The Association of Microfinance Institution of Liberia (AMIL) has indicted its first leadership that will steer the affairs of the body for the next two years.
During the election, Atty. Edwina D. Vakun was elected as President, Francis S. Dorko, Vice President, Atty. Daniel C. Gayedyu, Secretary General, Hilary S. Swen Jr., Financial Secretary and Julius A. Zeonyuway as National Treasurer.
Speaking Thursday, June 20, 2024 after being inducted into office, Atty. Vakun said that the Microfinance Institution of Liberia has emerged as a powerful catalyst for the economic growth and social development of the country.
According to her, the institution serves as the conduits for financial inclusion and reaching out to the segments of the population that have remained unbanked/underserved for far too long.
The AMIL President noted the importance of providing access to credit, savings facilities and financial literacy programs tailored specifically for the underserved individuals.
Madam Vakun narrated that the significance of microfinance cannot be overstated, because the institution does only bridge the gaps between financial exclusion, but also contributes significantly to the economic growth and poverty reduction in the economy.
“Out of the twenty-two licensed microfinance institutions in Liberia, eighteen are Liberian-owned. From our corroborated source from the CBL where we all report monthly, as of December 31, 2023, our collective portfolio was US$18.5 million with the total clients base at the same period being 20,449,” she revealed.
The newly inducted President of AMIL indicated that despite all of the collective efforts in building a vibrant economy, the institution has been faced with multiple challenges in the sector over the years, including losing several millions in Liberian Dollars during the Ebola and the most recent Covid-19 with no restitution whatsoever from the Government of Liberia and annual write-off due to nonpayment of loans by some unscrupulous clients.
She narrated that the most recent disappointment stems from the denial in benefiting from the Lift Project for Lending.
For his part, Deputy Minister for Industry at the Ministry of Commerce Deputy and Industry Andrew G. Paygar said microfinance plays a critical role for the national government in Liberia and the world at large; adding that small business people constitute the engine of economic growth.
“It is important that we all get involved in the initiative that will not spoil the goods. Let us get involved in things that will keep this sector alive, and the way to keep this sector alive is through migration of microfinance institutions,” he indicated.
He promised that the ministry will be willing and open to work with the leadership of the institution.
