GoL, AFDB sign 3.9 Million grant Agreement to Upgrade CBL Payment Infrastructure System

The Government of Liberia and the African Development Bank on Thursday May 19, 2023, signed a grant agreement in the amount of US$ 3.9 million for the upgrade of the Central Bank of Liberia payment infrastructure system to strengthen its primary data center recovery sites.

The agreements were part of efforts to improve the facilitation by increasing efficiency, fostering growth, innovation, and preparing the country for regional integration.

Finance and Development Planning Minister Hon. Samuel D. Tweah Jr., who signed on behalf of the government of Liberia thanked the Bank for the level of support given 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.

According to him, this is a milestone achievement where payment will move to another level of financial inclusion called the national switch payment system.

‘’ 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 bank’’ he explains.

Minister Tweah 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 the African Development Bank to Liberia, Mr. Benedict Sorie Kanu explained 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 & Chairman of the Board of Governors, Hon J. Aloysius Tarlue extends a 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 noted that 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 explains.