Mr. Francis A. Dennis, Jr., President of the Liberian Bank for Development and Investment (LBDI) has been elected president of the Liberia Bankers Association (LBA).

   Mr. Dennis was elected at a recent LBA elections held in Monrovia and is expected to serve at the post for a year. Other corps of officers elected to steer the affairs of the Association over the one-year term are Ecobank’s Managing Director, Mrs. Morenike Adepoju, vice president and Mr. Thomas S. Jeffrey, III, president of the International Bank (IB) as Treasurer. 

   The new executives have already started to engage various stakeholders in working towards improving the financial sector climate.  Recently the LBA executives met with the House of Representatives Committee on Banking & Currency and held fruitful discussions on various issues affecting the banking industry.  At the end of the meeting, the House Committee and the LBA agreed to maintain close contact in addressing the various issues. 

It is expected that similar meetings and discussions will take place on an ongoing basis with various stakeholder groups.

  The LBA was founded in 1976 as a non-political, professional, not-for-profit association.  The primary objectives of the LBA, as enshrined in its 1995 revised constitution include, to promote the continuance of a professional and sound banking system in Liberia; to provide a forum for the discussion and communication of issues affecting the banking community in particular and the economy and development of Liberia in general; and to promote public and individual education of the banking industry and practices.

   For many years the association was a major advocacy group in pushing for development of the financial sector in the country.  However, as the Liberian Civil War raged, the association fell into dormancy.

   Earlier this year, member banks decided to rejuvenate the LBA given the need for financial sector reform in the country.  Member banks believe that the association has a vital role to play in helping to improve banking services and products, while working with other stakeholders in ensuring the integrity of the financial sector.

   In furtherance of this objective, the LBA recently established the LBA Secretariat and contracted the services of Mr. Milton A. Weeks, a Liberian banker with 25 years of banking experience, to head the Secretariat. 

   The reasoning for establishing the secretariat, according to the LBA, include, to establish a physical presence; to handle all administrative matters connected with the secretariat, like notices of meetings; agenda preparation, minutes preparation; receipt of mail including establishment of means of contacts and an LBA’s website.

   The website, according to the association, would be useful in the dissemination of information or correspondence to or from LBA members, the Central Bank of Liberia. They said the site would also enhance drafting consultation or collaboration with LBA members, position papers on issues affecting the industry and developing an annual agenda of issues the LBA will focus on. The site would also facilitate in coordinating the interface with the West African Bankers Association (WABA) and other regional or supranational associations. It would be a source of information, maintaining library, files and records of the association.

   The LBA also recently admitted into the association its newest member, the United Bank for Africa (UBA) Liberia Limited, thus bringing the membership of the association to six.

   The other five members are Ecobank, First International Bank, Global Bank, International Bank and the Liberia Bank for Development and Investment (LBDI).