President Joseph Nyuma Boakai has reaffirmed his administration’s commitment to strengthening Liberia’s economy by prioritizing investments in the private sector.
Speaking at the official launch of the National Financial Education Program and the Rollout of the Pan-African Payment and Settlement System (PAPSS) at the Monrovia City Hall on March 27, 2025
President Boakai emphasized the government’s dedication to fostering economic growth through strategic partnerships.
“The private sector is the backbone of national development, and we are committed to ensuring its success.
We commend the Central Bank of Liberia (CBL) for its efforts in strengthening our financial system,” he stated.
As part of his administration’s economic agenda, the President encouraged market women at the Red Light Market to relocate to the Omega Market, a move aimed at enhancing trade conditions and promoting financial inclusion.
The event, organized by the Central Bank of Liberia, focused on educating the business community on the impact of Pan-African trade and financial education under the theme: “Inclusive Economic Growth Through Financial Education and PAPSS.”
CBL Executive Governor Henry F. Saamoi lauded the bank’s partnership with global financial institutions, including the World Bank, the International Finance Corporation (IFC) and the United Nations Development Program (UNDP), in strengthening Liberia’s financial sector.
Governor Saamoi highlighted ongoing reforms, particularly in mobile money transactions, which now account for over three million financial transactions across Liberia.
He also announced plans to expand financial services to all 15 counties, ensuring nationwide access to banking and financial literacy programs.
“These reforms are crucial for financial inclusivity, allowing both urban and rural businesses to thrive,” Saamoi noted.
Liberia’s Minister of Finance and Development Planning, Augustine KpeheNgafuna, underscored the role of financial reforms in job creation and economic empowerment, particularly for Liberians engaged in cross-border trade.
“This system will provide jobs for Liberians, particularly in the business sector. We commend the Central Bank of Liberia for its leadership in this initiative,” Minister Ngafuna stated.
The Pan-African Payment and Settlement System (PAPSS), a continental financial infrastructure, was a major highlight of the event.
PAPSS CEO Mike Ogbalu hailed Liberia’s participation, emphasizing its potential to lower financial transaction costs for businesses.
“This system will enable seamless financial transactions across Africa, making it easier for businesses and individuals in Liberia to access financial services,” Ogbalu noted.
PAPSS allows real-time, cross-border transactions in local currencies, eliminating the need for foreign exchange conversions.
For example, a Liberian business owner purchasing goods from Ghana can make payments in Liberian dollars, while the Ghanaian seller receives the payment in cedis.
The Central Bank of Liberia has been designated as Liberia’s settlement agent for PAPSS, with eight out of nine commercial banks already signed onto the system.
These banks include Ecobank Liberia Limited, United Bank for Africa (UBA), Sapele International Bank Liberia Limited (SIBLL) International Bank Liberia Limited (IBLL)
He said other Access Bank Liberia, Guaranty Trust Bank-Liberia (GTBank), Afriland First Bank and Bloom Bank Africa-Liberia Limited
The National Financial Education Strategy for Liberia (NFES), spearheaded by the CBL with technical support from the World Bank Group, seeks to enhance financial literacy nationwide.
- Alphonso Zeon, Director of Corporate Communications at CBL, said the initiative is designed to improve financial knowledge, skills, motivation and confidence among Liberians.
The NFES targets various groups, including, School children and university students, Rural communities and Small business owners
To ensure broad implementation, the CBL plans to launch a Training of Trainers (ToT) program, which will be decentralized across the country.
Training methods will include face-to-face workshops, multimedia engagement and integration of financial education into school curricula.
These initiatives are aligned with President Boakai’s ARREST Agenda, which prioritizes economic reforms, financial inclusion, and national development.
With Liberia’s integration into PAPSS and the CBL’s financial education program, experts believe the country is moving toward a more inclusive and efficient financial system.
These reforms are expected to empower small businesses, private sector actors, and informal economy participants by improving access to banking services, reducing transaction costs and strengthening the national economy.