MONROVIA – The Central Financial institution of Liberia (CBL) has introduced plans are underway to launch s nationwide digital fee change geared toward enhancing banking effectivity, increasing monetary inclusion, and transitioning Liberia towards a cash-light economic system. He mentioned the change shall be absolutely operation by December this yr.
By Gerald C. Koinyeneh | [email protected]
CBL Govt Governor Henry F. Saamoi, talking Wednesday on the Financial institution’s headquarters through the presentation of the Financial Coverage Committee (MPC) Communiqué, described the initiative as a game-changer for the nation’s monetary system.
“We are able to’t be left behind,” Saamoi emphasised. “We’re coming to the desk late, however now we have to get there.”
The change, often known as a fee change, will function a centralized digital hub to route and course of digital transactions between banks, cell cash operators, and different monetary service suppliers. It is going to allow interoperability amongst numerous platforms—permitting prospects to make use of a single card or fee software throughout all ATMs and point-of-sale (POS) terminals nationwide.
“At the moment, if I’ve a card issued by Ecobank and their ATM is down, I can’t apply it to LBDI’s ATM,” Saamoi mentioned. “The change will bridge that hole—so one card can work in every single place. That’s the ecosystem we’re constructing.”
Towards a Money-Gentle, Clear Economic system
Governor Saamoi mentioned the change would supply real-time visibility into monetary information, particularly for cell cash platforms. This visibility, he mentioned, will eradicate information manipulation and enhance transparency in income era—very important for nationwide growth.
“If everybody has entry to digital providers, why ought to somebody journey from Paynesville to Sinkor simply to make a transaction? It is best to be capable to try this out of your telephone, at dwelling.”
He added that the change would pave the way in which for innovation, permitting banks to reassign employees from primary cash-handling roles to extra productive providers. “That is how we start modernizing our monetary system,” he mentioned.
Governor Saamoi confused that whereas the long-term aim is a completely cashless economic system, Liberia will start with a cash-light mannequin, minimizing bodily money transactions whereas strengthening digital infrastructure.
Coverage Stability and Progress Outlook
In the meantime, the MPC introduced it’ll keep the financial coverage fee at 17.25%, citing improved inflation traits and relative alternate fee stability. The coverage hall and reserve requirement ratios for each Liberian and U.S. greenback deposits stay unchanged.
The MPC famous optimistic indicators resembling declining client costs and steady web international inflows supporting the Liberian greenback. Nonetheless, it warned of exterior dangers and vowed to stay vigilant.
“Sustaining macroeconomic stability is non-negotiable,” Governor Saamoi declared.
Stakeholders Voice Help
The announcement drew reward from key gamers in Liberia’s monetary ecosystem. Attendees included representatives from the Bankers Affiliation of Liberia, Liberia Advertising Affiliation, Liberia Enterprise Affiliation, academia, and civil society.
Augustine Ngafuan,Minister of Finance and Growth Planning addressing the gathering, applauded the CBL’s efforts and referred to as for deeper coordination between fiscal and financial authorities.
“We should execute. We should ship. And we should ship on time,” Ngafuan mentioned.
He acknowledged latest enhancements in inflation and meals costs however warned of falling international costs for Liberia’s key exports resembling rubber, cocoa, and palm oil. He additionally hailed the launch of the Pan-African Cost and Settlement System (PAPSS), which permits cross-border commerce in native currencies with out U.S. {dollars}.
“If somebody in Liberia will pay for items in Ghana with out U.S. {dollars}, that’s not simply comfort—it’s transformation,” Ngafuan mentioned.
Bankers Affiliation: Time for Motion
Olalekan Balogun, President of the Liberia Bankers Affiliation, mentioned the time was lengthy overdue for the launch of the digital change.
“It’s unthinkable that Liberia hasn’t applied this already,” he mentioned.
Balogun urged authorities to make sure each the Liberian and U.S. greenback are usable in PAPSS and confused that insurance policies needs to be designed to encourage—not merely recommend—digital adoption.
“Digitization helps struggle corruption. You’ll be able to hint each fee,” he mentioned. “We, the banks, are able to assist. We’re like conjoined twins with the CBL. However let’s push one another ahead—this technique should work.”
