Liberia: Diaconia Microfinance Deposit-taking Institution Inc. Establishes New Branch in Nimba County￼
MONROVIA — Diaconia Microfinance Deposit-taking Institution Inc. (DMDI) a limited liability company providing financial services to local businesses and individuals is embarking on decentralizing its activities outside of Monrovia with the establishment of its first sub-branch in Ganta, Nimba County.
The newly established bank in Ganta will help provide financial services to the citizens of Ganta and its environs through the provision of loan services and offer inclusive customer driven services to help small businesses, low and middle income household improve their lives.
According to Mr. Kwarteng A. Basoa Diaconia managing Director, sixty percent of its customer base are Women because women play Major roles in developing a nation. He said, other targeted groups of Diaconia are; motorcyclists, schools, farmers, churches and local and international non-governmental organizations.
“Diaconia micro-finance MDI will help to provide financial services to citizens to the lowest level with the aim at helping small businesses to succeed. Managing Director Kwarteng Basoa added”.
For his part, Central Bank assistance Director Micro- finance section, regulation and supervisor department Mr.Abdullah D. Molley challenged citizens of the county to take advantage of the bank’s loan program by exhibiting good borrowing culture to better their living standard.
He also thanked Diaconia micro-finance for the initiative especially during the period of the Country Economic recovery and for helping to bring financial services to the people of Ganta despite the distance and infrastructural constraints.
He furthered said, the Microfinance sector which constitute one of the largest components of the financial sector in Liberia is still in a development stage and that that the Central Bank is doing all it can to encourage financial inclusion to all parts of the Country in order to extend financial services to as much of the population as possible.
He said Central Bank Policy is to allow for fair competition amongst the financial institutions and as such the Central bank is happy that DIACONIA Microfinance Deposit Taking Institution MDI has decided to complete, even in far-away places like Ganta, Nimba County.
“We hope by this extension DIACONIA will consider directing some of its lending resources to the agriculture and others sectors which are in dire need of credit to enhance economic development. Additionally, I’m pleased to note that the Micro-finance section is in a better position to provide needed financial resources to support the growth of the Liberian economy, create jobs and reduce poverty he noted.”
According to the Central Bank staff, the improvement in the sector over the Past years has focus on increased capitalization of financial institutions, enhanced corporate governance and better risk management practices.
He said, despite the challenging environment in which the financial institutions operate, the Micro-finance sector has continue to grow over the period and DIACONIA is the biggest Microfinance Institution in the sector.
Director Abdullah Molley told the gathering that despite these achievement, there is still more Work to be done as the Central Bank will continue its rigorous management of the financial system in order to place the financial institutions in a stronger position than the Country currently have, which he said will involve the Cooperation of all stakeholders including those who use financial services.
He noted that, if Liberia’s micro -finance sector is to be viable and More supportive to the development of the private sector, there is an urgent need for change in attitude in terms of building good credit culture, which he said is a key role of the Microfinance sector in any economy is to help finance the financial needs of small businesses which he said to be able to effectively Carry out such responsibility, he urged residents of Ganta to have duty to be responsible borrowers and pay their debts when every they borrow.
Diaconia Microfinance Deposit-taking Institution
Diaconia Microfinance Deposit-taking Institution Inc. (DMDI) is a limited liability company established in Liberia in December 2012. DMDI is an initiative of Alliance Microfinance (AS), Norway and was set up to promote the creation of new jobs through the provision of microfinance services. DMDI targets people living both in urban and rural areas of Liberia, and seeks to contribute to solving the lack of financial services for the poor.
Diaconia MDI received the license in August 2014. However, due to the Ebola outbreak, the bank opened for clients in March 2015. Operations will begin in Monrovia, and after an initial period of approximately two years, extend into other under-served areas of Liberia. Diaconia MDI is based on the Christian diaconal principle of service to those in need. The purpose of the institution is to improve the livelihood of the poor by developing inclusive financial services to micro, small and medium-sized enterprises in order to transform lives, build communities, and expand opportunities.