President Boakai underscores that financial education is a fundamental driver of financial inclusion, which is vital for sustainable and inclusive economic growth, as he launches a financial education program and payment system initiated by the Central Bank of Liberia.
By Stephen G. Fellajuah
Monrovia, Liberia, March 28, 2025 – President Joseph Nyuma Boakai, Sr., has launched the Central Bank of Liberia’s (CBL) Financial Education and Literacy Program and rollout of the Pan-African Payment & Settlement System (PAPSS) at the Monrovia City Hall here.
These initiatives, spearheaded by the Central Bank of Liberia, are crucial for advancing the Government’s ARREST Agenda for Inclusive Development (AAID), promoting financial inclusion, and strengthening Liberia’s economic standing.
In his address, President Boakai commended the Board of Governors and Management of the CBL for their continued commitment to supporting the Government’s development goals through policies that foster financial empowerment. He emphasized that financial education is a fundamental driver of financial inclusion, which is vital for sustainable and inclusive economic growth.
“The ARREST Agenda is about the people and for the people,” the President declared, noting that “Financial education will empower individuals, particularly women and low-income communities, with the tools to effectively manage their finances, start businesses, and contribute to Liberia’s economic development.”
The President cited the 2022 World Bank Findex Report, which indicated that Liberia’s financial inclusion rate had increased to 52%, up from 36% in 2017. Despite this progress, the report revealed a gender gap of 15.4%, with women lagging behind in financial access. President Boakai stressed that targeted financial education programs could help bridge this gap and ensure greater financial participation for all Liberians.
Moreover, he highlighted the importance of PAPSS, a transformative payment system designed to facilitate cross-border trade across Africa by allowing instant transactions in local currencies. PAPSS, which aligns with the African Continental Free Trade Area (AfCFTA), is expected to alleviate foreign exchange constraints, improve economic stability, and support Liberia’s de-dollarization efforts.
“With PAPSS, Liberian businesses will no longer need to convert our currency into US dollars to trade across Africa. This will help preserve our foreign exchange reserves, strengthen our national currency, and foster economic resilience,” the President assured.
He encouraged stakeholders, financial institutions, and businesses to embrace the Financial Education Program and PAPSS as tools for economic empowerment, greater financial inclusion, and national development.
“I commend the Central Bank of Liberia for its continued efforts in promoting macroeconomic stability and ensuring that our financial system works for every Liberian. I encourage all citizens to take advantage of these opportunities to contribute to Liberia’s economic growth,” he concluded.
Earlier, Finance and Development Planning Minister, Augustine Kpehe Ngafuan, spoke of inefficiencies and delays in financial transactions, which he said, act as hidden forms of taxation and hinder business growth. He noted that PAPSS, in alignment with the AfCFTA framework, would promote regional economic integration and financial independence.
CBL Executive Governor Henry F. Saamoi, reaffirmed the Central Bank’s commitment to ensuring financial inclusion and driving digital transformation. He described financial education and digital payment systems as twin pillars of economic empowerment, providing citizens with both the knowledge and tools to transact efficiently within Liberia, across Africa, and globally.
Governor Saamoi highlighted Liberia’s growing digital financial sector, noting a surge in mobile money transactions, which reached L$471 billion in 2024, up from L$421 billion in 2023. USD transactions via mobile money amounted to $3.47 billion in the same period. Cross-border transactions, a key feature of PAPSS, grew by 17.7% to $494.5 million, and Liberia now has over 3 million active mobile money subscribers, making digital payments the dominant method of electronic transactions in the country.
The launch event was attended by government officials, financial sector stakeholders, development partners, and representatives from the business community, all of whom pledged support for the successful implementation of these initiatives. Editing by Jonathan Browne
