Africa-Press – Liberia. The Smallholder Agriculture Transformation Agribusiness Revitalization Project (STAR-P) has provided the Kolahun Rural Community Financial Institute (KRFCI) in Lofa County with a new bullion van.
The donation aims to ensure the smooth transport of cash to address financial constraints facing rural communities.
The van provided by the STAR-P of the Ministry of Agriculture, funded by the World Bank and the International Fund for Agricultural Development (IFAD), is significant to alleviate the current difficulty being faced by the rural Bank in transporting cash using a motorbike.
The assistance is the first since the Bank was established to provide services to rural communities.
In 2023, under the STAR-P grant initiative, the Kolahun Rural Bank applied and after going through rigorous scrutiny was qualified for grant assistance worth US$72,200 dollars. The Bank used the grant to electrify its branch in Voinjama, renovate its existing bank structure, purchase a motorbike for operation, procure safes to protect cash and a bullion van to transport the cash.
Speaking last week, during the turnover ceremony, Steve Marvie, Operations Manager of STAR-P, said the van provided will help the entity in a very significant way in delivering financial services.
“We recognized the constraint that you were experiencing in transporting cash to your bank on a motorbike. This vehicle will now enable you to overcome the difficulties so that you can provide better services to our farmers and other rural people,” he said.
He said that a component of the STAR project seeks to build the capacities of businesses to impact the lives of rural people.
“The development of rural communities is key to the goal of the project, and we are gratified that you’re one of those beneficiaries,” he stated.
Mr. Marvie added the Project through the Ministry of Agriculture remains committed to addressing the challenges facing rural communities with support from the World Bank and IFAD.
In response, the Board Chair for the KRFCI, Mr. Patrick K. Manjoe, expressed gratitude for the donation and promised to use the vehicle for the intended purpose.
He expressed the anticipation for additional support, while working with the Project to improve the lives of rural people.
The KRCFI is one of the few rural financial institutions that has been established by the Government of Liberia to ensure access to finance for rural communities.
Since its establishment in 2018 by the Central Bank of Liberia, the rural Bank has extended financial services to more than 4,000 rural people in Lofa County.
With the van, the Bank hopes to overcome its constraint and to allow other rural financial institutions the opportunity to transport cash.
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