Making Banking More Efficient in Liberia

"Banks in Liberia must all transform themselves or they will be like dinosaurs," says John B. S. Davies, III, President of LBDI LBDI’s new platform targets youth, expands agent network across Liberia

With high unemployment rate in the country, the president of the Liberia Bank for Development and Investment (LBDI) has announced new development that will initially target 500 agents across country to support customers’ services.

John B. S. Davies, III made the disclosure at a news conference over the weekend in Monrovia. Mr. Davies said the bank has invested in a brand new state-of-the-art modern banking system, which will make LBDI the third bank in West Africa to transition to such banking system.

“We have chosen to invest millions of [U.S.] dollars into the latest version of FLEXCUBE 14, which is aimed at helping the bank to transition to the new phase of banking that will ensure that customers do not have to go to the bank to deposit or withdraw,” he said.

FLEXCUBE is a banking enterprise software platform that provides a comprehensive, integrated, interoperable, and modular universal banking solution that enables banks to manage evolving customer expectations. The solution addresses a bank’s core banking needs, empowers knowledge workers and improves agility.

According to Davies, LBDI is upgrading to latest version of the software, FLEXCUBE 14, which helps the bank to put aside its perception as “an old-fashioned bank” and increase its relevance with millennials (young adults). According to Mr. Davies, banks in Liberia must all transform themselves or they will be like dinosaurs.

Mr. Davies said the new development is part of the bank’s new five-year strategic plan, approved in 2018, and will begin deployment (roll-out) come November 2019, with the expansion of its agency banking strategy.

“We are going to recruit the first 500 agents across the country with emphasis on LBDI’s database analysis with focus on customers location.”

In order for the bank to launch FLEXCUBE 14, Mr. Davies said seventeen of LBDI’s staff were sent to India for training on the new banking system and have returned with several Indian FLEXCUBE experts to conduct training, testing and work with the LBDI team to ensure a smooth transition to the new platform.

A key benefit of the new banking platform is that it will enable LBDI to put full control of customer activities with regard to their accounts fully in the hands of the customers. The bank’s agency outlets will be […]

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