Zorzor – The Zorlayea Rural Community Financial Institute (ZRCFI) has officially opened its new facility in Zorzor, valued at over LR$16 million (approximately US$82,000).
By: T. Prince Mulbah, Contributing Writer
The event marks a significant achievement in the bank’s transition from high rental costs to owning private property, a milestone celebrated by local officials, community members, and former government leaders.
Founded in 2015, ZRCFI has become a crucial financial institution for rural Liberia, addressing banking challenges for civil servants, farmers, and local businesses. Before its establishment, community members had to travel long distances to urban centers for basic financial services. The institution emerged after the closure of Ecobank, leaving many depositors without access to their funds.
Jackson Wolobah, the founding manager of ZRCFI and current Assistant Minister for Research and Statistics at the Ministry of Labor, reflected on the bank’s humble origins. Starting with an initial capital of just US$10,000 and LR$200,000, the bank initially operated from a rented space in Zorzor and Salayea Districts.
Despite challenges, including a fire, burglary, and issues with community trust and rental fees, ZRCFI has grown significantly over the years, thanks to the support of local stakeholders, including the Zorzor District Development Caucus and former local government officials.
Today, ZRCFI operates in both Zorzor and Salayea Districts, offering services like MoneyGram, Western Union, mobile money, savings, salary disbursements, and loans for farmers and businesses.
As part of the Central Bank of Liberia’s 2024 Annual Report, it was revealed that rural community finance institutions (RCFIs), including ZRCFI, saw deposits increase by 30% to L$887.62 million, up from L$681.07 million in 2023. Loans and advances also rose by 83%, driven by the expansion of services to Voinjama, Salayea, and Vahun Districts in Lofa County.
Former Defense Minister Brownie Jeffery Samukai, speaking at the ceremony, emphasized the importance of community investment, urging residents to save with ZRCFI instead of keeping money at home. He also encouraged timely loan repayment to ensure the bank’s sustainability.
General Services Agency Director-General Galakpai Worzi Kortimai also addressed the crowd, urging local officials and community members to prioritize transactions with ZRCFI. He advocated for government employees to take loans from the bank, supporting the local economy and strengthening the institution that serves their community.
