DOCSLIB.ORG

BOAKAI MURPHY DORLEY the Impact of Microfinance on Poverty Reduction in Montserrado County: a Case Study of Access Bank Liberia

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
BOAKAI MURPHY DORLEY the Impact of Microfinance on Poverty Reduction in Montserrado County: a Case Study of Access Bank Liberia BOAKAI MURPHY DORLEY The Impact of Microfinance on Poverty Reduction in Montserrado County: A case study of Access Bank Liberia Limited, 2009-2012 O Impacto da Microfinança na Redução da Pobreza em Montserrado County: Um estudo de caso do Access Bank Liberia Limited, 2009-2012 Campinas 2014 i CAMPINAS 2014 iii iv v Candidate’s Declaration I hereby declare that this researches “The Impact of Microfinance on Montserrado County”, A Case Study of Access Bank Liberia Limited is my own work and all materials used have been indicated and acknowledged with complete references. This research has been done independently with the guidance and support of the researcher advisor. vii Acknowledgements Firstly, I am grateful to the Almighty God for His continuous blessings He showers upon me day by day. I would also like to extend my sincere gratitude to my supervisor Prof. Dr. Simone Deos for her useful comments, remarks and engagement throughout the dissertation process. Furthermore, I would like to thank the participants in my survey, who have willingly shared their precious time during the process of interviewing. Finally, I would like to thank all those who were involved directly or indirectly for the accomplishment of this research. ix Resumo Microfinanças constituem a prestação de uma vasta gama de serviços financeiros que incluem depósitos, empréstimos, poupanças, transferências de dinheiro e seguro para as famílias pobres e de baixa renda e seus microempreendimentos. No paradigma do desenvolvimento, as microfinanças têm se mostrado cada vez mais necessárias – estratégia utilizada para atender aos grupos negligenciados da sociedade, especialmente mulheres, pessoas de baixa renda, comunidades rurais e a população carente. O objetivo dessa pesquisa é contribuir para a compreensão do impacto das microfinanças no alívio da pobreza em Montserrado County, usando o Access Bank Liberia Limited para o estudo de caso. Essa pesquisa cobriu o período de 2009 a 2012. Os resultados indicaram que as microfinanças tiveram um impacto positivo no alívio da pobreza dos destituídos de Montserrado County, particularmente liberianos sem acesso às instituições financeiras formais. Os resultados revelaram que as microoperações financeiras do Access Bank Liberia tiveram um impacto positivo na criação de empregos, renda dos clientes e poupanças. Além disso, as evidências sugerem que o acesso à assistência financeira como o crédito para pessoas de baixa renda é capaz de estimular a geração de microempreendimentos que permitem a essa parcela da população sair da armadilha da pobreza. Portanto, microfinanças são uma das mais eficientes intervenções para melhorar as condições econômicas dos destituídos, além de ser um instrumento de proteção social, principalmente para mulheres. Palavras chaves: microfinança – pobreza – Libéria xi Abstract Microfinance is the delivery of a broad range of financial services which includes deposits, loans, payment services, savings, money transfer, and insurance to the poor and low- income households and their micro-enterprises. In the development paradigm, microfinance has evolved as a need –based strategy and program to cater to the neglected groups of society particularly women, poor, rural, deprived population. The objective of this research is to contribute to the understanding of the Microfinance impact on poverty alleviation in Montserrado County, using Access Bank Liberia Limited as a case study. This research covered the period 2009-2012. The researcher’s findings indicated that microfinance has a positive impact on poverty alleviation on the destitute poor of Montserrado County, particularly Liberian who lacks access to formal financial institutions. The findings revealed that Access Bank Liberia microfinance operations have a positive impact on job creation, clients’ income and savings. Moreover, the evidence suggests that if the poor or low income earners are provided access to financial assistance, such as credit, they are capable to start a micro-enterprise that will allow them to break out of the poverty trap. Therefore, microfinance has become one of the most effective interventions for economic empowerment tool for the destitute poor as well as social protection mainly for women. Key words: microfinance – poverty – Liberia xiii List of Tables Table 1: Liberia Economic Sector Contribution to Gross Domestic Products from, 2005-2010 ................................................................................................................................................... 12 Table 2: Comparison of GDP Growth Rate in the Sub-Region of Africa, 2013 ....................... 13 Table 3: Liberia Market Indicator- Absolute Number (Persons Aged 15 and Over) ................ 19 Table 4: Liberia Market Indicators, 2010 .................................................................................. 20 Table 5: Liberia Employed Population aged 15 and above by Sex and Location ..................... 21 Table 6: Census Distribution of Population by Age Group, 2008 ............................................ 22 Table 7: Liberia Demographic Indicators, 2008 ........................................................................ 23 Table 8: Liberia Population Distribution by Age, 2008 ............................................................ 23 Table 9: Poverty in Liberia ........................................................................................................ 26 Table 10: Liberia Poverty Reduction Strategy (PRS) Final Report, 2012 ................................ 28 Table 11: A Worldwide Inventory of Microfinance Institutions and its Growth Patterns ........ 45 Table 12: Microfinance Outreach Indicators by Region ........................................................... 49 Table 13: Africa Microfinance Analysis and Benchmarking Report, 2008 .............................. 51 Table 14: Commercial Banks, Loans by Economic Sectors (2010-Nov, 2012 in Millions US$) ................................................................................................................................................... 56 Table 15:CBL SME Credit Stimulus Placement at Various Commercial Banks, 2012 ............ 63 Table 16: Loan Extension and Availability Facility (LEAF) .................................................... 64 Table 17: Beneficiaries Institutions of LEAF Program ............................................................. 65 Table 18: Sample of Total Respondents Per Economic Sectors "Before 2009 and 2012 After" Obtaining a Loan ....................................................................................................................... 77 Table 19: Access Bank's Respondents' Income Status "Before and After" Obtaining a Loan in terms of Percentage Growth ...................................................................................................... 79 Table 20: Access Bank's Respondents' Income Status "Before and After" Obtaining a Loan in Terms of Percentage Growth ..................................................................................................... 80 Table 21: Access Bank's Respondents' Income Status "Before and After" Obtaining a Loan in Terms of Percentage Growth ..................................................................................................... 81 Table 22: Respondents Saving capacity "Before and After" Obtaining a Loan in Terms of Percentage Growth .................................................................................................................... 81 Table 23: Respondents Saving Capacity "Before and After" Obtaining a Loan ....................... 82 Table 24: Respondents Saving Capacity "Before and After" Obtaining a Loan ....................... 82 Table 25: Analysis of Male and Female Respondents Per Age Group ..................................... 83 xv List of Figures Figure 1: Sectorial Composition of Gross Domestic Product, 2005-2010 ................................ 12 Figure 2: Gross Domestic Product Growth Rate in the Sub-Region, 2013 ............................... 13 Figure 3: Percentage Unemployment by Age Group ................................................................ 21 Figure 4: Liberia Population Growth Trend From, 1962-2008 ................................................. 24 Figure 5: Liberia Poverty Head Count, 2007-2010 ................................................................... 27 Figure 6: Microfinance Growth Trends on Three Continents ................................................... 46 Figure 7: Balance Sheet of the Banking Sector (As at Nov. 2013, in Millions of US$) ........... 55 Figure 8: Kinds of Microfinance Institutions and the Clients based in LibariaFigure 3.2 Kinds of Microfinance Institutions and the Clients Based In Liberia .................................................. 59 Figure 9: CBL Percentage of Total Loan Per Economic Sector, 2012...................................... 63 Figure 10: Organizational Chart of microfinance Lending Group Methodologies ................... 69 Figure 11: Access bank Liberia Limited Shareholder Structures, 2012 .................................... 70 Figure 12: Access Bank Key Financial Indicators Growth Trends, 2009-2012 ........................ 72 Figure 13: Access Bank Liberia Credit Administration Procedures ......................................... 74 xvii Table of Contents Candidate’s Declaration ............................................................................................................ vii Acknowledgements ......................................................................................................................
Load more

Recommended publications
  • Promoting Financial Innovation- Regulation & Policy
    Evaluation and Learning Spotlighting the Status of Innovation and Regulation Disclaimer This publication was written by Abenaa Addai ([email protected]) with external contributions. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of AccessHolding (Access Microfinance Holding AG) nor those of the Mastercard Foundation. Spotlighting the Status of Innovation and Regulation Building on the driving factors of digital transformation, Human Capital Regulators & Gov’t Infrastructure FinTech Consumers & users and Funding Enabling environment Digital technologies Access to capital and Enabling underlying Access and demand to to support fintech with the potential of finance for FinTechs infrastructure (internet digital financial services solutions while transforming financial and a skilled labour and network services, and technology maintaining regulatory services – business force payment platforms) adoption (mobile device objectives of consumer models, applications, penetration, internet protection, financial processes, and usage) stability & integrity products we spotlight on areas of regulation and innovation policy in three countries Liberia Rwanda Zambia Challenges and Opportunities and map out the status of digital transformation Nascent Growing Advanced Liberia Total Population1 • The vision for financial inclusion is to build a sustainable 5.0 million financial sector deeply rooted in digital financial services. Financial Inclusion Rate2 • Without a clear definition and understanding among regulators, there seems to be a regulatory overlap and in 35.7% other areas gaps: regulations (and accompanying Mobile Phone Penetration3 enforcement) lag behind regional and global standards. 83% • There is an absence of dedicated regulations for Internet Penetration4 electronic transactions, cybersecurity, privacy and the protection of consumers online. 12% • A National payment framework is still missing.
    [Show full text]
  • Sefa Country Profile Template
    LIBERIA: Rapid Assessment and Gap Analysis Final Report - May 2013 Table of contents SECTION 1. INTRODUCTION 6 1.1. Country Overview 8 1.2. Energy Situation 10 SECTION 2. CURRENT SITUATION WITH REGARD TO SE4ALL GOALS 18 2.1. Energy Access vis-à-vis Goal of SE4ALL 18 2.2. Energy Efficiency vis-à-vis Goal of SE4ALL 23 2.3. Renewable Energy vis-à-vis Goal of SE4ALL 24 2.4. SE4All goals 29 SECTION 3. CHALLENGES AND OPPORTUNITIES FOR ACHIEVING SE4ALL GOALS 30 3.1. Institutional and Policy Framework 30 3.2. Programs and Financing 31 3.3. Private Investment and Enabling Business Environment 40 3.4. Gaps and Barriers 42 ANNEX 1 - EXISTING PROGRAMS AND CORRESPONDING FINANCING FOR CONTRIBUTION TO SE4ALL GOALS 42 ANNEX 2 - INITIATING A SUSTAINABLE ENERGY FOR ALL INITIATIVE IN LIBERIA: SOME SUGGESTED STEPS AND MEASURES 48 ANNEX 3: SLIDES OF REPORT PRESENTATION TO STAKEHOLDERS 55 2 OBJECTIVE The purpose of Rapid Assessment and Gap Analysis is to provide: A quick brief look of the energy situation in the country (Section 1) within the context of its economic and social development and poverty eradication A good review of where the country is in terms of the three SE4ALL goals (Section 2), and A good estimate of the main challenges and opportunities vis-à-vis the three goals of SE4ALL where the major investments, policies and enabling environments will be required (Section 3) A sound basis and background for an Action Plan that may follow as part of the SE4ALL activities in the country EXECUTIVE SUMMARY General context.
    [Show full text]
  • Accessbank Template CI Conform W/O Content
    Offgrid Power Forum / Intersolar 21 June 2016 AccessHolding: Basic Facts German stock corporation (AG) created in 2006 Purpose: setting up small business banks in emerging markets „House Bank“ for MSME and low/middle-income households Full range of financial services but focus on business lending: Commercial bank license Core product: cash flow based lending to micro and small businesses Holding approach: Developing centralized core bank holding functions to support the emerging network Strategic Investor: AccessHolding aims to acquire majority stake Regional Clusters Responsible banking Commercial targets but long-term investment horizon: break-even in Y3-4; RoE of > 20% from Y5 on 27-Jun-16 #2 KPIs per December 2015 Paid-up capital of EUR 87.2 million Currently 10 financial institutions 8 banks & 2 MFOs 9 majority - owned Expansion plan for 14 institutions until 2021 Total Assets: EUR 1.2bn, Gross Loan Portfolio: EUR 0.9bn 570 thousand loans outstanding (95% for small business purpose) Average outstanding loan balance EUR 1,598 56% of the loan clients live in rural areas, usually with bad or no energy supply ~ 8,000 employees in 191 branches Two in three branches are located in rural areas 27-Jun-16 #3 History of Network Development Acquisition of AB Azerbaijan AB Tanzania AB Liberia AB Zambia MFO CREDO AH Share 16.5% AH Share 50.7% AH Share 55.6% AH Share 51.0% AH Share 60.2% Fitch Rating: BBB- Oct. 2002 Nov. 2007 Jan. 2009 Oct. 2011 Oct. 2014 Feb. 2007 Nov. 2008 Apr. 2010 Dec. 2013 Jan. 2015 Acquisition of AB Madagascar AB Nigeria
    [Show full text]
  • Ife and Microfinance Banking for the Smallest Businesses
    Public Disclosure Authorized Telling Our Story CREATING OPPORTUNITY Public Disclosure Authorized Edition 5: Success Stories 2008 Public Disclosure Authorized Public Disclosure Authorized International i Finance Corporation liFe~ I World Sank Group SUCCES S1 I i Telling Our Story Creating Opportunity Dear Colleague: Market conditions and client needs are vastly different than they were a year ago. IFC is adapting to this fast-changing world to serve clients better and maximize development impact. Higher food and fuel prices and financial turmoil are just some of the challenging new realities of today's global environment. They pose many new opportunities for IFC to make a difference as we work to help build the private sector and extend its reach in emerging markets. We do so with a commitment to innovation. This allows us to continue to strengthen the private sector's role as an effective engine of growth-an essential force in reducing poverty and improving people's lives in both the poorest countries and middle-income countries, where more than half the world's poor live. The stories in this booklet show how we go about our work. They give clear examples of who benefits from our efforts to attract additional private investment and know-how and broaden its impact in emerging markets. IFC is in the business of creating opportunity and improving lives. This means, for example, that we create jobs, improve the investment climate, increase access to finance, upgrade infrastructure through efficient public-private partnerships, and adapt business and finance principles that address climate change and sustainability. We use a wide range of products involving investment, advisory services, private capital mobilization, and risk mitigation that bring solutions to our clients.
    [Show full text]
  • LIBERIA: Rapid Assessment and Gap Analysis Final Report
    LIBERIA: Rapid Assessment and Gap Analysis Final Report - May 2013 Table of contents SECTION 1. INTRODUCTION 6 1.1. Country Overview 8 1.2. Energy Situation 10 SECTION 2. CURRENT SITUATION WITH REGARD TO SE4ALL GOALS 18 2.1. Energy Access vis-à-vis Goal of SE4ALL 18 2.2. Energy Efficiency vis-à-vis Goal of SE4ALL 23 2.3. Renewable Energy vis-à-vis Goal of SE4ALL 24 2.4. SE4All goals 29 SECTION 3. CHALLENGES AND OPPORTUNITIES FOR ACHIEVING SE4ALL GOALS 30 3.1. Institutional and Policy Framework 30 3.2. Programs and Financing 31 3.3. Private Investment and Enabling Business Environment 40 3.4. Gaps and Barriers 42 ANNEX 1 - EXISTING PROGRAMS AND CORRESPONDING FINANCING FOR CONTRIBUTION TO SE4ALL GOALS 42 ANNEX 2 - INITIATING A SUSTAINABLE ENERGY FOR ALL INITIATIVE IN LIBERIA: SOME SUGGESTED STEPS AND MEASURES 48 ANNEX 3: SLIDES OF REPORT PRESENTATION TO STAKEHOLDERS 55 2 OBJECTIVE The purpose of Rapid Assessment and Gap Analysis is to provide: A quick brief look of the energy situation in the country (Section 1) within the context of its economic and social development and poverty eradication A good review of where the country is in terms of the three SE4ALL goals (Section 2), and A good estimate of the main challenges and opportunities vis-à-vis the three goals of SE4ALL where the major investments, policies and enabling environments will be required (Section 3) A sound basis and background for an Action Plan that may follow as part of the SE4ALL activities in the country EXECUTIVE SUMMARY General context.
    [Show full text]
  • Microcapital Monitor August 2007 | VOLUME.2 ISSUE.8 the Candid Voice for Microfinance Investment
    ± MicroCapital Monitor AUGUST 2007 | VOLUME.2 ISSUE.8 THE CANDID VOICE FOR MICROFINANCE INVEStmENT FREE PREVIEW MICRoCAPITAL BRIEFs | ToP sToRIEs EDITION Western Union Exploring Microfinance to Increase Profits President and Chief Executive Christina Gold said Western Union was exploring the pos- sibility of developing a micro-lending program in an effort to increase profits. Western INSIDE Page Union seeks to leverage its customer transaction database to analyze potential borrowers’ money transfer histories to excel at microlending. Those exhibiting frequent, recurring, MicroCapital Briefs 2 incoming funds transfers may be considered prime borrowers for loans ranging from USD Paper Wrap Up* 100 to USD 1,000. Mrs. Gold believes small loans present a big opportunity for Western Union, and she plans to start in 2008. Eastern Europe and Africa are being explored as Upcoming Events* initial markets for loans. It is unclear how much the company is willing to invest in such Microfinance Market Indicators 3 a venture, but with operations in over 200 countries and a network of approximately Who’s Who In MicroCapital* 300,000 agent locations, the sky is the limit. August 2. 2007 MicroCapital Monitor Subscriptions 4 BRAC & Citi Bangladesh Launch Remittance Partnership BRAC, a NGO with over five million borrowers and 100,000 employees, has signed a remittance distribution agreement with Citi Bangladesh. BRAC’s microfinance program covers all 64 districts of Bangladesh with 3,090 branches. July 27. 2007 EAsTERN EURoPEAN ANd CENTRAL AsIAN REgIoN NUMBER OF MFI’s by TOTAL Non-profits Merge in Rwanda NUMBER OF ACTIVE BORROWERS Opportunity International (OI), a global non-profit microcredit lender, makes a strong move in Rwanda with the start of new bank Urwego Opportunity Microfinance Bank 1 (UOMB).
    [Show full text]
  • Accessbank Liberia Limited
    ACCESSBANK LIBERIA LIMITED Independent Auditors’ Report and Financial Statements For the Year Ended December 31, 2015 Assurance | Tax | Advisory Our Shared Values Assurance | Tax | Advisory BAKER TILLY VALUES 1. We lead by example. The Baker Tilly International Mission Statement 2. We deliver a quality service with an emphasis on integrity. To operate a network whose members deliver, with integrity and objectivity, superior independent 3. We are open and honest in all audit, accounting, tax and financial communications. services to clients through global resources and relationships. 4. We act ethically. 5. We foster teamwork and collaboration with other Baker Tilly member firms. 6. We maintain a supportive environment in which our individuals can flourish AccessBank Liberia Limited Independent Auditors’ Report and Financial Statements For the Year ended December 31, 2015 Contents Page(s) Corporate Information 1 Directors’ Report 2 Independent Auditors’ Report 3-4 Statement of Financial Position 5 Statement of Comprehensive Income 6 Statement of Changes in Equity 7 Statement of Cash Flows 8 Notes to the Financial Statements 9-42 Supplementary Report - USD 44-64 AccessBank Liberia Limited Independent Auditors’ Report and Financial Statements For the Year ended December 31, 2015 CORPORATE INFORMATION Directors : Mr. Bernd Zattler Chairman Mr. Patrick Thomas Director Mr. Kyle Lackner Director Mr. Dusko Dimitrov Acting CEO Mr. Monojeet Pal Director Mr. Geegbae A. Geegbae Director Mr. Duannah Kamara Director Acting Managing Director: Dusko Dimitrov Register Office : AccessBank Liberia Limited 20th Street, Sinkor Monrovia Auditor : Baker Tilly Liberia Limited (Certified Public Accountants) Kings Plaza 2nd -4th Floors P.O. Box 10-0011 1000 Monrovia 10, Liberia Company Secretary : Atty.
    [Show full text]
  • Iv. Liberia's Rural Finance and Agricultural Marketing
    IV. LIBERIA’S RURAL FINANCE AND AGRICULTURAL MARKETING SUB-SECTORS By Chet Aeschliman, FAO–RAF Rural Finance and Marketing Officer with contributions from Alfonso J. Wesseh, National Rural Finance and Marketing, Consultant, FAO Liberia 2007 IV. Liberia’s rural finance and agricultural marketing sub-sectors 142 CAAS-Lib Sub-Sector Reports Volume 2.2 ACRONYMS ACDB Agricultural Cooperative Development Bank of Liberia ACDI Agricultural Cooperative Development International of the United States ADB African Development Bank AFRACA African Rural & Agricultural Credit Association The United States Government’s "African Growth & Opportunity Act" programme AGOA to promote African exports to the USA BIVAC A private firm certifying the quality of exports from Liberia BNF Bureau of National Fisheries CARE Cooperative for American Relief Everywhere, an international NGO CARI Central Agricultural Research Institute of Liberia (Gbarnga, Bong Country) CBL Central Bank of Liberia CBO Community-based organizations CDA Cooperative Development Authority CLUSA Cooperative League of the United States CRS Catholic Relief Services, an international NGO CU Credit union, i.e. a savings and credit cooperative or association EAC A Liberian company formerly owning part of the LBDI ECOWAS The Economic Community of West African States EU European Union FAO Food and Agriculture Organization of the United Nations FAOR The FAO Representative or the entire Representation in Liberia FFA Farmers’ field school FX Foreign exchange GOL Government of Liberia IAS International
    [Show full text]
  • European Investment in Tanzania: How European Investment Contributes to Industrialisation and Development in Tanzania
    EU market study:EU market study 17/10/2016 11:54 Page 1 European Investment in Tanzania: How European investment contributes to industrialisation and development in Tanzania Funded by the European Union EU market study:EU market study 17/10/2016 11:54 Page 2 European Investment in Tanzania: How European investment contributes to industrialisation and development in Tanzania Funded by the European Commission Written by Ashley Elliot © European Commission, Dar es Salaam, 2016 The content of this publication does not reflect the official opinion of the European Commission. Responsibility for the information and views expressed in the publication lies entirely with the author. "EU" refers to the European Union, and "EU+SN" to the members of the European Union and the Economic Free Trade Area (EFTA), unless otherwise indicated. For further inquiries or clarifications please contact [email protected]. A project implemented by consortium led by POHL CONSULTING & ASSOCIATES GMBH EU market study:EU market study 17/10/2016 11:54 Page 3 European Investment in Tanzania: How European investment contributes to industrialisation and development in Tanzania Funded by the European Union EU market study:EU market study 17/10/2016 11:55 Page 4 European Investment in Tanzania: How European investment contributes to industrialisation and development in Tanzania Foreword by Ambassador Roeland van de Geer, Head of the Delegation of the European Union to Tanzania and the East African Community As the Government of Tanzania and international partners join forces to lift millions of Tanzanians out of poverty, the role of trade and investment in the fight against poverty is increasingly recognised.
    [Show full text]
  • The Determinants of Interest Rate Spread in Liberian Financial Sector
    The Determinants of Interest Rate Spread in Liberian Financial Sector By Samwar Samzato Fallah A Research project submitted in partial fulfillment of the requirement for the award of the master degree of business administration (Finance option) of the University of Nairobi October 2012 DECLARATION I declare that this project is my original work and has not been presented for an award of a degree in any other University. Signed:………………………………. Date: ………………………….. SAMWAR SAMZATO FALLAH D61/60877/2011 This research project has been submitted for examination with my approval as the University Supervisor. Signed:………………………… Date:…………………………. Dr. Josiah O. Aduda Supervisor Department of Finance and Accounting School of Business University of Nairobi i DEDICATION This project is dedicated to my parents, Mr. Augustus N. Fallah and Mrs. Kuluku K. Fallah both of whom made my educational sojourn a success and without their parental guidance I wouldn‘t have reached this far. ii ACKNOWLEDGEMENT I express my sincere gratitude and appreciation to my Supervisor, Dr. Josiah O. Aduda for his support and guidance throughout the study. I also acknowledge the support of Mr. Rudolph T. Johnson of the Liberian Bank for Development and Investment who assisted in gathering the data for the study from Liberia. My appreciation also goes to Mr. Alps Briants Fallah and Mrs. Mary M. Fallah, whom I consider my guidance for of their numerous contributions to my education. I also acknowledge the Government of the Republic of Liberia through the General Auditing Commission of Liberia but most especially to Mr. John SembeMorlu, II, former Auditor General of the Republic of Liberia whose tireless efforts made my scholarship program at the University of Nairobi, a resounding success.
    [Show full text]
  • Job Vacancy Announcement
    Job Vacancy Announcement Job Title Chief Information Officer Job code CIO Department IT Location Head Office Report to CEO of the Bank / Management of AccessHolding AccessBank Liberia Limited, The Microfinance Bank, is seeking to recruit qualified individual as Chief Information Officer (CIO). ABL is a part of a growing chain of international banks. Its shareholders are multinational entities including AccessHolding AG of Germany- a joint stock holding company, International Finance Corporation (IFC) - the private sector arm of the World Bank Group; African Development Bank- a development bank which aims at promoting economic and social development in Africa; and European Investment Bank - the long-term lending bank of the European Union. The Bank is a fully-fledged commercial bank, offering in a transparent, professional and sustainable way appropriate financial services to the Liberian population. The future CIO is required to support the Bank as a member of the Senior Management by developing, promoting and implementing the IT strategy of the Bank. This means that the candidate shall be able to translate, in a forward looking and strategic way, business requirements and business strategy into a strategy for technology and IT Operations. The CIO stands on the cross-roads of business and technology to identify and arrange solutions to address the change and challenges arising of operations, targets and strategy. The objective of establishing this position is that IT becomes a competitive asset and provides solutions to processes that are vital to the functioning of the bank. With the Bank being a network bank of the AccessHolding of banks, and the Bank is being managed by LFS under a Management Services Contract, the CIO shall align the IT strategy and his/ her work also with the overall business and technology strategy of AccessHolding and the management and IT services provider LFS.
    [Show full text]
  • Prospects for Islamic Microfinance Under the Existing Legal and Regulatory Framework in Liberia
    28 (2) 2020 IIUMLJ 597 - 620 PROSPECTS FOR ISLAMIC MICROFINANCE UNDER THE EXISTING LEGAL AND REGULATORY FRAMEWORK IN LIBERIA Ibrahim Fofana ABSTRACT There is no specific regulation or legislative framework for Islamic microfinance operations in Liberia. This is largely due to the non- application of Islamic laws in the country, despite the increasing economic strength of Muslims in the country. This article aims to examine whether the existing laws in Liberia permit the establishment and operation of Islamic microfinance. The research employed a qualitative analytical approach, which examines legal and regulatory framework for the microfinance sector in Liberia. The materials and data which include related laws were collected, and analysed inductively to suit the needs of the research. This article argues that, the existing laws including the Liberian constitution and other relevant financial regulations such as, the Central Bank of Liberia Act of 1999, the New Financial Institutions Act of 1999 and the Microfinance Policy and Regulatory & Supervisory Framework for Liberia (MPRSFL) have no objection to the introduction of Islamic microfinance in the country. This research is a first to appraise critically some relevant laws on the legal framework of microfinance in Liberia and its relevance to Islamic microfinance. The Financial Institutions Act of 1999 confers on the Central Bank of Liberia the powers to regulate and supervise all financial institutions in the country, including the microfinance providers. The article concludes that the stakeholders need to continue supporting the microfinance sector, including Islamic microfinance in Liberia by building an appropriate legal ecosystem that providing for a smooth running of microfinance programmes in the country.
    [Show full text]