Banks urged to ‘name and shame’ loan defaulters

Banks have been told to take serious actions against chronically delinquent and non-cooperative borrowers, including naming such borrowers as well as issuing a directive that will bar them from dealing with other banks.

Governor Dr Joseph Mills Jones

The Governor of the Central Bank of Liberia, Dr Joseph Mills Jones, has said the major challenge facing the banking sector in the West African sub-region is the high level of incidence of non-performing loans, which has left commercial banks in the sub-region rocking the boat of bad debts.

Banks in the sub-region are grappling with bad debts more than ever before as their loans and advances portfolio continue to swell while increasing sums of monies given out as loans to customers continue to remain as bad debts, which are debts not likely to be paid, giving rise to banks losing huge amount in profits.