CBL Rallies Banks, Fintechs to Push for Cashless Economy

In order to transform Liberia's financial landscape, the Central Bank of Liberia (CBL) has called on commercial banks, mobile money operators, and fintech companies to align with its national agenda for a cashless and digitized economy.

The call was made on Wednesday, July 23, 2025, by CBL Executive Governor Henry F. Saamoi during the reading of the Bank's 3rd Monetary Policy Committee (MPC) Communiqué held at the CBL headquarters in Monrovia.

Governor Saamoi emphasized that building a 24-hour open and cash-less economy is no longer a distant ambition but a tangible national goal--one that will require full cooperation from all players in the financial ecosystem.

"A 24-hour open economy is possible, and at the CBL, we are working toward achieving this milestone as we forge ahead with the digitization of the financial system," Governor Saamoi stated.

"A cash-less economy is also possible as we move toward a fully digitized economy with enhanced interoperability among the many players in the digital financial space."

Governor Saamoi disclosed that the Central Bank is working closely with mobile money operators through an integration initiative, which will pave the way for the launch of Liberia's National Electronic Payment Switch. The switch is expected to revolutionize the way digital financial services are delivered, creating a seamless, real-time infrastructure for transactions across platforms.

"We are continuing to work closely with our mobile money operators for a seamless mobile money operation in the country via an integration initiative as a step closer to the launch of the National Electronic Payment Switch," he announced.

He urged Liberia's commercial banks to invest in mobile banking technology and increase client onboarding for digital services, noting that accessibility remains a major hurdle in expanding financial inclusion.

"We want to encourage the commercial banks to move on with the development of mobile apps that will help make banking more easily accessible," he said.

The Executive Governor also promoted broader adoption of the Pan-African Payment and Settlement System (PAPSS), which allows for real-time, cross-border transactions in local currencies across African nations.

He stressed that the platform could play a vital role in reducing demand for U.S. dollars, mitigating exchange rate volatility, and ultimately supporting Liberia's long-term goal of de-dollarization.

"We want to see more commercial banks and clients on the PAPSS platform that promotes inter-regional and inter-African trade," Saamoi said. "This will significantly reduce the demand for U.S. dollars and, by extension, the exchange rate pressure--and support our long-term strategy for the ultimate de-dollarization of the Liberian economy."

The MPC Communiqué reading brought together key stakeholders, including Finance Minister Augustine Kpehe Ngafuan, heads of commercial banks, business and trade associations, civil society actors, academics, and media representatives.

Governor Saamoi acknowledged the presence of the finance minister and highlighted the crucial synergy between monetary and fiscal authorities in steering Liberia's economy toward stability and growth.

"While the Central Bank is charged with the responsibility of achieving and maintaining domestic price stability through monetary policy, we cannot achieve this feat without close collaboration with our fiscal authorities," he noted.

He further praised commercial banks for their partnership and urged them to continue playing an active role in implementing and transmitting monetary policy decisions that benefit the public and support economic growth.

The 3rd regular meeting of the Monetary Policy Committee, held on July 16, 2025, focused on recent macroeconomic developments, inflationary trends, the exchange rate situation, and the outlook for economic growth. The Communiqué that followed captured the MPC's policy stance, guided by in-depth data analysis and forward-looking assessments.

"The decisions we make here are intended to build upon and improve what you do--improve the general livelihood of the ordinary people and the general business environment," Governor Saamoi told the gathering.

Governor Saamoi closed his remarks on an optimistic note, encouraging all stakeholders to rally around the CBL's reform agenda and to embrace the digital revolution transforming financial systems globally.

"We can achieve the impossible by working together," he said, quoting the late Nelson Mandela: 'It always seems impossible until it is done.'