Business

Breaking News

Liberia National Credit Union gets US$2.4m support

Mulbah Kessellie/Benjamin S. Taingay
LCUNA  Board of Directors Chairman, Saye Biyie and the MD
LCUNA Board of Directors Chairman, Saye Biyie and the MD

(elbcradio.com/June 12, 2015)-The Liberia Credit Union National Association (LCUNA) Board of Directors Chairman says the Association’s has identified projects to be supported from its mother organization’s credit fund.

Saye Biyie said the credit fund, provided by the World Council of Credit Union (WOCCU), is in the tone of US$2.4-million.

Mr. Biyie said the amount is intended to enhance the activities of LCUNA and to revitalize the Association’s operations through various deliverables across the country.

He also said “Under the WOCCU project, the Liberia Credit Union National Association will construct four regional credit union buildings in four regions of the country; complete renovation and modernization of LCUNA’s headquarters.

The LCUNA Board of Directors Chairman noted that the four regional credit union buildings in Grand Bassa, Nimba, Grand Gedeh and Bomi Counties have been completed and dedicated.

Mr. Biyie made the statement recently at the Association’s Annual General Assembly held at LCUNA’s headquarters in Paynesville.

Chairman Biyie further noted that Association’s National Headquarters’ renovation has been completed.
He also said under the project, training and capacity-building will be provided members of the National Association and its primary credit unions across the country.

Biyie said: “In addition to the WOCCU project, the West African Credit Union against Poverty Program (WACUPP) came to Liberia and collaborated with WOCCU in support of LCUNA’s revitalization program.”

The LCUNA Board of Directors Chairman said with international partners’ assistance, members of the Credit Union Movement of Liberia have increased to 262 credit unions, with about 255 credit union affiliates and 21 none-affiliate members.

Despite the many positive accomplishments over the years, credit unions in Liberia were devastated by the Ebola virus outbreak, creating a huge loan delinquency in the amount over L$40-million.

“This huge loan delinquency has negatively impacted the operations of credit unions in Liberia,” Mr. Biyie added.
He then outlined several plans, to be implemented in 2015, including the standardization of all primary credit unions in Liberia.

The Liberia Credit Union National Credit Union’s Board Chairman noted that the model of the credit union’s by-law and constitution shall be adopted by all primary credit unions registered with the movement.

The Union’s by-law and constitution was Drafted and reviewed by two consultants, LCUNA and the Central Bank of Liberia (CBL).

Mr. Biyie said arrangements have been made for the purchase of a parcel of land for LCUNA’s future home and for the conduct of additional capacity-building training for Association’s members.

 


Copyright 2012 Mylbsonline.com All Rights Reserved.