Africa-Press – Liberia. The Central Bank of Liberia has officially announced the upcoming launch of a national electronic payment switch, a transformative initiative aimed at modernizing Liberia’s financial infrastructure, promoting financial inclusion, and reducing reliance on physical cash.
Speaking at the Bank’s headquarters during the presentation of the Monetary Policy Committee (MPC) Communiqué, Executive Governor Henry F. Saamoi described the switch as a “game-changer” for the country’s financial ecosystem. The system is expected to be fully operational by December next year.
“We can’t be left behind,” Governor Saamoi said. “We’re coming to the table late, but we have to get there.”
The electronic switch will serve as a centralized digital hub, enabling seamless interoperability among banks, mobile money operators, and other financial service providers. This means customers will be able to use a single card or payment tool across all ATMs and point-of-sale (POS) terminals nationwide.
“Right now, if Ecobank’s ATM is down, I can’t use their card at LBDI’s ATM,” Saamoi explained. “The switch will fix that—one card, one system, nationwide.”
Digital Infrastructure for Transparency and Innovation
Governor Saamoi emphasized that the switch will provide real-time visibility into financial transactions, particularly for mobile money platforms. This transparency is expected to reduce data manipulation and enhance revenue tracking—key for national development.
“Why should someone travel from Paynesville to Sinkor just to make a transaction?” he asked. “You should be able to do that from your phone, at home.”
The initiative also aims to shift banking staff from routine cash-handling roles to more value-added services, fostering innovation and efficiency.
While the long-term vision is a cashless economy, Liberia will begin with a cash-light model, minimizing physical cash usage while strengthening digital infrastructure.
Monetary Policy Update
The MPC announced it will maintain the monetary policy rate at 17.25%, citing improved inflation and exchange rate stability. Reserve requirement ratios for both Liberian and U.S. dollar deposits remain unchanged.
Despite positive trends, the MPC warned of external risks and reaffirmed its commitment to macroeconomic stability.
“Maintaining macroeconomic stability is non-negotiable,” Saamoi stated.
Stakeholder Endorsements and Regional Integration
The announcement received strong support from stakeholders including the Bankers Association of Liberia, Liberia Marketing Association, and civil society groups.
Finance Minister Augustine Ngafuan praised the CBL’s efforts and called for stronger coordination between fiscal and monetary authorities. He also highlighted the launch of the Pan-African Payment and Settlement System (PAPSS), which enables cross-border trade in local currencies.
“If someone in Liberia can pay for goods in Ghana without U.S. dollars, that’s not just convenience—it’s transformation,” Ngafuan said.
Bankers Association: “Let’s Make It Work”
Olalekan Balogun, President of the Liberia Bankers Association, said the switch was long overdue and urged authorities to ensure both Liberian and U.S. dollars are usable in PAPSS.
“Digitization helps fight corruption. You can trace every payment,” Balogun said. “We, the banks, are ready to support. We’re like conjoined twins with the CBL. But let’s push each other forward—this system must work.”
For More News And Analysis About Liberia Follow Africa-Press
