AccessBank opens its second branch at Paynesville (Red Light Market).

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Published on Tuesday, 30 June 2009 16:34

Monrovia, June, 2009. AccessBank has opened a new branch, Paynesville branch (Red Light Market), in Paynesville. The opening of this new branch increases the number of branches to two.
Ms. Mary Clare Odong, CEO/General Manager said, “The opening of the new branch allows us to continue to provide our services by reaching out to more Liberians and Liberian businesses. We believe that branch expansion is crucial for scaling up AccessBank’s approach to banking especially Micro and SME Lending and for long-term economic growth of Liberia. In this regard, it is the weaker segments of society that stand to gain the most. Our surveys have indicated that lack of access to loans is the biggest restriction for budding entrepreneurs, and it is hampering growth. For AccessBank Liberia, deepening the credit market and broadening the depth of services provided to the lower end of the market is a higher priority than anything else. Ideally, AccessBank can hopefully have an economic impact by providing opportunities to Liberian people and through its services having a systemic effect on other areas and sectors of the economy”

AccessBank envisages three branches by the end of 2009. The Paynesville branch, like all other branches, provides a full range of services for legal entities and individuals, loan products, current, savings and term deposit accounts, cheques etc.

AccessBank Liberia is owned by multinational shareholders: AccessHolding AG of Germany- a joint stock holding company, International Finance Corporation (IFC) - the private sector arm of the World Bank Group; African Development Bank- a development bank which aims at promoting economic and social development in Africa; and European Investment Bank - the long-term lending bank of the European Union.