The Microlead Liberia Program, funded by UNCDF and implemented from 2013 – 2016, resulted in the construction of four regional credit unions to expand outreach to rural unbanked Liberians throughout the country through points of service and group outreach. By March 2016, the four regional credit unions had established their headquarters offices with modern banking halls, eight branch offices and 14 points of service, covering 14 of Liberia’s 15 counties.

The credit unions reached 6,436 individuals, including 427 groups such as Village Savings and Loan Association (VSLA), cooperatives, schools and small businesses. Outreach to these groups, ranging in size from 25 to 35 members, with some groups reaching 150 individuals, increased the growth potential of the regional credit unions. In working with village savings and loan associations (VSLAs), inroads were made in reaching female participants.

In addition, the passage of credit union regulations was a critical program achievement, providing a path toward sustainable credit unions. When the Microlead Program began working in Liberia, the credit unions were operating without a regulatory system to provide safety and soundness to the movement and promote streamlined operations. The program worked with the Central Bank of Liberia and other stakeholders to complete draft credit union regulations.

Signed on December 3, 2015, these regulations spelled out the requirements and the prudential standards for the credit unions to be licensed provide local stakeholders with a clear path forward in building on the foundation laid by the program.