MONROVIA, LIBERIA- President Joseph Boakai has officially launched the National Financial Education Program and the Pan African Payment and Settlement System in Monrovia.
The two initiatives seek to provide Liberians with the necessary financial education to manage their money effectively and effect payments in local currencies in other African countries.
Speaking at the launch on Thursday, March 27, 2025, in Monrovia, President Boakai said:” The instruments will positively impact the overall implementation of the Government’s ARREST Agenda for Inclusive Development.”
The Liberian Leader also noted that the programs are vital to enhancing financial inclusion and empowerment for women and other financial institutions.
He called for concerted efforts from partners and the Central Bank of Liberia (CBL) in meeting the targeted goals of the two initiatives.
Meanwhile, President Boakai has underscored the importance of financial education in bridging the gap of inequalities by ensuring financial participation for all.
President Boakai said,” Equal financial participation is key to the creation of a friendly business climate and enhancing economic stability in Liberia.”
The Liberian Leader made the remarks at the official launch of the National Financial Education Program and the Pan African Payment and Settlement System in Monrovia.
President Boakai termed the Pan African Payment and Settlement System a critical component to supporting the country’s de-dollarization efforts and reducing foreign exchange constraints faced by the government.
The Liberian Chief Executive noted that the initiative will not only strengthen the nation’s currency but will also foster economic resilience for all citizens.
For his part, the CBL Executive Governor, Henry Saamoi, said the system signifies the government’s commitment to foster a financially inclusive, advanced economy.
Mr. Saamoi said,” The system is a twin pillar for economic empowerment, equipping citizens with knowledge and tools to transact efficiently in Liberia and beyond.”
The CBL Executive Governor, however, extended praise to Liberia’s partners for the dedication and support, including the U.S. Treasury, the World Bank, and the African Development Bank.
At the same time, Members of the Cross Border Trade Group have lauded the government for the launch of the Pan African Payment and Settlement System.
They believe the launch of the program is a critical step to boosting their business and making financial transactions in other countries easier and efficient.
They also highlighted constant attacks by armed robbers and the high exchange rates during financial transactions in foreign countries, as some of the difficulties experienced before the inception of PAPSS.
The President of the Liberia Marketing Association, Elizabeth Sambollah, used the occasion to call on the Government to support Liberian-owned businesses to thrive.
