Press Release from the Central Bank of Liberia

Press Release from the Central Bank of Liberia

Published in Daily Observer on August 14, 2014:

"The Central Bank of Liberia (CBL) today, August 14, 2014, issued a license to Diaconia Microfinance Deposit Taking Institution (DMDTI), located at the corner of Carey and Johnson Street, Monrovia, to operate as a microfinance deposit taking institution in Liberia in keeping with the requirements of Regulations for microfinance deposit taking institutions. DMDTI is the first deposit taking institution (MDI) to be issued a license by the CBL since the issuance and publication of the Regulation in August, 2012.

Although not a commercial bank, Diaconia, as a specialized financial institution, is allowed to take deposits and perform essential banking services for micro, small and medium enterprises and the low-income population in the country. The entry of Diaconia into the financial sector is a further boost to the financial sector and demonstrates the continued effort of the CBL to expand financial services to all segments of the Liberian society. In this connection, Diaconia has commited to expanding its ervices to rural parts of the country in the shortest possible time as part of the licensing process.

DMDTI is owned by Alliance Microfinance AS, a not-for-profit microfinance institution established by the Norwegian Mission Alliance in Norway with subsidiaries in Vietnam, Ecuador and Bolivia. DMDTI have a Liberian, Mr. Bill Massaquoi, as the Managing Director and a number of Liberian in senior positions and a majority Liberian membership on the Board of Directors, chaired by a reputable and experienced Liberian in the financial sector, Mr. Pewu Subah. This is in keeping with the CBL`s policy of promoting Liberian participation in the management of financial institutions operating in Liberia. Meanwhile, DMDTI har commited to allocating a significant portion of shares to liberians.

The CBL encourages micro, small and medium Liberian enterprises, including marketers, "yanny boys", petty traders and "pen-pen boys", to take advantage of this positive development."

 

Signed: The Central Bank of Liberia