Monrovia – After a keenly contested bid process by top banks in Liberia, UBA Liberia has been selected as banker to Millennium Challenge Corporation to provide Banking and Financial Services for the Millennium Challenge Account, Liberia (MCA-L).
The Millennium Challenge Corporation (MCC) is a bilateral United States foreign aid agency established by the U.S. Congress in 2004, applying a new philosophy toward foreign aid.
MCC is an independent agency separate from the State Department and USAID that focuses on promoting economic growth with emphasizes on good economic policies in recipient countries.
The United States of America through the MCC and the Government of Liberia entered into five (5) year poverty reduction grant assistance (“The Compact”) to help facilitate poverty reduction through economic growth in Liberia.
The Millennium Challenge Account Liberia was designated by the Government of Liberia to oversee and develop Liberia’s Compact.
The MD/CEO of UBA Liberia Mr. Olalekan Balogun assured the MCC-L Team of UBA Liberia’s commitment; stressing that excellent customer service and digital banking are critical to the success of our operations.
MCA-L will be provided tailored made services to ensure its objectives are achieved.
The Bank Agreement was signed on January 19, 2017 by representatives of UBA Liberia, Millennium Challenge Account- Liberia and Cardno Emerging Markets USA, Limited (the Fiscal Agent). The agreement spells out the terms and responsibilities of the parties to the MCA-L.
In a related banking news UBA Liberia has won a major collection mandate from the Government of Liberia through the Ministry of Foreign affairs.
After a competitive bidding process with other competitors, UBA Liberia emerged as winner due to her cutting edge collection platform and presentation.
The platform allows Liberian in Diaspora to make payments online for passport fees and consular charges from any part of the world.
The Government of Liberia can now process passport and visa payment based on the payments made via the UBA U-Bills platform that allows payment through use of debit/prepaid cards.
U-Bills is an online payment and collection platform which would help boost E-commerce in Africa.
After months of negotiations, on December 6, 2016, the deal was finally sealed with a signed agreement which defines the terms and condition of the deal.
The mandate has giving UBA Liberia a proven dominance in the Digital Banking space in Liberia.