Monrovia, August 4, 2025: One of Liberia’s digital financial payment service providers KanaCash says it welcomes the latest decision by the Central Bank of Liberia (CBL) to have uniformity in cash-out fees of 2% charge across mobile money operators in the country.
In a press statement signed by KanaCash Liberia Country Manager, Mrs. Passion Dayocollins, the cash app operators said that the outcome of the new policy by the CBL will depend mainly on how quickly digital service providers implement reforms that will make the payment system efficient.
Over the last few months, CBL has been steadily implementing a financial inclusion program.
As of August 1, 2025, the Bank announced it had implemented a new policy for all mobile money transactions. The policy established a uniform 2% cash-out fee across all service providers.
It could be recalled that in late April, CBL invited all digital financial payment service providers, including Fintechs, Mobile Money operators, Banks, etc. The goal was to prepare all players within the digital payment ecosystem for the new interoperable system that would be rolled out.
According to the CBL in a recent release, “this change is part of Liberia’s effort to modernize the way money moves within the market and reduce dependence on physical cash. The new system will enable all Liberians -regardless of their mobile network provider – to send and receive money across mobile wallets seamlessly. Once implemented, customers will be able to transact across networks in real time, enhancing convenience, accessibility, and financial inclusion”.
However, Mrs. Dayocollins, in the release, stated that as a matter of urgency, designing and implementing strategic plans that will position KanaCash for smooth integration within an interoperable system is key to the company’s short, medium, and long-term operational plan.
The digital financial service providers indicated that resource mobilization is front and center in achieving the company’s goal, which is the advancement of digital payment systems.
KanaCash currently remits to over 90 corridors, including India, Lebanon, Dubai, and China, plus many countries across Africa. The Management said that as more corridors are available to users of KanaCash, customers using MoMo will greatly benefit from the low fees instituted by CBL.
Meanwhile, KanaCash team has been instructed to design and implement clear programs, which will enable the company to be fully prepared to integrate into the interoperable system.
The company noted that it is preparing to implement policies that the CBL will introduce but also position itself to provide support and guidance to the CBL and other players within the payment ecosystem.
As the National Electronic Payment Switch (NEPS) is being rolled out, KanaCash says it looks forward to working closely with CBL and other digital payment providers.
