16 June 2011
Liberia’s first microfinance bank, Access Bank Liberia (ABL), has launched its business activities with one branch in the country’s capital, Monrovia with an initial capital of EUR 4.2 million.
Daily Champion gathered that the launch was partly due to the EIB and other financing partners support also ABL has a team of 270 employees in five operating branches and over 50,000 customers.
In a country where less than 1percent of the population has a bank account, Daily Champion gathered that ABL concentrates on providing financial services to the country’s “informal” business sector.
A wide clientèle of low-income retail shop owners, street vendors, craftsmen and farmers have already benefited from their services in a country not long ago devastated by a civil war.
Confident in the positive economic and social benefits generated by such “informal” private sector initiatives, the EIB, alongside Access Holding of Germany, the African Development Bank and the International Finance Corporation has supported the start-up of Access Bank Liberia.
The EIB also participated in the technical assistance grant to support ABL’s management, training and human resources development plan given the lack of previous microfinance experience in the country.
With over 50,000 customers, the Bank can now boast of over EUR 3. 3 million clients’ deposits. The loans extended range from EUR 67 to EUR 4800, with an average repayment period of 6 to 12 months. ABL plans to open new branches in Monrovia and in the provinces within the next five years to be able to advance over 45,000 new loans over the next three years, disbursing an estimated EUR 48 million to Africa’s poor.
Access Bank employs mostly young people straight out of any of the accredited universities in the country and not only offers loans but other banking services as well. The Bank has equity of some EUR 7 million.
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Access Bank Liberia Commences Operation