Expanding Access to Responsible Financial Services for Women and Rural Communities Across Liberia
A client attends a microfinance group meeting. In these meetings, clients deposit their loan instalments and receive financial and digital literacy training. Photo credit: Tahjib Shamsuddin
Monrovia, Liberia, December 12, 2024 – BRAC Liberia Microfinance Company Limited (BLMCL), the largest microfinance institution in Liberia, has achieved a historic milestone of being the first microfinance institution in the country to serve more than 100,000 clients.
Since its establishment in 2008, BLMCL has been driven by its mission to provide financial services responsibly to people at the bottom of the pyramid. BLMCL particularly focuses on women living in rural and hard-to-reach areas, creating self-employment opportunities, building financial resilience, and promoting women’s entrepreneurial spirit by empowering them economically.
Rebecca Russell, a businesswoman and mother of five from Bong County, is one of the many inspiring stories behind this milestone. In 2020, Rebecca took her first loan of LRD 25,000 (USD 130) to stock her provision shop.
Rebecca Russell stands proudly in her provision shop, pointing to shelves stocked with soft drinks. Photo credit: TCM Media
Over time, with access to additional loans and support from BLMCL staff, she expanded her business to include cement sales, growing her income significantly. “My business has changed our lives,” Rebecca shares. “I can now provide for my children’s education and ensure they have a brighter future.”
Empowering Women and Families Through Access to Financial Services and Financial Literacy
With 51 branches operating in 12 of 15 counties in Liberia, BLMCL offers tailored financial products designed to meet the diverse needs of its clients. Women comprise 97% of BLMCL’s clients, and 76% live below the global poverty line of USD 5.5 a day. These include collateral free group loans exclusively provided to women, small enterprise loans and agriculture loans. Complementing these offerings are financial literacy and digital literacy training programmes that empower clients with the knowledge and tools to manage their finances responsibly, expand their businesses, and improve their quality of life.
To commemorate this remarkable achievement, BLMCL held a special staff appreciation event on Friday, November 15, 2024. The celebration took place at every branch nationwide, where employees were treated to a lunch to thank them for their hard work and dedication in achieving this milestone.
“Every loan we disburse is an opportunity to transform a life,” said Rajuwanul Bary, Programme Manager at BLMCL. “Reaching 100,000 borrowers is not just a milestone, it’s a reflection of the resilience of our clients and the dedication of our staff.”
A Vision for Growth
Looking ahead, BLMCL remains focused on deepening its reach in rural and hard-to-reach areas, ensuring no client is left behind. By continuing to prioritise women’s economic empowerment and supporting them with tools for success, BLMCL aims to drive long-term, sustainable change in Liberia.
Media Contact:
Love Kolenky
Communications Officer
BRAC Liberia Microfinance Company Limited
[email protected]
+231 77 719 3991
Written by: Michelle Wandia, Communications Deputy Manager, BRAC International.
