By H Matthew Turry
MONROVIA – Liberia former President Ellen Johnson Sirleaf, on Wednesday, May 7, cut the ribbon to the official opening of the Liberia Modern Savings & Loans Microfinance Deposit-Taking Institution in Congo Town.
Madam Sirleaf lauded what she called the great initiative and insight of founder of venture, George Kailondo, in giving back to Liberians and Liberia through the establishment of the Modern Savings & Loans Microfinance Deposit-Taking Institution.
Trust is one of the keys of financial intermediation, she said, adding that “the people are going to give you their money, they must trust you, they must trust your manager, and they must trust the people holding their money so that it is fully accountable to them.”
The former Liberian leader spoke of the need for a strong private sector as the engine for economic growth and the creation of job opportunities.
Madam Sirleaf reflected on the rapid development in the West African Sub region because its citizens are doing the needful in investment in their respective countries.
“The major part of growth in a society is the private sector,” said the Liberian Chief Executive. “All of us want to be politician, that’s all right. Politics is important in a nation for policies formulation, but at the end of the day, it is the business people who will strengthen the growth of the nation to be able to have jobs.”
She continued: “When we look around, and we leave Liberia, go to Ghana, Sierra Leone, Nigeria and come back home, we say the people country fine, they are progressing. What’s wrong with us, because we are not putting in what it takes to make Liberia what we want it to be.”
She described the Modern Savings & Loans Microfinance Deposit-Taking Institution as an excellent way of giving back, and called on all Liberians to support the initiative aimed at empowering smaller businesses to develop and grow.
Giving a brief overview, Cllr George Bobby Kailondo disclose that the Microfinance Institution, envisaged since 2014, aims to empower Liberian businesses, marketers as well as ordinary Liberians by helping them to access funding intended to stimulate economic growth and accelerate trade.
“The Modern Savings & Loans Microfinance Deposit – Taking Institution vowed to drastically reduce interest rates and also break away from the century-old traditional credit system that overburdened businesses and made it difficult to succeed,” he noted, divulging that the “interest rates by banking and financial institutions are estimated at over 18 percent, which the Modern Savings & Loans Microfinance Deposit-Taking Institution promised to reduce below ten percent to afford its customers to develop and grow their businesses.”
In his brief statement, Liberia former Commerce and Industry Minister, Prof. Wilson Tarpeh commended Mr Kailondo for ascending to his current entrepreneurial level.
“This is a very interesting step that you have taken,” he said of Mr. Kailondo. “You are in an industry that is now dominated by a non-Liberian. Be competitive as you can to reach the peak. Follow the rules; work with the Central Bank of Liberia to ensure that regulations are follow.”
Also speaking, the Modern Savings & Loans Microfinance Deposit-Taking Institution Board Chairman Rufus S. Berry said the financial institution was founded on the principles ofindi trust, financial inclusive, and sustainable growth.
“Our mission is simple, to empower our people. The cornerstone of our institution is integrity,” he noted.
The Modern Savings & Loans Microfinance Deposit-Taking Institution Board Chairman Rufus S. Berry said, “when you take loan and pay back, you empower us to give more to Liberians to stand on their own.”
The dedication and opening ceremony of the Modern Savings & Loans Microfinance Deposit-Taking Institution was attended by the Central Bank of Liberia and top senior government officials, including members of the National Legislature and business Community, and made remarks lauding the initiative and pledging their support.
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