MONROVIA- Former President Ellen Johnson Sirleaf, on Wednesday, May 7, cut the ribbon to the Modern Savings & Loans Microfinance Deposit-Taking Institution, officially declaring it open and ready for business in Liberia.
The Microfinance Institution, envisaged since 2014 by Counselor George B. Kailondo, aims to empower Liberian businesses, marketers as well as ordinary Liberians by helping them to access funding intended to stimulate economic growth and accelerate trade.
President Ellen Johnson Sirleaf lauded the great initiative and insight of Mr. Kailondo in giving back to Liberians and Liberia through the establishment of the Modern Savings & Loans Microfinance Deposit-Taking Institution.
The former Liberian leader spoke of the need for a strong private sector as the engine for economic growth and the creation of job opportunities.
President Sirleaf reflected on the rapid development in the West African Sub-region because its citizens are doing the needful in investment in their respective countries.
She described the Modern Savings & Loans Microfinance Deposit-Taking Institution as an excellent way of giving back, and called on all Liberians to support the initiative aimed at empowering smaller businesses to develop and grow.
For his part the Board member of the Savings & Loans Microfinance Deposit-Taking Institution said in 2014 he started the same business with a non-interest rate.
Cllr. George Bobby Kailando said prior to the launching of the installation, he intended to open a banking institution but the Central Bank’s requirements include having US$10 million one’s account before one can open a bank.
He said in the coming two to three year, they will try hard to open a banking institution that will provide good financial services to Liberians and others.
The Modern Savings & Loans Microfinance Deposit – Taking Institution vowed to drastically reduce interest rates and also break away from the century-old traditional credit system that overburdened businesses and made it difficult to succeed.
Interest rates by banking and financial institutions are estimated at over 18 percent, which the Modern Savings & Loans Microfinance Deposit-Taking Institution promised to reduce below ten percent to afford its customers to develop and grow their businesses.
The dedication and opening ceremony of the Modern Savings & Loans Microfinance Deposit-Taking Institution was attended by the Central Bank of Liberia and top senior government officials, including members of the Legislature and the business community. The Institution is headed by Madam Chantell Kailondo, who serves as the Chief Executive Officer.
