Agreement Signed To Establish Banking Institute of Liberia

Monrovia – May 16, 2017:  The Central Bank of Liberia (CBL) and the Liberia Bankers Association (LBA) have reached an agreements with the Chartered Institute of Bankers of Nigeria (CIBN) that would pave the way for the establishment of a Banking Institute of Liberia. The agreements are also geared towards the establishment of a Chartered Institute of Bankers Examination Center in Liberia.


Speaking at a signing ceremony in Monrovia, Tuesday, March 16, 2017, the Executive Governor of the Central Bank of Liberia, Mr. Milton A. Weeks, welcomed the collaboration with the Chartered Institute of Bankers of Nigeria by the CBL and the LBA. Governor Weeks expressed hope that the relationship will lead to the strengthening of cooperation in other areas.  He said Liberia stands to benefit immensely from the wealth of knowledge and experience of the CIBN, adding that the CBL looks forward to a close working relationship with the CIBN. Governor Weeks urged executives of commercial banks to encourage their staff to take advantage of the training opportunities being offered by the Chartered Institute, adding, “We will  need the support of not just the heads of the banks; we need the staff to embrace this as well.”


The President of the Liberia Bankers Association (LBA), Mr. John B.S. Davies, lauded the Central Bank Governor for his efforts in promoting capacity building within the banking sector. He said the signing of the agreements is a manifestation of the Governor’s continued commitment towards the improvement of the sector in Liberia. Mr. Davies, who is also President of the Liberia Bank for Development and Investment (LBDI), said his Association welcomes the initiative geared toward enhancing the capacity of personnel of the banking sector. He also lauded the Director of Regulation and Supervision and his staff as well as the Legal Department of the CBL for ensuring that ‘this attainable goal doesn’t slip of the table.”


Responding, the President and Chairman of the Council of the Chartered Institute of Bankers of Nigeria (CIBN), Professor Segun Ajibola, said his institute was honored to enter into agreements with the Central Bank of Liberia and the Liberia Business Association. The main objective of this relationship, he said is the nurturing and production of more knowledgeable, skilled and competent workforce for the Liberian banking sector. By these agreements, Professor Ajibola said, “everybody employed and those to be employed in the banking industry in Liberia including those of Nigerian banks operating here, are expected to register, enroll and sit for the CIBN banking professional examinations in Monrovia.”


The Agreement with the CBL and the LBA marks the second the CIBN will be executing with the Central Bank and Banders Association of another country. In 2012, the CIBN entered into a similar agreement with the Central Bank of The Gambia. The CIBN Chairman said the initiative is currently yielding positive results as several of the practitioners in the country have completed different stages of the examinations thereby strengthening the human capacity and competencies.


Tuesday’s ceremony was witnessed by executives of commercial banks, officials of the Liberia Bankers Association as well as senior executives of the Central Bank of Liberia.



For further inquiries contact:

Cyrus Wleh Badio

Head of Communications

Central Bank of Liberia

Monrovia, Liberia