"A pioneering endeavor has now concluded, and the bank will continue with new owners who possess robust banking expertise and access to capital. The outcome is that more people will have the opportunity to increase their income and build a better future," says Arnt Jerpstad, CEO at Alliance Microfinance (AMAS).

Initiated by AMAS

DMDI was initiated by AMAS in 2012 and has been a registered bank since 2014. Active operation of bank services was delayed until 2015 due to the Ebola outbreak in West Africa. Building a strong bank in a country with weak infrastructure and widespread poverty has been challenging, especially during the coronavirus pandemic.

Nevertheless, the bank has contributed to economic independence for several thousand customers and is one of the few providers of financial services in the country. It was the very first microfinance bank in the country's history allowed to accept deposits from its customers.

The bank's operations have had a positive impact on the entire local community by providing more people with access to financial services and capital. The new owner will continue and expand this vital work.

Need for a Stronger Owner

"AMAS is selling DMDI because the bank needs more capital to grow and become a leading bank in the country," continues Jerpstad. The people of Liberia need this.

For the customers, the sale means securing their deposits, and a strengthened bank with greater potential for growth and to help even more people.

"AMAS has been pioneers in the Liberian microfinance market," says Roy Mersland. The Norwegian professor and microfinance expert has contributed as an external consultant in the sales process.

"They built up the bank and have now, after a few years, brought in new owners with the potential to make DMDI a leading bank in Liberia, for the benefit of the employees, the customers, and the Liberian people. This is how microfinance work should be done: You put the shovel in the ground, open up, and then after a while, hand it over to others with more capital," concludes Mersland.

Continued Commitment

The owner of AMAS, Mission Alliance, continues its work in Liberia with focus on adult education and VSLA. This work serves an even poorer demographic than the customers of DMDI. Therefore, the sale strengthens the ability to work alongside people in even more vulnerable life situations.