MONROVIA, LIBERIA – On Thursday, April 25th, 2024, the Civil Service Agency (CSA) took a significant step towards easing financial burdens for civil servants by encouraging five major commercial banks to introduce a 50% Salary Advance Scheme. This initiative aims to assist civil servants who hold salary accounts with these banks.
Under this scheme, eligible employees can obtain a salary advance of up to 50% and will be required to repay the amount with an unprecedentedly low 3% interest rate within 30 days. The commercial banks participating in this initiative include Liberia Bank for Development and Investment (LBDI), International Bank (IB), AFriland Bank, Global Trust Bank (GTB), and United Bank of Africa (UBA).
This recent development follows a similar collaboration between the CSA and ECOBANK Liberia, where a 50% Salary Advance Scheme was launched for civil servants with salary accounts at ECOBANK Liberia. The positive reception and success of this previous partnership have paved the way for the CSA to expand the scheme to additional banking institutions.
Currently, the CSA, along with the aforementioned banks, is finalizing the details for the official launch of this beneficial scheme. This collaborative effort between the CSA and the commercial banks underscores a commitment to supporting civil servants and addressing their financial needs. It is anticipated that this initiative will provide much-needed financial relief to civil servants and contribute to improving their overall financial well-being.
