CBL Steps In as Cititrust Customers Struggle to Withdraw Money

Monrovia, Liberia:The Central Bank of Liberia has placed Cititrust Savings and Loans under closer supervision after customers reported difficulties withdrawing their money.

In a statement issued on November 7, the CBL said it found problems with the institution’s finances, management and how it runs its business.

The Bank has sent supervisors to monitor Cititrust’s daily activities. It has also stopped the institution from accepting new deposits, giving new loans or selling assets without approval.

CBL said it found similar concerns at TipMe Liberia, which shares common ownership with Cititrust. Restrictions have also been placed on TipMe.

The Bank has ordered an independent investigation into both institutions to check their finances and whether they followed the law.

According to the CBL, the owners and management were asked to provide more money to support the institutions, but they have not met the Bank’s requirements.

Affected customers will be asked to submit their information through official channels. The CBL said it will announce how to do this soon.

The statement did not give a date for when customers would have normal access to their money.

The Bank urged customers to remain calm, follow official updates and avoid rumours on social media.

It also said the problems concern only Cititrust and TipMe. Other banks and financial institutions in Liberia are operating normally.