By: Peter Kollie| Correspondent
Zorzor, Lofa County – Monday, April 07,2025-In a major milestone for rural development and financial inclusion, the Zorlayea Rural Community Finance Institution (ZRCFI) has officially inaugurated a state-of-the-art banking facility valued at over LRD 16 million (equivalent to USD 82,051.28 at an exchange rate of LRD$195.00).
The colorful event held on April 4, 2025, in Zorzor, Lofa County, attracted government officials, prominent citizens, traditional leaders, and residents of Zorzor and Salayea Districts respectively.
Notable attendees who graced the auspicious occasion were among others, on. Henry D. Z. Yanquoi, Assistant Minister of Finance and Development Planning, Hon. Steven Saah Kolubah, Deputy Minister of Labor, Arthur Fumbah, Auditor at the Central Bank of Liberia, Hon. Augustine B. Chiewolo, Representative, District #5, Lofa County, and Hon. Galakpai W. Kortimai, Director, General Services Agency.
Others in attendance are Hon. Daniel Y. Koikoi, County Superintendent J. Lavela Massaquoi, Dr. Isaac P. Podah, President, Lofa County University and former Defense Minister J. Brownie Samukai.
The newly inaugurated banking facility includes five bathrooms, three offices, three teller rooms, one conference room, and a customer waiting area. It is also equipped with CCTV cameras to enhance security.
History and Growth
Hon. Jackson Wolobah, former bank manager and now Assistant Minister of Labor, outlined the bank’s humble beginnings in 2013 under the Central Bank of Liberia’s Rural Community Finance Institution (RCFI) initiative. The bank began operations with just USD 10,000 and LRD 200,000.
“The citizens took ownership by buying shares. That’s how the bank began its active operations in 2013. Today, with the community’s support, we’ve moved from renting a small space to owning this modern banking facility,” Wolobah bemusedly said.
A Symbol of Community Empowerment
Delivering the keynote address, former Defense Minister J. Brownie Samukai praised the bank’s leadership and called on residents to take full ownership of the institution.
“This bank is your bank. Don’t keep your money under your pillow—bring it here so the bank can keep it safe. The progress shows that the people of Zorzor and Salayea are determined to grow and sustain their own economy,” he stated.
Samukai stressed that community banks foster self-reliance and reduce dependency on government, describing ZRCFI as a unifying institution that serves all, regardless of religion or background.
He then urged government officials to provide incentives to community banks, allowing them to expand their credit services and economic outreach.
Government Commends Success
Speaking on behalf of the Ministry of Finance, Hon. Henry D. Z. Yanquoi lauded the achievements of RCFIs across Liberia. He revealed that total deposits in the country’s 12 RCFIs grew from LRD 681 million in 2023 to over LRD 887 million by the end of 2024—an increase of over 30%.
He cited ZRCFI as a model institution and disclosed plans for branch expansion in Salayea, Voinjama, and Vahun.
Calls for Unity and Non-Politicization of Development
For his part, Representative Augustine B. Chiewolo of District #5 emphasized the importance of unity in development efforts. “Let’s not mix development with politics. When development comes, regardless of who brings it, let’s work together to implement it,” he stated.
Commissioner Paul R. Kalama and Superintendent J. Lavela Massaquoi also pledged continued support for the bank’s growth and sustainability. Massaquoi highlighted the increasing importance of banking services in daily life and regional commerce.
About RCFIs
Rural Community Finance Institutions (RCFIs) are community-owned banks designed to expand financial access in underserved rural areas. They offer a range of services including savings mobilization, checking accounts, loans, money transfers, and payment of government salaries.
ZRCFI’s success underscores the power of local ownership and collaboration in driving economic empowerment and financial inclusion in Liberia’s rural communities.
Edited: Jesefu Morris Keita| Editor-In-Chief
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