Last Updated on May 5, 2025 by The Liberian Investigator
BOAWOLOHUN, Lofa County — The Boawolohun Community Microfinance Incorporated (BCMI), the first privately owned Liberian microfinance institution of its kind, is set to open this week in Boawolohun, Lofa County. Fully licensed by the Central Bank of Liberia, the bank aims to bring accessible and reliable financial services to thousands of residents in northern Liberia.
Situated in Boawolohun Town, Lukabeh Administrative District, the new facility will serve residents of Lukabeh, Kolahun, Wowoma and nearby areas. It is expected to eliminate the need for long and often difficult journeys to Foya for basic banking services.
BCMI will offer a wide range of services, including savings accounts, loans, remittance services through MoneyGram, Western Union, RIA and mobile money, as well as monthly salary payments for working residents.
Robert Sesay, the founder of the initiative, described the opening as a milestone in addressing financial needs in the region.
“Fellow Liberians, today we take another giant step in our effort to empower our people toward self-sufficiency,” Sesay said.
The facility is equipped with 24-hour solar power and high-speed internet via a Starlink satellite subscription. Sesay said the institution represents a new class of modern banking in rural Liberia, emphasizing accessibility, sustainability and community focus.
BCMI’s interest rate on loans is set at 10%, regardless of the loan size—significantly lower than typical rates in the sector.
“Our interest rate is 10%, whether the loan is big or small,” Sesay said. “We believe that when our clients succeed, the community thrives—and when the community thrives, the Liberian nation prospers.”
Once fully operational, the microfinance institution is expected to serve more than 75,000 residents and provide full-time employment for over 10 local staff members, each receiving health insurance benefits.
Responding to concerns about the bank’s ability to meet its goals in a region where many still lack access to basic banking, Sesay acknowledged the challenges but expressed confidence in their mission.
“We are aware of the terrain, and we’re up to the task,” he said. “There will be mistakes, false starts and unforeseen hurdles, but our commitment to empowering our people will remain unshaken.”
BCMI is a 100% Liberian-owned business venture with a mission to support small and medium-sized enterprises through convenient and community-focused financial services.
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