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CBL to modernize Liberias payment system

Patrick Flomo/Joseph T. Koon
CBL Governor, Mills Jones
CBL Governor, Mills Jones

(elbcradio.com/Liberia/Jan. 30, 2015)-The Central Bank of Liberia (CBL) is to implement series of reforms to
modernize the payment system in the country.

The reforms will be implemented in line with international standards.

The CBL will implement the reform in partnership with the West African Monetary Institute.

The reform plan is contained in the bank’s 2014 Annual Report, signed by CBL Governor, Mills Jones, and submitted to the Government covering the perid, January 1 to December 31, 2014.

The report said the key components of the modernization include Real-time Gross Settlement System, Automated Check Processing, Automatic Clearing House System, among others.

The Liberia News Agency (LINA) quotes the report as saying: “The goal is to upgrade the country’s financial infrastructure to the level of other countries, like Ghana and Nigeria.

Upgrading Liberia’s financial infrastructure is aimed at preparing for the launch of a single currency in the sub-region.

CBL establish a separate unit in 2012 to spearhead the modernization effort. Since its establishment, it said: “The unit has coordinated efforts with the relevant stakeholders in moving the process forward.”

The entire modernization effort involves the development of networks and shared physical infrastructure.

This, according to the report, will enable the effective operation of financial intermediaries, exchange of information and data.

The report also said during 2014, the CBL commenced the implementation on the infrastructure.

Following the commencement of infrastructure implementation, significant progress was reported in terms of getting the data environment ready, deploying the networks and telecommunication equipment.

Such significant progress encouraged information exchange between the system participants.

“The CBL is in discussion with the contractors to return to Liberia and resume work,” the report added.

 


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