The Central Bank of Liberia (CBL) under the governorship of Mr. F. Saamoi is poised to recoup its lost prestige and credibility given the hordes of new policy measures that have been unveiled to set the bank apart from its ruined past and put it on a transformed trajectory.
Liberia: The Central Bank of Liberia (CBL) under the governorship of Mr. F. Saamoi is poised to recoup its lost prestige and credibility given the hordes of new policy measures that have been unveiled to set the bank apart from its ruined past and put it on a transformed trajectory.
Following his confirmation by the Liberian Senate recently, Executive Governor Saamoi was commissioned Tuesday by President Joseph Boakai along with other distinguished Liberians appointed to various positions in government.
The red-lettered ceremony held at the Executive Mansion and graced by officials of government, international partners and family members was one of deep emotions, reflections, and prospects of the awesome tasks ahead – justification of the confidence President Boakai has reposed in each of every one of them as the administration endeavors to deliver on its promises to the Liberian people, who are the givers of political power.
On behalf of his colleagues, Governor Saamoi assured the President of their resolve and commitment to serve with diligence, transparency, accountability, and integrity in the discharge of their respective duties.
Specifically speaking to his vision for the Bank which was plagued by operational and administrative issues, the new Governor pledged to implement policy measures that not only strengthen monetary policy, but to also build strong international reserves which are crucial for preserving the value of the Liberian dollar.
“Under your leadership, Your Excellency, we are committed to rebranding the Central Bank as the cornerstone for resetting Liberia’s economy on a viable trajectory,” he assured the Liberian leader.
Cognizant of the economic shocks affecting the country, he emphasized that the economic reset is about macroeconomic stability and addressing key issues such as inflationary and exchange rate pressures, while fostering a stable economic environment through policy reforms.
The new Governor is not strange to the CBL and the issues confronting viability. Prior to his fulltime appointment as Executive Government, he served in an acting capacity from August 2024, working with the Board of Governors, the executive and senior management team to implement urgent reforms intended to address issues raised by the General Auditing Commission (GAC) and other external audit reports.
He said a newly developed Strategic Plan which defines the new direction envisioned for the Central Bank will soon be launched.
According to Governor Saamoi, the new SP (2025-2029) which aligned with the ARREST Agenda considers three key initiatives including modernization of Liberia’s payment infrastructure.
“We will devote our time, energies and resources ensuring that we achieve a robust payments system environment that is fundamental to the development of the financial sector,” he further expanded on the measure.
In collaboration with partners, the CBL intends, he said, to deploy a National Electronic Payment Switch by end 2026, with the capability of linking commercial banks, mobile money operators and the fintech operating within our financial sector.
Governor Saamoi indicated that the Bank is currently engaged with the two largest MNOs for a bilateral integration that will allow economic agents in our country to transact via mobile money seamlessly, just as calls are made between the two telcos seamlessly.
“This will lower transactions cost and remove the burden of carrying two mobile phones for mobile money transactions,” he stressed.
“Currently, Mr. President, our country is witnessing a shift to a new kind of retail banking system where a large segment of the population, previously unbanked, are being absorbed into the financial services sector, via, mobile money,” he further expressed.
The new CBL Governor disclosed the evolution clearly presents a huge opportunity to bring most of these economically active people into the formal economy; and it also presents a huge potential for domestic revenue mobilization, in support of the ARREST Agenda.
He said: “Our goal is to achieve full interoperability when the NEPS is fully deployed, further deepening financial inclusion, advancing Liberia’s cash-lite agenda, and most importantly, serve as a viable vehicle for financial intermediation. Our goal is to achieve a cashless economy, which will bring significant benefits to our country, in terms of financial transparency, savings on high cost of printing banknotes and promoting an inclusive financial system and fostering economic growth.
Governor Saamoi revealed that they also intend to enhance the regulatory environment by focus on realigning regulatory mandate to promote greater levels of financial intermediation to support economic growth.
He emphasized that Liberia’s banking system requires targeted reforms to address legacy challenges, while ensuring the continued resilience of our banking system.
“Under our leadership, we shall endeavor to enforce strict prudential regulations while fostering an enabling environment for responsible lending and innovation in the banking sector,” he assured.
He also pledged commitment to tackle the problem of high non-performing loans (NPLs), working with the president’s office, the National Legislature, the Judiciary, and all other stakeholders.
In the same vein, they will address the weak risk management practices in the industry, work closely with banks to improve cybersecurity preparedness as we advance towards the digital financial and payments phase of Liberia’s payments system evolution.
The CBL boss further disclosed they intend to strengthen prudential standards and ensure that the banking system is strong, resilient and viable.
“With the anticipated passage of the Bank Financial Institutions Act, we will work towards establishing a deposit insurance scheme with the creation of a deposit insurance fund to protect small depositors and to develop a bank resolution framework, to ensure that distressed financial institutions are effectively managed while maintaining financial stability,” Governor Saamoi accentuated.
As part of the rebranding agenda, he also affirmed that they work with all stakeholders, including banks, financial institutions, technology partners, businesses, and regulators – to build a modern, inclusive and resilient financial system for the promotion of trade and investment.
The third priority is financial inclusion which has to do with expanding financial inclusion to promote inclusive economic growth, reduce poverty, empower our citizens, and ensure the stability of the financial system. To this end,
Under this priority issue, the Bank will continue to support initiatives that expand access to financial services, leveraging fintech and mobile banking solutions to broaden the scope of access, especially in underserved communities, Governor Saamoi noted.
Another aspect is that they will work with banks, fintech and international partners to build a stronger digital finance ecosystem that supports secured transactions, faster cross border payments and financial accessibility.
“Your Excellency, beyond these priorities, we will take further step to improve operational efficiency at the Bank by ensuring an efficient and productive personnel, prudent financial management, and transparent and value-for-money in our procurement practices to maintain financial stability, credibility and public trust,” the Governor said.
In order to achieve this objective, he said they have begun examining the Bank’s non-core operations where savings can be made and used for the broader goals and objectives of the Bank.
Governor Saamoi assured the President and Liberians in general that the CBL leadership is committed to rebuilding confidence, restoring public trust, and ensuring that Liberia’s economy is stable, and ready for the future.
“Through responsible financial sector governance, digital transformation, and sound economic policies, we want to create an economic and financial system that is transparent, predictable, and stable,” he assured.
Governor Saamoi said they want to create an enabling environment in which businesses can have the confidence to plan, and individuals can have access to a secure financial system that fosters growth, opportunity, inclusivity, and promote development.
The CBL Executive Governor promised Liberians that they will serve with diligence, impartiality, and an unwavering commitment to the mandate of the Central Bank of Liberia and for the interest of the ordinary Liberians out there.
He added: “We will remain engaged with all segments of our society as we drive the new vision and agenda of the CBL. We will strive to uphold the independence of the CBL with unwavering commitment and integrity.”
Their outmost obligation, he said, is guided by no other interests other than the interests of the Liberian people.
Mr. Saamoi classified the confidence reposed in him to serve our country as the Executive Governor of the Central Bank of Liberia as an honor and privilege to be of service to the country at “this crucial moment in our nation’s history.”
