BRAC Liberia Microfinance Company Limited, the largest microfinance provider in Liberia operating 32 branches in 8 counties and providing financial services to more than 46,000 clients, have received the 2021 Achievers Award by a local newspaper in Liberia.
In a press release issued in Monrovia on January 25, 2022, the X-Ray Newspaper through its Management Editor Orlando Chea said the selection of BRAC Liberia as microfinance organization of the year 2021was based on the organization work and contributions to society which have made transformative impact in helping under privileged and venerable population groups address food security in Liberia.
Chea said commercial banks give money to big clients that can afford to pay back interest in a timely manner, while BRAC patiently work with its rural poor clients to pay interests on their loans and provide training to their clients which include pre-disbursement orientation through financial literacy program activities.
Mentioning also that at the height of COVID-19 outbreak in Liberia, the organization introduced a two-month moratorium which was free of interest payment while at the same time paying 100% of staff salaries. During that period the organization sent out SMS messages to clients informing them that there was no need to pay.
Commenting further that the company played an important role to keep up economic activity in Liberia during the Ebola outbreak and was one of the participating financial institutions for the Post Ebola Reconstruction Project, coordinated jointly by the Central Bank of Liberia and the Ministry of Finance and Development Planning and funded by the World Bank.
He expressed thanks and gratitude to BRAC Microfinance Company Limited headed by its CEO Khaled Morshed and his team of dedicated staff, majority of whom are Liberians for the level of achievement made so far, stressing, “They have built a solid reputation in the area of microfinance.
Receiving the award, CEO Khaled Morshed thanked the management of X-Ray Newspaper for making the observation and disclosed that the largest and important component of BRAC’s intervention in Liberia has been through microfinance which has considerably improved the livelihood of thousands of Liberians.
He said BRAC Liberia Microfinance deliver financial services in a way that is transparent, fair and safe adhering to the Universal Standard for Social Performance Management and the Clients Protection Principles, placing client’s wellbeing at the center of everything they do.
BRAC Liberia Microfinance Company Limited BLMCL started operations in Liberia in 2008 with the mission to provide financial services responsibly to people living in poverty, especially women, living in rural and hard-to-reach areas, to create self-employment opportunities, build financial resilience, and harness women’s entrepreneurial spirit.
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