CBL Maya Declaration

 

 

MAYA DECLARATION FOR LIBERIA

 

1.   The Central Bank of Liberia will enhance the existing mobile money guidelines to promote greater competition in the delivery of mobile financial services.  The bank will also undertake initiatives to ensure that mobile financial services reach at least fifty (50%) of the rural part of the country by December 2014.

 

2.   As part of the National Financial Inclusion Strategy, the Central Bank of Liberia will develop by December, 2014, separate regulatory and supervisory frameworks aimed at achieving the following objectives:

 

  • Promoting the establishment and  operations of Rural Community Finance Institutions in the rural parts of the country; and
  • Promoting the safe, sound and efficient management of these institutions;

 

3.   The Central Bank will develop a comprehensive consumer protection and market conduct regulatory framework for the financial sector taking into account the microfinance and SME sectors covering four key policy areas:

 

  • Effective Help and Redress Mechanism
  • Effective Sales and Marketing Practices
  • Effective disclosure and transparency standards
  • Effective financial literacy and education programme

 

4.   The Central Bank of Liberia will take steps to ensure that financial inclusion data are summarized and made available to relevant policymakers so that they will be informed in their decision-making processes.  The CBL will also prepare, by December, 2014, a general report for publication on the state of financial inclusion in Liberia and will make that information available on its website.

 

5.   The Central Bank of Liberia will also engage relevant policymakers to ensure that adequate steps are taken to bring about an improvement in the state of financial inclusion with reference to the following financial inclusion indicators:

 

  • Increase the number of the formally banked population by 30% by 2016
  • Increase the number points of financial services by 50% by 2017
  • Reduce the number of financially excluded by 40% by 2017