Thousands of Rivercess citizens showed up in mass over the weekend to welcome Central Bank Executive Governor Dr. Joseph Mills Jones and delegation at the dedication ceremony of the first Rural Community Finance Bank in Cestos City, Rivercess County.
The establishment and opening of a Community Bank, known formally as a Rural Financial Institutions, in Cestos City is a continuation of the Central Bank of Liberia’s latest monetary policy geared towards building vibrant, decentralized rural economies and providing entrepreneurs quick access to capital. Several cities and provincial capitals benefited from the establishment of Community Banks ––partly owned by the Government of Liberia and the people of the community in which they are established–– prior to the outbreak of Ebola.
Representing Cestos City’s business community at the opening ceremony, Mr. Gabriel Dossen commended the Central Bank of Liberia (CBL), the Rivercess Legislative Caucus and the Superintendent for the establishment of the bank. Mr. Dossen then challenged citizens of the county to take advantage of the opportunity provided them by the Government of Liberia by purchasing shares in their new financial institution and make it their own.
Dossen told the gathering that the people of Rivercess perceive the bank as a “dream” becoming a reality and an end to a lot of inconveniences they’ve endured.
“We are happy today for the bank…development is key for every county and Rivercess is no exception. We are happy today because the Bank will serve as a new turning point for the people of Rivercess County,” he added.
Rivercess County newly elected Senator, Hon. Francis Paye, lauded the CBL for building one of its Rural Community Finance Institutions in Cestos City. Sen. Paye urged his kinsmen to see Rural Bank as an opportunity for investment through share ownership.
The Central Bank of Liberia’ Deputy Governor for Economic Policy, Mr. Boima S. Kamara, issued certificates to 73 initial shareholders during the opening ceremony.
In a brief statement, CBL Executive Governor, Dr. Joseph Mills Jones, expressed gratitude to the people of Rivercess for acknowledging the intervention of the Government of Liberia, adding that “no one, irrespective of geographic location, should perceive poverty as a way of life.”
Dr. Jones assured rural dwellers that he remains committed to working with the Board of Governors, Management and staff of the Bank for the sustainable transformation of the Liberian economy, especially at a time when the country is struggling to handle the impact of a major health crisis.
He reminded the audience at the opening ceremony in Cestos City that the Rural Community Finance Institution initiative of the CBL is a part of the GoL’s Poverty Reduction Strategy (PRS)––a component of the United Nations’ Millennium Development Goals (MDGs), which seeks to narrow the wide divide between the rich and poor globally.
Modernization of payment systems, which begins with the presence of a financial institutions in every corner of Liberia, is one of many tools the Government of Liberia intends to use, through the Central Bank of Liberia, to ease economic burdens and improve general wellbeing of Liberians. Currently, Voinjama, Foya, River Gee, and Barclayville are among many cities now benefiting from this initiative.