Members of the University of Liberia Credit Union (ULCU) have taken a landmark step toward expanding financial services and accelerating development at the University of Liberia’s Fendell Campus by committing a portion of their annual dividends to the construction of a proposed US$1.5 million Cooperative Development Banking complex facility.
The decision was unanimously endorsed by members during the Credit Union’s 3rd Annual General Meeting (AGM) concluded Saturday at the University of Liberia’s Fendell Campus.
The ambitious project is expected to transform the financial landscape of the University community and surrounding areas by providing banking and other financial services to University employees, students, and more than 50,000 residents living in Fendell and communities along the Paynesville-Kakata Highway.
According to the proposal presented at the meeting by the Credit Union’s Chief Executive Officer, Mr. Lamin Salley, the facility will consist of six commercial banking units designed to accommodate local banks seeking to establish sub-branches within the growing Fendell corridor. The initiative is intended not only to strengthen the Credit Union’s investment portfolio but also to support the University administration’s broader vision of transforming the Fendell Campus into a fully functional University City.
The envisioned University City will feature key social and economic infrastructure, including
banks, hospitals, hotels, student hostels, a fueling station, event centers, theatres, and other essential services aimed at creating a vibrant academic and commercial environment.
Speaking following the membership’s endorsement of the project, University of Liberia President, Prof. Dr. Layli Maparyan, praised the Credit Union members for what she described as a bold and visionary decision.
Dr. Maparyan noted that the commitment of members to invest a portion of their personal dividends demonstrates confidence in the future of the institution and lays a solid foundation for realizing the University City concept.
“Visionary things always start with sacrifice, but those who make the sacrifice become the charter inaugurators of progress. That is you!” President Maparyan applauded.
The University of Liberia Credit Union comprises faculty members, administrative staff, support personnel, and the Faculty and Staff Associations.
Initially, the Credit Union leadership had proposed a Build-Operate-Transfer (BOT) arrangement under which a private firm would finance and construct the facility, operate it for a specified period, and subsequently transfer ownership to the Credit Union after recovering its investment and generating profit.
However, members opted for direct ownership of the project, signaling their determination to ensure its successful completion and long-term benefits for the Credit Union and the University community.
Stakeholders believe the project will generate multiple benefits, including increasing the Credit Union’s investment base, improving annual dividend returns for members, enhancing access to secure banking services, and reducing the burden on students who often travel considerable distances to make tuition and fee payments.
Additionally, the initiative is expected to stimulate economic activity in the Fendell area, attract new investments, and position the University of Liberia as both an academically and financially progressive institution.
With the membership’s strong endorsement now secured, the proposed Cooperative Development Bank project marks what many view as a significant milestone in the University’s ongoing efforts to expand infrastructure, strengthen financial sustainability, and create a modern university-centered community capable of serving generations to come.
