“Liberian banking sector restricted by regional banks”, says Vice President

Aug 29, 2016

Lack of diversity in ownership of banks setback banking sector in Liberia

The Vice President of Liberia, Joseph Boakai has lamented the restrictions faced by Liberians in accessing financial services due to the dominance of regional banks in Liberia's financial sector. He made this known during his visit to Nigeria on 23rd of August. Acknowledging the fact that Liberia's banking sector is dominated by regional banks from Nigeria and Ghana respectively, he said despite Liberians' reliance on these regional banks, complaints of incessant poor customer service is prevalent. Short of cash at ATMs, long queues due to poor service among others are custom problems faced by customers of regional banks operating in Liberia amid high non-performing loans and low profitability. Despite setbacks, the contributions of regional banks to recovery and restoration of Liberia's economy after the civil war cannot be underestimated.