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CBL Micro Challenges Credit Union Officials

Mulbah Kessellie/Benjamin S. Taingay
Mr. Trueh addresses officials and members of the Liberia Credit Uunion National Association
Mr. Trueh addresses officials and members of the Liberia Credit Uunion National Association

( 26, 2015)-The Liberia Credit Union National Association (LCUNA) officials have been challenged to live up to their responsibility as a union.

The Head of the Micro Finance and Financial Inclusion Unit at the Central Bank of Liberia (CBL), El-Tumu Trueh, made the statement recently during the 2015 celebration of the 67th International Credit Union (ICU) Day worldwide.

This year’s celebration of the Day was held under the theme, ‘’People Helping People,’’ the event was attended by members of the union.

Serving as Keynote Speaker, Mr. Trueh urged officials of LCUNA to ensure that the organization assist all of its members.

He said credit unions cannot be institutions, where members aspire to be board members only to seek their own interests against the interests of their ordinary members.

He urged them to enhance various sustainable development initiatives of their respective unions by allowing ordinary members have access to affordable financial services.

‘’You are challenged to introduce tools and technology to strengthen your unions and to improve their services,’’ Mr. Trueh added.

The LCUNA official said credit unions are organizations that empower and have the potential to play pivotal roles in lifting people and the country out of poverty.
“Credit unions can change the way we talk and think about savings, loans and can bring from the cold our vulnerable Liberians who struggle to qualify for loans.”

“We must be thankful to the CBL for its vision to empower Liberians and institutions to enable them empower themselves,’’ he said.

Mr. Trueh quoted CBL Governor, Mill Jones, as saying: “It is time to give Liberians the tools to fight their way out of poverty and to back the Poverty Reduction Strategy with practical empowerment initiatives.”
He challenged union leaders to return to their respective primary credit unions with renewed vigor and enthusiasm to build various institutions to help Liberians.

For his part, Saye J. Biyie, chairman of the board of directors of LCUNA, said the importance of credit unions in access to finance and financial inclusion program of the government cannot be over emphasized.

He said a recent survey done by CBL for the creation of a National Strategy for Financial Inclusion in Liberia shows that over 70% of the population has no access to financial services.

This clearly indicates the urgent need for improved financial services for citizens through credit unions across the country, because credit unions are community-based organizations designed on cooperative principles and values.

Mr. Trueh noted that such community-based credit unions present a better platform for access to finance and financial inclusion than any other financial institutions in Liberia,

He also called on the Government to provide logistical support to LCUNA through budgetary allocation in the amount of U$500,000 annually.

“LCUNA and the primary credit unions must exercise integrity, justice and commitment to all that we do,” he also urged members of the union.


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