MONROVIA, LIBERIA-Members of the African Confederation of Co-operative Savings and Credit Associations (ACCOSCA) have ended a three Western Region Bloc Forum in Monrovia.
Hosted by the Liberia Credit Union National Association (L-CUNA), the three-day forum was held under the theme: “Community Development and Growth through Strengthening SACCO Network System,” and brought together more than one hundred thirty delegates from across the West African region.
At the close of the forum on Friday, February 7, 2024, at the Ministerial Complex in Congo Town, Central Bank Executive Governor, Henry Saamoi, expressed the bank’s commitment to help digitize the operations of saving cooperatives and credit unions to enable members to assess services through mobile platforms, online portals and automated processes.
Governor Saamoi described technology as a game changer in today’s world, adding that the bank will support digital transformation for integration among members of saving cooperatives and credit unions.
He told the delegates that the CBL has secured funding to develop a simplified digital platform to be used by savings and credit union groups across Liberia.
“The CBL is actively working to standardize regulations for credit unions and developing guidelines for savings groups generally with the view of assuring transparency, accountability, and the protection of members’ interest,” the CBL Executive Governor added.
He encouraged savings and credit organizations to adopt best practices in financial management, risk assessment, and compliance monitoring.
Mr. Saamoi commended the organizers for choosing Liberia as the host nation for what he described as a “Significant gathering.”
He assured that the Central Bank of Liberia stands ready to support efforts of saving cooperatives and credit unions by providing an enabling environment, fostering regulatory compliance, and promoting financial inclusion.
In a presentation earlier, the Executive Director of ACCOSCA, George Ombado, stressed the need for leaders of saving cooperatives and credit unions to be people-focused.
The next gathering of the African Confederation of Co-operative Savings and Credit Associations is expected to convene in Ghana in October.
