The Central Bank of Liberia (CBL) is facing increasing pressure from market vendors throughout the nation, after a public reaction sparked by Madam Elizabeth Finda Sambollah, the National President of the Liberia Marketing Association (LMA), who expressed dissatisfaction with ongoing mobile money price differences and unjust exchange rate policies.
During the CBL's latest Monetary Policy Communique briefing, which took place at the organization's office in Monrovia, Madam Sambollah made an emotional speech that connected with local traders and participants in Liberia's informal sector.
Good afternoon. We just wanted to express our thanks for all that was said here. Some of the English we understood, some we didn't," she started. "But when you mentioned that rural connectivity will benefit the Marketing Association — we love that. We applaud for that.
Although acknowledging the CBL's policy goals, Sambollah highlighted the difficult challenges that marketers encounter, beginning with the two different mobile money fees imposed by Liberia's leading telecom companies: Orange and Lonestar MTN.
When someone transfers money to you via Orange Money, sometimes only $100 is received. However, if it's sent through Lonestar, they deduct $400 or $500. What's going on?" she asked sharply. "We need to find out what the Central Bank is doing about this.
She explained the confusion and weight these inconsistencies impose on market women who depend on mobile money for everyday transactions, typically working with minimal profit margins.
"This isn't just. The unfortunate woman selling pepper or dried goods—how does she manage when merely accepting money results in a loss of L$500?" she questioned.
Sambollah also noted that numerous merchants and shopkeepers still engage in manipulating exchange rates, disregarding the CBL's official rate declarations.
The Central Bank states the rate is 200, but when you go to the store and have this Liberty in your hand asking for the price — they say $5 USD," she explained. "However, when you attempt to pay L$200, they ask you to add L$20 before selling it to you. What is the Commerce Ministry doing about this?
She claimed that these actions constitute standard exploitation of customers—numerous of whom are women who sell in markets and lack the power or understanding to challenge unjust prices.
Moving to transportation issues, Sambollah emphasized the critical importance of road and logistics assistance for rural merchants.
Many of us work in Monrovia, but we reside in the villages and cultivate our own food. We grow pineapples and other items that spoil quickly," she stated. "However, on several occasions, I went to collect my pineapple — I reached the waterfall but couldn't find a way across. I had to leave some behind. When I eventually arrived here, the income I anticipated was not there. This discourages people from engaging in such trade."
As a demonstration of the LMA's dedication to national progress, Sambollah suggested a collaboration with the Central Bank to promote financial literacy throughout Liberia.
"We are eager to be part of your efforts. The University of Liberia is collaborating with you to educate our community. However, we can also do it effectively. The people know us. They have chosen us. Let us assist," she stated, receiving applause from the attendees.
CBL Executive Governor Henry F. Saamoi directly addressed Sambollah's worries, reassuring her and other market participants that the Bank is already working with mobile money operators to tackle the price differences.
We are striving to address that specific issue," Governor Saamoi stated. "As we approach the end of next month, I believe the situation will be settled. We have their complete support — they are fully involved.
He mentioned that efforts to integrate the mobile money providers are currently taking place, aiming to standardize charges and introduce essential uniformity within the digital financial sector.
Orange won't be billing you one amount while MTN charges another," he stated. "We are working on resolving this.
The leader expressed appreciation for the LMA's proposal to participate in the Central Bank's financial education initiative, acknowledging the cultural and community impact that female market vendors have.
Thank you for volunteering," Saamoi remarked. "Your people will comprehend you better than when someone from the Bank arrives, speaking only English. They'll relate to you because you speak their language. That is highly significant.
The dialogue between the LMA President and the Central Bank Governor has brought focus to the practical difficulties Liberians encounter while dealing with a changing, yet imbalanced financial environment. It also emphasizes the important part that women, particularly those in leadership roles within markets, take in pushing for economic fairness and the execution of inclusive policies.
As mobile money becomes more vital in financial dealings throughout Liberia, the demand for uniform fees and more equitable methods is a matter the CBL can no longer ignore.
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Tagged: Liberia, Women and Gender, West Africa
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