By Julius Konton
Liberia has formally stepped up its transition toward a cashless economy.
During the launch of the program, Finance and Development Planning Minister, Augustine Kpehe Ngafuan, said digital finance is now central to economic transformation agenda.
At the official launch of the Inclusive Instant Payment System (IIPS), Ngafuan said the move marks a “giant step” to modern the economy, widen financial inclusion, improve tax compliance, and reduce risks associated with cash-based transactions.
“We are moving to a cashless society. Transformation does not happen by waving a magic wand. It takes deliberate planning, sustained effort, and coordinated action.
On structural constraints to growth, he said, government push for digital payments is part of a broader strategy to address the long-standing structural constraints to growth and job creation.
A major objective of the new payment system is to transition workers from “informal, and vulnerable employment,” into more stable, formal economic activity.
The IIPS platform is expected to support digital salaries, merchant payments, government transfers, and small-business transactions opening pathways to credit, savings, and insurance for previously unbanked citizens.
Government officials estimate that mobile money and digital payment usage has grown sharply in recent years, with registered mobile money accounts now exceeding two million, driven by telecom-led financial services.