The National Bank of Liberia has formally revealed the imminent introduction of a domestic electronic payment system, a significant project designed to upgrade the country's financial framework, encourage access to financial services, and decrease dependence on cash transactions.
Addressing the Bank's main office while unveiling the Monetary Policy Committee (MPC) Statement, Executive GovernorHenry F. Saamoireferred to the switch as a "game-changer" for the nation's financial system. The platform is anticipated to be completely functional byDecember next year.
We cannot be left behind," Governor Saamoi stated. "We are arriving at the table late, but we must make it there.
The electronic switch will act as a central digital platform, allowing smooth compatibility between banks, mobile money providers, and other financial service companies. This implies that users will be able to utilize one card or payment method at all ATMs and point-of-sale (POS) machines throughout the country.
Currently, if Ecobank's ATM is not working, I can't use their card at LBDI's ATM," Saamoi explained. "The switch will resolve this issue—one card, one system, across the country.
Digital Framework for Openness and Creativity
Governor Saamoi highlighted that the transition will offer immediate insight into financial activities, especially for mobile money services. This openness is anticipated to minimize data tampering and improve revenue monitoring—essential for national progress.
Why would someone travel from Paynesville to Sinkor just to complete a transaction?" he questioned. "You should be able to handle that through your phone, right from your home.
The program also seeks to move bank employees away from standard cash-related tasks toward higher-value services, promoting creativity and productivity.
While the long-term goal is acashless economy, Liberia will start with acash-light model, reducing the use of physical currency while enhancing digital systems.
Monetary Policy Update
The MPC stated it will keep the monetary policy rate unchanged at17.25%, citing better inflation and currency stability. The reserve requirement rates for both Liberian and U.S. dollar deposits stay the same.
Although there are favorable developments, the MPC highlighted potential external threats and reconfirmed its dedication to maintaining economic stability.
"Ensuring macroeconomic stability is essential," Saamoi said.
Support from Interested Parties and Local Unification
The declaration garnered significant backing from various stakeholders such as the Bankers Association of Liberia, Liberia Marketing Association, and community organizations.
Finance Minister Augustine Ngafuanpraised the CBL's initiatives and urged for better collaboration between financial and monetary officials. He also emphasized the launch of thePan-African Payment and Settlement System (PAPSS), which facilitates international trade using local currencies.
"If an individual in Liberia can purchase items in Ghana without using U.S. dollars, that goes beyond mere convenience—it represents a significant shift," Ngafuan stated.
Bankers' Association: "Let's Get It Done"
Olalekan Balogun, President of the Liberia Bankers Association, stated that the transition was long overdue and called on officials to make sure both Liberian and U.S. dollars are accepted in PAPSS.
Digitization plays a role in combating corruption. You can track every transaction," Balogun stated. "We, the banks, are prepared to assist. We are closely linked with the CBL. However, let's encourage each other to move forward—this system needs to function effectively.
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