Jones administration at the Central Bank of Liberia (CBL) for endeavoring to decentralize the financial service of the country by the building of Rural Financial Institutions in remote areas where there are no banking services.

River Cess Senator, Francis Paye said the opening of the bank in the county constitutes a new day in the history of the county and praised Governor Jones and his staff for their efforts aimed at bringing economic relief to the people of the county.

Senator Paye appealed to citizens of the area to become shareholders by buying shares as well as begin depositing their money in the bank.

Another citizen of the county, Mr. Hilary Mento, a shareholder who spoke on behalf of shareholders decried the under-development of the county and expressed hope that with the opening of the bank, River Cess County would start the process development. He called for road connectivity in the county as a means of fostering tangible development projects.

Cutting the ribbon to the bank, CBL Governor Jones urged the citizens of the area to make good use of the bank in a bid to stimulate economic recovery and growth in the county. He urged Liberians to take advantage of the economic transformation of the country and say good bye to poverty.

CBL Deputy Governor for Economic Policy, Mr. Boima S. Kamara, who attended the program, certificated the shareholders with a call for them to be committed to the proper upkeep of the rural financial institution.

The ceremony was attended by CBL Board member David Farhat, an array of CBL staff, members of the Liberia Marketing Association (LMA) and members of the Liberia Business Association (LIBA).

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