CBL licenses Banks - Jul 4, 2008


The Central Bank of Liberia (CBL) says it has granted provisional licenses to two banks, Access Bank Liberia Limited and the Guaranty Trust Bank Liberia Limited.

According to a CBL release, Access Bank Liberia, a microfinance and commercial bank, will focus its activities on microfinance lending and the provision of financial services to the low-income segment of Liberia.

The Microfinance Bank, with an initial paid-in capital of six million United States dollars will also provide short and medium term lending to small and medium scale Liberian-owned businesses.

The Capital is in accordance with the policy of the Central Bank to set the minimum capital for banks operating in the country.

The Guaranty Trust Bank Liberia has an initial capital of ten million United States dollars.

Meanwhile, CBL Governor, Dr. Mills Jones has described the initiative as remarkable.