CBL Launches Fin-ED, PAPSS On Liberia’s Economic Transformation

By Laurina B Lormia
The Central Bank of Liberia (CBL) has officially launched two landmark initiatives aimed at enhancing financial literacy and driving digital financial inclusion across the country.
The CBL’s Executive Governor, Henry F. Saamoi, emphasized the importance of financial education and the ongoing digital transformation of Liberia’s financial sector.
According to him, a recent baseline study conducted in eight of Liberia’s fifteen counties revealed a critical gap in financial literacy, with 77% of respondents reporting that they had never received financial education.
He added that, the study also identified budgeting, saving, and investing as top priorities for learning adding, in response, the CBL, in collaboration with the Female Journalists Association of Liberia (FEJAL), is rolling out financial literacy programs targeting these underserved communities.
The programs will include community workshops with local entrepreneurs, radio programs, and engagements with market women, youth groups, and motorbike riders, with a strong emphasis on in-person training for better engagement.
“Financial literacy is not just a concept; it’s a driver of national prosperity,” Saamoi stated. “This initiative will ensure that every Liberian, regardless of location, has access to essential financial education,” he said.
He also highlighted Liberia’s growing digital financial landscape, noting a significant increase in mobile money transactions.
“Mobile money transactions surged to L$471 billion in 2024, up from L$421 billion in 2023, with cross-border transactions under the Pan-African Payment and Settlement System (PAPSS) growing by 17.7% to $494.5 million,” he said.
“We are excited to announce that over 3 million Liberians are now active mobile money subscribers,” the Governor said. “This marks a transformative moment in our financial inclusion efforts, where technology is bridging the gap between traditional banking and digital finance,” he mentioned.
The event also marked the official launch of PAPSS in Liberia, a system designed to facilitate seamless intra-African trade in local currencies.
“With the new system, businesses can transact across borders without relying on third-party currencies, reducing costs and enhancing regional trade. From June to December 2024, PAPSS transactions in Liberia amounted to L$37.7 million, with outbound transactions totaling L$169.5 million,” he stressed.
The CBL is set to launch a nine-month nationwide awareness campaign to promote PAPSS, targeting commercial banks, cross-border traders, SMEs, and border communities.
The goal is to integrate and increase usage of the system, positioning Liberia as an active player in Africa’s digital financial revolution.
Governor Saamoi, however acknowledged the role of President Joseph Boakai, and Benedict Okey Oramah, President of Afreximbank, in supporting Liberia’s financial reforms.
He expressed deep appreciation for Afreximbank’s contribution to the success of PAPSS and its efforts to enhance economic diversification and trade growth across the continent.
He urged businesses of all sizes to embrace financial literacy and digital payment systems. “Take charge of your financial future and explore the business opportunities PAPSS offers,” he said.
“Liberia’s economic future in trade is bright, driven by financial literacy and the digital payment transformation.
He urged all Liberians to think, build, and love Liberia by supporting the country’s efforts toward inclusive growth and financial stability,” he concluded.
Meanwhile, the National Financial Education Strategy for Liberia (NFES) is a comprehensive plan designed to provide Liberians with the necessary financial education to manage their money effectively.