Africa-Press – Liberia. Ex-President Sirleaf (right) praised Cllr. George B. Kailondo (left) for transitioning his financial business into a regulated deposit-taking institution.
Former Liberian President Ellen Johnson Sirleaf has endorsed the launch of Modern Savings and Loans Microfinance Deposit-Taking Institution, calling on Liberians to support trustworthy financial institutions and urging a culture of transparency and accountability in the banking sector.
Speaking at the launch event in Monrovia, Sirleaf praised Cllr. George B. Kailondo for transitioning his financial business into a regulated deposit-taking institution. She emphasized that while politics plays a vital role in setting policies, it is the private sector that sustains economic growth and community development.
“You have chosen to give back,” Sirleaf told Kailondo. “If people are to trust you with their money, your systems must be built on integrity. Too many Liberians avoid banking because they fear for the safety of their funds.”
Addressing the institution’s CEO Chantell Kailondo, Sirleaf encouraged the leadership to prioritize support for small businesses, particularly those owned by women. “We expect this institution to help empower dreams and build financial confidence among young people and women,” she added.
Cllr. Kailondo explained that the company, formerly Kailondo Financial Services, began operations with a capital base of US$100,000, primarily issuing loans to market women. He noted the shift to gold-backed lending helped reduce loan defaults and build sustainability.
The institution has now met the Central Bank of Liberia’s US$1.09 million requirement for microfinance deposit-taking and aims to fulfill the US$5 million threshold for a full banking license. Kailondo also announced a competitive interest rate of 8%, far below Liberia’s prevailing 14%.
“Our mission is to make borrowing affordable and transparent,” he said. “Too many Liberians are denied access to credit due to high interest rates and rigid loan terms.”
Board Chairman Rufus Berry described the launch as a milestone in promoting financial inclusion. Drawing from a previous venture lost during the Ebola crisis, Berry stressed the importance of financial literacy and responsible lending.
“When people repay loans, it allows others to benefit too. That’s how we build a sustainable financial ecosystem,” Berry said.
Sirleaf closed her remarks by encouraging the public to give the institution a chance. “Open an account, take a small loan. If they succeed, we all succeed.”
For More News And Analysis About Liberia Follow Africa-Press
