The Executive Governor of the Central Bank of Liberia (CBL), Henry F. Saamoi, has assured of the bank’s commitment to ensuring financial inclusion and digital transformation through financial education and digital payment systems, and to provide citizens with the necessary skills and tools to transact efficiently across the country.
Speaking during the official launch of the National Financial Education Program (Fin-Ed) and rollout of Pan-African Payment and Settlement System (PAPSS) at Monrovia City Hall Ballroom on Thursday, March 27, 2025, Governor Saamoi said the national financial education strategy is a comprehensive plan designed to provide Liberians with the necessary skills in education to manage their money effectively.
He said the CBL will work to strengthen collaboration to mobilize resources and capacity for implementation, and a master training module will be developed to facilitate the training-of-trainers program that will be decentralized across the fifteen counties to lead training and implementation of financial education at community level.
“It is part of a broader efforts to achieve public policy goals enhancing inclusion, promoting financial stability and ensuring fair consumer treatment. This multi-pronged approach involves financial regulation and supervision commitment from financial institutions to treat consumers fairly.
“Financial education and digital payments are not just initiatives; they are the foundation for a stronger, more inclusive, and sustainable economic future,” he observed.
At the same time, the CEO of PAPSS, Mike Ogbalu, said the initiative is a centralized payment and settlement system for intra-African trade and commerce, and is designed to effect payment in local currencies and use the CBL as a settlement agent.
“PAPSS is a 24- hour payment system, making it possible to transfer money any time of the day and any day of the week,” Ogbalu observed.
According to him, PAPSS makes it easy for a supplier of textile in Monrovia to purchase goods in Ghana or Nigeria without any struggle of looking for foreign currency or waiting for more than two days to have the transfer completed. He said all the buyer has to do is transfer the amount for the cost of the goods in Liberian dollars to the seller’s bank in Ghana and then the seller will be paid in Cedis in Ghana.