CBL Welcomes Ecobank Agent Banking Platform

MONROVIA, May 15, 2018: Ecobank Liberia Limited, on Thursday, May 10, launched the Ecobank
Agent Banking, a service the Deputy Governor of the Central Bank of Liberia, Dr. Mounir Siaplay
described as a ‘win-win-win’ model for everyone.’ Speaking on behalf of CBL’s Executive Governor
Milton A. Weeks, Dr. Siaplay said agent banking is a means of providing banking and financial
services to unbanked and under-banked populations through agents. With agent banking, he noted,
commercial banks are able to expand their customer as well as revenue base, by bringing on board
new customers who were previously out of their reach. “The CBL fully understands how Agent Banking
will touch the lives of our people, especially our rural populations. That is why we issued the Agent Banking
Regulation on April 21, 2017,” Dr. Siaplay recalled. He said the regulation will guide the recruitment of
agents and the provision of agent banking services. The CBL Deputy Governor expressed the hope that
both commercial banks and their agents will operate within the scope of the Regulation and any other
supervisory standards coming from CBL.

 

Dr. Siaplay expressed satisfaction that Ecobank has taken the lead, as the first bank in Liberia to
launch its Agent Banking Platform. He congratulated the Bank for the milestone and encouraged it
to work within the regulatory and supervisory parameters for Agent Banking Activities. He called on
other banks to study the Agent Banking Regulation of Liberia and explore the opportunities it has to
offer. The Central Bank, Dr. Siaplay said, remains committed to providing an environment that will
facilitate healthy competition in the financial sector.

 

Speaking on behalf of Finance and Development Planning Minister, the Deputy Minister for Fiscal
Affairs, Mr. Samora Wolokolie, said the move by Ecobank is in line with government’s support to
promote financial inclusion in Liberia, and also to touch the vast majority of the under-banked and
unbanked who live and work in the informal economy with less access to financial services. The Government,
Deputy Minister Wolokolie said, will assist in ensuring that the full intent and purposes of the Agent Banking
Platform are achieved.

 

The Managing Director of Ecobank Liberia Limited, Mr. George Mensah-Asante, said, with the
launch of the platform, the Bank is ‘stepping up the game and raising the bar even higher.’
Previously, he recalled, customers had to visit Ecobank’s banking halls to transact on their
Xpress Accounts or generate an e-token via the Mobile App to withdraw funds from its ATMs.
“With Ecobank Agency banking, we are bringing banking even closer to your doorsteps.”
The service, Mr. Mensah-Asante said, expands Ecobank’s network and will enable the bank’s
customers to deposit with, or withdraw funds from, the bank’s accredited agents within their
communities.

 

Among other benefits, users of the Ecobank Mobile App can transfer funds instantly, with their
own accounts with Ecobank Liberia, to other beneficiary accounts within Ecobank Liberia or to
any Ecobank Account in any of the 33 countries where the bank is present.