Africa-Press – Liberia. Financial Institutions in Liberia have been urged to strengthen their business models on the National Payment System to enhance the effectiveness of goods and services.
The event on Tuesday in Monrovia was organized by the International Financial Corporation and the Central Bank of Liberia.
Speaking at the event, the Senior Financial Sector Specialist of the International Financial Corporation Charles Niehaus said financial institutions in the country need to come together to succeed.
“So, financial institutions need to come together to work as an industry cause if they worked independently the sector will not work but if they work together they will succeed,” Niehaus said.
He added: “National Payment is how different payment participants in the country work together. Be it banks or International financial institutions”
According to the Senior Financial Sector Specialist of the International Financial Corporation, financial institutions need to work together in three ways.
“How is it going to change Liberia is when we bring efficiency to the system by the business models,” Niehaus asserted.
He stressed that financial institutions need to be moderate in their tariff to enable people to transact freely.
“I am not saying that the financial transaction in Liberia is expensive but if it is expensive people are not going to transact,” Niehaus said.
Also, Gibson Kollie is the Head of Consumer Banking at Ecobank Liberia. He was one of the participants in the workshop.
Kollie said: “The National Payment System drives the country as a society. It is also going to boost the economy and increase the volume of transactions. Also, it will reduce the cost of transactions and it will help bank customers to transact easily.”
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