MONROVIA: Recently, the Government of Liberia along with the African Development Bank (AFDB) signed a US$3.9 million grant agreement to upgrade the Central Bank of Liberia (CBL) payment infrastructure system.
The Minister of Finance and Development Planning Samuel D. Tweah described the agreements as a milestone achievement that will strengthen the bank primary data center recovery sites.
According to a statement from the ministry, the agreements were part of efforts to improve the facilitation by increasing efficiency, fostering growth, innovation, and preparing the country for regional integration.
The Minister who signed on behalf of the Government of Liberia said that this milestone achievement will allow payment to be moved to another level of financial inclusion called the national switch payment system.
He applauded the Bank for the level of support given to Liberia over the years.
“Today we are signing a grant support from the African Development Bank through the African development bank fund to provide support for our payment infrastructure system,” he said.
Min. Tweah explained that “when we talk about financial inclusion, we mean streaming ordinary Liberian into the payment switch system making payment for goods and services easy especially for Liberians in the rural area where the central bank had decentralized commercial banks.”
He noted that the upgrading of the payment system is an advantage and huge benefit for the micro-economy. “The more we go cashless, we will have exchange rate stability. This is also good for regional integrations.”
For his part, Country Manager of AfDB to Liberia, Mr. Benedict Sorie Kanu elaborated how the fund will directly benefit the Central Bank of Liberia in its efforts to digitize matters related to the payment system.
However, the central bank will implement the payment system along with other private sector players such as commercial banks to help other government institutions digitize activities, payment efforts and promote financial inclusion.
In response, the Executive Governor and Chairman of the Board of Governors at the Central bank of Liberia, J. Aloysius Tarlue extended his profound thanks and appreciation to the African Development Bank on behalf of the Board of Governors for the approval of grant agreement to upgrade a payment infrastructure system of the bank.
He said the grant agreement will help improve the payment system space, the utilization of the Eagle system that will bring financial inclusion to Liberia and also regional integration of government private sectors development.
“We also make sure this is done rightly and get value for money,” he said.
Courtesy: LINA
