CBL Deputy Governor for Operations, Mr. James B. Wilfred
Monrovia, Liberia – The Central Bank of Liberia (CBL) has underscored the critical importance of women’s financial inclusion as a key driver of national economic growth, calling for stronger collaboration among government, financial institutions, development partners and the private sector to remove barriers preventing women from fully participating in Liberia’s formal economy.
By Patience M. Jones
Speaking on behalf of CBL Executive Governor, Henry F. Saamoi, during the opening of the National Conference on Women’s Financial Inclusion at the Ministerial Complex in Congo Town, outside Monrovia on Wednesday, July 29, Deputy Governor for Operations, James B. Wilfred, described women’s financial inclusion as an economic imperative rather than merely a social issue.
The two-day conference, held from Wednesday through Thursday, is organized under the theme: “Women’s Financial Inclusion as a National Economic Growth Strategy.”
It brings together government officials, lawmakers, development partners, financial institutions, women entrepreneurs, civil society organizations, and members of the Africa Women Leaders Network (AWLN) Liberia Chapter to explore strategies for expanding women’s access to financial services.
Deputy Governor Wilfred said Liberia’s women have long demonstrated remarkable resilience by creating informal financial systems that sustained families and businesses long before financial inclusion became a policy priority.
“Through susu clubs, village savings and loan associations, market associations, and other informal networks, Liberian women mobilized savings, provided credit, financed businesses and supported livelihoods where formal financial institutions could not always reach,” he said.
According to him, these community-based financial systems have served as one of Liberia’s most enduring economic infrastructures, helping communities survive periods of economic uncertainty while promoting entrepreneurship and social stability.
“Our task is not to build women’s economic resilience from the ground up because Liberian women have already demonstrated that resilience. Our task is to build the financial bridges that will allow those strengths to translate into larger businesses, greater investments, more innovation, and national prosperity,” Deputy Governor Wilfred stated.
Highlighting recent data from the Central Bank, the Deputy Governor disclosed that women’s participation in commercial credit remained relatively low between 2023 and 2024 but improved significantly in 2025, rising to more than 25 percent.
While describing the increase as encouraging, he stressed that much more work remains to be done.
“We should celebrate this momentum, but we should not mistake momentum for arrival. Twenty-five percent tells us meaningful progress is possible, but it also reminds us that there is still considerable room to grow,” he said.
Deputy Governor Wilfred emphasized that financial inclusion is not simply about expanding access to loans or banking services but about creating financial products that are affordable, sustainable, and capable of supporting long-term business growth.
“Financial inclusion is often discussed as a matter of fairness. It is also a matter of sound economics,” he noted.
“Liberia cannot fully realize its productive capacity while a significant portion of the population that drives domestic commerce remains insufficiently connected to the formal financial system.”
The Deputy Governor further encouraged women entrepreneurs to strengthen their businesses by maintaining proper financial records, registering their enterprises, complying with tax obligations, obtaining insurance coverage, and participating in social security schemes.
According to him, these measures increase business credibility and improve entrepreneurs’ chances of accessing financing from commercial banks and other financial institutions.
He also called on banks and lending institutions to improve their understanding of women-owned businesses and develop innovative financial products that better reflect the realities of women entrepreneurs.
“This is not a call to lower lending standards,” Deputy Wilfred explained. “It is a call to improve our understanding of risk so that productive enterprises can be assessed fairly and provided with affordable financing.”
He urged policymakers and legislators to continue strengthening Liberia’s legal and regulatory framework to improve market confidence, protect consumers, and create an enabling environment for enterprise development.
Deputy Governor Wilfred also praised Liberia’s development partners for supporting financial inclusion initiatives and encouraged them to increase public awareness about grants, credit facilities, technical assistance, business accelerators and investment opportunities available to entrepreneurs.
“An opportunity cannot transform a business if entrepreneurs do not know it exists,” he said.
The Deputy Governor rejected claims that conferences on financial inclusion amount to mere “talk shops,” insisting that meaningful reforms begin with dialogue followed by concrete action.
He noted that participants in the conference would have opportunities to open bank accounts, register businesses, establish tax records, and engage directly with financial institutions and regulators.
“These may appear to be small administrative steps, but in reality they are significant economic milestones. Each one represents another enterprise becoming more visible, more confident and more capable of contributing to Liberia’s economy,” he said.
Deputy Governor Wilfred concluded by stressing that Liberia’s future prosperity depends on fully recognizing and supporting the economic potential of women.
“Liberia does not need to discover the economic potential of its women. It needs to recognize it, nurture it, and realize it with equal wisdom and ambition,” he declared.
He added that when women gain greater confidence and access to financial services, investment increases, businesses expand, employment grows and the country’s economy becomes stronger and more resilient.
The National Conference on Women’s Financial Inclusion continues Thursday with panel discussions, business networking sessions, exhibitions and direct engagement between women entrepreneurs, financial institutions, regulators and development partners aimed at advancing women’s economic empowerment across Liberia.
