Close. Weah provides financial services in rural Liberia
President George Weah’s administration opened the country’s first regional treasury center to serve the needs of commercial banks and the general public.
The project, undertaken by the Central Bank of Liberia, comes at a time when the bank is struggling to meet the cash needs of other Liberians, especially those living in rural areas.
But with the Bong County treasury hub, the Weah administration and the CBL seemed to meet the banking needs of everyone, but especially the rural population.
This new treasury hub is expected to serve the central, northern and south-eastern regions of Liberia, which suffer from low penetration of financial services.
“This project therefore aims to create the necessary infrastructure for the provision of efficient banking services to the populations of rural areas and to continue the expansion of commercial bank branches across the country”, explained President Weah during the opening. of the treasury center. in Gbarnga, Bong County, yesterday.
He added, âCommercial banks are also at the heart of this investment as it will help significantly reduce the burden and high risks associated with their cash flow, thus lowering their cost of doing business. “
The Bong Cash hub, according to the president, is just one of four regional treasury centers that are expected to be built across the country and will meet minimum central bank requirements, including being equipped with vault systems. – Highly secure to ensure maximum security. for cash and other assets intended for safekeeping.
Each Cash Hub, the president said, will operate as a separate branch of the CBL, providing minimal banking services to commercial banks and the general public, including collecting government revenue and providing other payment services. for the government.
“It will also help create jobs for people in rural areas, as these regional cash centers will need to be staffed with sufficient staff to enable them to function effectively as branches of the CBL and to provide banking services compatible with the demand to be satisfied in these places. “, revealed President Weah.
He added: âThe government is also a key beneficiary of this project, as these regional hubs will facilitate revenue collection and payment services for local government, the public and civil servants, especially our dedicated teachers and health workers. and workers.
The Gbarnga City Cash Hub is just the first of CBL’s projects to build modern branches of the Bank across the country, in line with the government’s financial sector development program.
Its main intention is to meet the needs of the government, commercial banks, mobile money operators and the public, as well as assist in the collection of government revenues and the provision of other payment services for the government. .
At the same time, President Weah recalled that in 2019 his administration embarked on the difficult process of initiating reforms at the CBL, which involved several critical changes in personnel and policies that are bearing fruit today. ‘hui, including the treasury center.
The new team, according to President Weah, did a remarkable job of bringing stability and improvement to the macroeconomic and monetary environment, which was then under serious question.
âUnder the leadership of this new team, we are starting to see the Liberian dollar strengthen and the inflation rate drop very sharply. Other crucial inventions in the economy have led to a brighter outlook, including better projections. of GDP, âadded chief. “They continue to make steady progress towards achieving the main objective and purpose of a central bank, which is to achieve and maintain price stability in the economy. We must all continue to work harder to ensure the sustainability of these gains. “
He said: âAnd one of the ways in which these new policy measures can be felt by ordinary people is the one we are seeing here today: bringing banking services to the rural population. This will go a long way in facilitating much needed development while improving people’s lives. “
President Weah noted that as the legally appointed regulator of the banking sector, the CBL leads efforts on behalf of the government in support of its national development agenda, the Pro Poor’s Agenda for Prosperity and Development (PAPD), and the Executive Council The Governor, the Board of Governors, as well as the management and staff of the CBL are to be commended for their leadership in this regard.
“I look forward to the opening of another regional treasury hub in the not too distant future,” said the Liberian leader.
In remarks, the executive governor of the CBL, Aloysius Tarlue, noted that the consecration marks an important day in the history of the CBL since, for the first time since 1975, the bank establishes a branch in Monrovia and takes over overheads of commercial banks. .
Governor Tarlue added that the new regional treasury center aims to help the government in its generation of trains and the disbursement of the new currency.
âCommercial banks spend a lot of time transporting money in the southeast, especially during the rainy season, due to the poor road network. In addition, these facilities will make commercial banks move to some places where they are not and can serve our people because Monrovia is not Liberia, âTarlue said.
Home Secretary Varney A Sirleaf said rural residents remained happy with President Weah’s decision to establish a regional financial center.
“This is something our people want. Our rural residents no longer need to go to Monrovia to cash in or get their money back. It is one of the things they want and today they do. have, “said Minister Sirleaf.
John BS Davies, President of the Bankers Association of Liberia, welcomed the new initiative of the Central Bank of Liberia and praised President Weah for his support.
Friday’s inauguration brought together Liberia Bankers Association Chairman John BS Davies, the Bong County Legislative Caucus, House Banking Committee Chairman, International Partners, Home Secretary Varney A. Sirleaf, Senator Prince Moye and others. .