The Liberia National Association of credit union on October 17, 2024 celebrated the International Credit Union Day in Monrovia. Under the theme: ONE WORLD THROUGH COORPERATIVE FINANCE.
The year celebration brought together four credit union and they are the Liberia Initiative for transformation credit union, the university of Liberia credit union, and the united friends in progress credit union and the Refinery employee’s credit union from various parts of the country also in attendance was the Cooperative Development Agency.
Giving this year international day message Madam Naomi L.Y Flomo said “as we celebrate the power of cooperatives and the positive impact as credit union lets hold together for our communities.’ She said. The International Credit Unions day has been celebrated on October 17 of every year since 1948.this day is recognized to reflect upon the credit union movement’s history, promoting its achievements, recognized hand work, and share members experiences.
She said Credit unions plays a key role in providing financial services to people both in rural and urban areas. Credit Union has increased the security and help, that people avoid the need to travel long distances to remit money and has also helped eradicate poverty through housing loan, Business loan, school and skill fees loan etc. The Liberia Credit Union National Association (LCUNA) is the Apex institution of the sector and works with Credit Unions in every political sub-division in the country which we are proud of.
Madam Flomo , added that the savings and loan or membership shares has played a key role in providing financial services and Economic development, particularly in rural and slum settlements of Liberia. “This collaboration aimed at helping you and me to achieve financial freedom. The slogan People Helping People is meant to give us extra push to break through any barriers and grab the opportunities that comes through credit unions.” Flomo noted.
During a panel discussion the CDA make the gathering to understand that they are the guiding arms of credit union in Liberia, adding that they are responsible to monitor and investigate activities of unions. “CDA it is our role to settle disputes, conduct elections, monitor the activities of cooperatives, we also served as the regulatory armed in staring the affairs of credit union.
Also giving their perspective the Liberia National Association of credit union head Lcum ] said as mother body of credit union in Liberia was established in 1985, and its intended to direct, advocate, and with a mandate to supervise and credit opportunity for all. He maintained that there are the conventional aspect of credit union and the governance aspect of the union, adding that when an institution funds reached a certained bench mark it’s become a financial institution that is where the central bank comes in with regulation.
Also speaking CDA Registrar General, Lwopu Kandakai, said credit union back in the days had been a battle system that people once trade goods and services. She added that credit union in Liberia had been made rewarding starves in moving from battle system to managing individuals funds members. The CDA boss encourages members to prioritized training, transparency, empowerment, and general participation to have the union felt in those remote parts of the country.
For her part the Chairperson of the Liberia National Credit Union Madam Yogie Mulbah Sirleaf , said Liberia is seeking a seat at the international level. According madam Sirleaf, credit union is viol of numbers, adding that the sole purpose of credit union is finances that will help in running an institution.
The Liberia Credit Union National Association (LCUNA) is the Apex institution of the sector and works with primary credit unions which are present in every political sub-division in the country. These primary credit unions are member-based institutions engaged in savings mobilization and credit extension to rural Liberians. The sector is currently undergoing revitalization with donor funding to improve governance and operations. There are four new model credit unions all of which will be fully operational by 2015; Credit Unions play a key role in providing financial services to rural Liberia.
The Liberia Credit Union National Association (LCUNA) is the Apex institution of the sector and works with primary credit unions which are present in every political sub-division in the country. These primary credit unions are member-based institutions engaged in savings mobilization and credit extension to rural Liberians. The sector is currently undergoing revitalization with donor funding to improve governance and operations. There are four new model credit unions all of which will be fully operational by 2015.
