Liberian News: CBL Governor Saamoi Unveils Groundbreaking Financial Payment System

Monrovia-The Central Bank of Liberia (CBL) Thursday unveiled a groundbreaking digital financial payment system, known as Liberia’s Financial Education Program and the Pan-African Payment and Settlement System (PAPSS), a significant milestone to fostering a financially inclusive and technologically advanced economy.
Unveiling the revolutionary system consistent with his pledge to rebrand the CBL, Executive Governor, Mr. Henry F. Saamoi, described the PAPSS as twin pillars of economic empowerment intended to equip citizens with knowledge, providing them with the tools to transact efficiently in Liberia, the Africa continent and beyond.

The PAPSS launch, he said, is a defining moment for Liberia’s financial sector and an assurance that Liberia’s economic future in trade is bright, given the CBL’s focus on financial education for empowering Liberians and PAPSS connecting them to the rest of Africa through cross border payments.

During his recent commissioning ceremony at the Executive Mansion, Governor Saamoi pledged to undertake series of stringent reforms, including the introduction of critical policy measures that do not only strengthen monetary policy, but to also build strong international reserves that are crucial for preserving the value of the Liberian dollar.

He promised to rebrand the Bank as the cornerstone for resetting Liberia’s economy on a viable trajectory, saying the economic reset centered on macroeconomic stability and inflationary and exchange rates pressures, as well as fostering a stable economic environment through policy reforms.

The launch of the PAPSS, however, underscores the new Governor’s and the CBL’s commitment to realizing major policy measure for economic stability and financial inclusion. ​

He told the gathering about the importance of financial literacy as a driver of national prosperity, stressing that “An informed population makes better financial decision, leading to economic resilience and sustainable development.”

The launch of the program was informed by the outcome of a recent baseline study in eight counties. As per the study, 77% of respondents had never received financial education, and identified Budgeting, saving, and investing as top learning priorities, while 84% preferred in-person training for better engagement.

In a special statement during the launch of the PAPSS, Governor Saamoi told the gathering including President Joseph Boakai  that the initiative will be expanded across the entire country, ensuring that every Liberian, regardless of location, has access to financial education.

“Our financial sector is undergoing a massive transformation, driven by digital payment systems. Over the past year, we have witnessed remarkable growth in mobile money and digital transactions, reinforcing the critical role of technology in financial inclusion,” he disclosed.

Governor Saamoi provided useful statistics about various financial transactions, stating that mobile money transactions surged to L$471 billion in 2024, up from L$421 billion in 2023.

USD transactions via mobile money recorded $3.47 billion in 2024, while cross-border transactions, a key component of PAPSS, grew by 17.7% in 2024 to $494.5 million.

The CBL governor revealed that the country has more than 3 million active mobile money subscribers, making it the dominant form of electronic payment in the country.

Governor Saamoi said “This evolution in digital payments is a direct result of the CBL’s policy focus to optimize technology for financial inclusion and economic growth. Our efforts to modernize Liberia’s financial system are yielding tangible results, bridging the gap between traditional banking and digital finance.”

According to him, The PAPSS system is a game-changer for intra-African trade, providing businesses with the ability to transact across borders seamlessly and efficiently in local currencies.

He named the benefits as eliminating reliance on third-party currencies, reducing transaction costs for businesses and consumers, minimizing exchange rate volatility, thereby stabilizing the economy, and accelerating trade by streamlining payment settlements.

Governor Saamoi disclosed that PAPSS transactions in Liberia reached approximately L$37.7 million, with outbound transactions totaling about L$169.5 million between the period June – December 2024.

The CBL boss, however, stressed the need for awareness and adoption if the system is to fully harness its potential.

To realize this milestone, he said the CBL will launch a nine-months nationwide PAPSS awareness campaign, targeting commercial banks to facilitate integration and usage, cross-border traders and SMEs to enhance their trade capabilities, and border communities and economic zones to strengthen regional commerce.

Governor Saamoi also said CBL is committed to working with Afreximbank and other African central banks to ensure that Liberia is an active participant in the continent’s financial integration, adding “we will continue to leverage strong partnerships for driving a digital economy.”

The launch of PAPSS, he said, is consistent with the commitment of President Joseph Nyuma Boakai, Sr., whose leadership is supportive of economic reforms, financial stability and inclusive growth, and Professor Dr. Benedict Okey Oramah, President of Afreximbank, represented by the CEO of PAPSS, whose unwavering commitment to African trade and financial innovation has been instrumental in the success of PAPSS.

He expressed the CBL’s appreciation to Afreximbank’s support, not only in financing PAPSS but also in fostering economic diversification and trade growth across Africa, and stressed that the CBL is ready to collaborate fully in this initiative.

He also reaffirm the CBL’s full commitment to these two landmark programs, saying the financial education and digital payments are not just initiatives, but the foundation for a stronger, more inclusive drivers of sustainable economic development.

Governor Saamoi called on small, medium, and large business communities to embrace financial literacy, take charge of your financial future, and leverage PAPSS to explore more business opportunities.

He equally warned the prospects can only be realized when Liberians seize the opportunity to think Liberia for inclusive growth, build Liberia through enhanced financial stability, and love Liberia as a key player for supporting digital economic transformation for macroeconomic stability.

Governor Saamoi paid tribute to various institutions that provided technical oversight including the Office of Technical Assistance (OTA) of the U.S. Treasury Department for its continued technical expertise, World Bank and the African Development Bank for what he called “their commitment to financial inclusion and economic development.”

Others are Ministries of Education and Gender for integrating financial literacy into their national development frameworks, Female Journalists Association of Liberia (FEJAL) for its role in promoting financial awareness, and PERT Consultancy for conducting the critical research that informed our strategic direction.