Banking in rural Liberia Risky

LBDI John Davis defines it as ‘hypertensive’

By: Bill E. Diggs | December 1, 2013

Mr. John B. S. Davis, III President of the Liberia Bank for Development and Investment (LBDI) says banking outside Montserrado was a critical choice to make in face of existing challenges being addressed by Central Government.

Risk factors stressed in Mr. Davis statement were security, road and communication that could endanger a money van in transit to supply other branches of the bank in other cities and rural communities in the country.

While answering to a question, why there were not many of LBDI branches in Nimba County, Mr. Davis responded by saying multiplicity of branches did not in any way indicate the success of the bank.

To him it would be unwise to have branches across the country when you could not get in contact with them in a real-time faction.

Mr. Davis was responding to journalists in attendance at a Ministry of Information press briefing last Thursday.

Mr. Davis said he was especially passionate when he talked about transporting money from Montserrado to other counties on bad roads without communication.

“When you put money in a van on the road which you not in contact with, your pressure goes up until the van reaches its destination,” Mr. Davis said.

He noted that in the event that a money van in transit without communication goes missing or gets hit investors and customers doing business would be crossed at the decision to send out money without much security.

“If anything happens to that money van while it is in en route the customers and investors would say ‘you should have known better’,” Mr. Davis said.

However, Davis said LBDI has several branches across the country in places where there is mobile phone’s coverage and an appreciable presence of national security.

It can be recalled that in the latter months of 2012 a money van transporting about US$150,000 to LBDI’s Branch in Buchanan was hit by some armed men with the aid of some police officers who drove them off the scene in their operation car.

That heist was one of the newest phenomena to the criminal climate in Liberia which led to the prosecution of the involved police officers.