BRAC Liberia Microfinance Company Ltd (BLMCL) has launched seven new branches across Liberia which includes Iron Gate branch, Freeway branch, Johnsonville branch, Buchanan North branch, Totota branch, Karnplay branch, and Kowlini branch.
However, the symbolic opening ceremonies were attended by officials of the Central Bank of Liberia (CBL), the local government leadership, staff, and clients of BLMCL.
The expansion is part of BLMCL’s mission to provide a range of financial services responsibly to people at the bottom of the pyramid, particularly focusing on women living in poverty in rural and hard-to-reach areas, as these new branches add to BLMCL’s network of 42 branches in nine counties across the country.
Speaking at the opening ceremony of the Johnsonville branch, the CEO, Dyson Mandivenga said, “Our goal is to empower the people of Liberia, especially those who are excluded from the formal financial sector, with the resources they need to build a better future for themselves and their families. By opening these new branches, we are taking a step forward to achieve our mission.”
The CEO also emphasized BRAC’s commitment to working closely with the communities to ensure access to inclusive, responsible, and convenient loan products, tailored to their needs.
BLMCL’s Program Manager Nur Alam Siddiki stated, “Microfinance is an incredibly powerful tool to help people lift themselves out of poverty. That is why for decades, financial service has been central to BRAC’s holistic approach to development.”
“BRAC Liberia Microfinance is dedicated to improving the lives of Liberians and helping them achieve financial stability and independence. Our microfinance model is built on the principles of financial inclusion, social responsibility, and sustainability,” the manager stated.
BRAC believes that people living in poverty can change their own lives when given the right opportunities and tools.
In its 2022 impact assessment in Liberia using Lean DataSM methodology, microfinance clients of BRAC noted improvements in their financial resilience in emergencies, and almost all of them stated that their quality of life has improved since engaging with BRAC.
99% of clients said that their incomes had improved after engaging with BRAC and 80% reported that they could not easily access a good alternative, proving the positive impact of BRAC’s services on the lives of its clients.
BRAC Liberia Microfinance Company Limited has 59,654 borrowers, 97% of whom are women, and has disbursed over US$39.55 million loans in 2022.
The expansion of operations to these seven branches is a significant step in supporting women’s economic empowerment, which is critical for the long-term prosperity, growth, and stability of communities.