The Payment System Department’s (PSD) mission is ensure the overall efficiency, effectiveness and integrity of the National Payment System.


In the execution of its duties the Payment System Department (PSD) aims to;

  1. Direct and facilitate the evolvement of the payment systems in the country so as to provide for the needs of the economy;
  2. Provide a secure, robust and efficient settlement mechanism to facilitate inter-bank funds transfers;
  3. Address risks that could jeopardise the soundness of the national payment system and impede commerce;
  4. Ensure that services offered to systems participants are cost effective, efficient and conform to international best practice.

Payment Systems Department Duties and Responsibilities

  1. Provides analysis to inform policy for payments, clearing and settlements systems in Liberia;
  2. Ensures appropriate laws and regulations are in place for the systems;
  3. Monitors designated payments and securities settlement systems in accordance with established legislation, rules, procedures; ensure that the designated payments and securities settlement systems comply with internationally accepted practices, standards and principles for risk management and efficiency;
  4. Oversees all payment and securities settlement systems directly managed by the CBL; monitors banks and financial institutions’ use of the systems;
  5. Oversees retail payment systems operated by private bodies, including the National Electronic Payment Switch (NEPS)
  6. If necessary, establish fair and appropriate service fees structure to promote electronic payment services usage and encourage competitiveness among services providers.
  7. Review Service Level Agreements and other contractual arrangements between payment service providers and other entities, e.g. telecommunications and other partners in matters related to payments to ensure they are adequate;
  8. Liaise with the Regulation & Supervision and other relevant Departments of CBL in conducting analysis and assessment of payment and settlement systems to ensure inter-departmental cooperation and effectiveness;
  9. Fosters cooperation among stakeholders, with international organizations and regional and other central banks;
  10. Coordinates meetings of the National Payments Council; oversee governance arrangements for the NPS;
  11. Liaise with other central banks (regional and other) and external partners in matters concerning payment systems including harmonization issues
  12. Coordinates/ manages/oversees all projects in modernizing payments and securities settlement systems;
  13. Acts as the permanent secretariat to the National Payments Council;
  14. Carry out research, observe trends and keep abreast of international developments in the payment systems area;
  15. Collects payment statistics to analyze trends in payment system activities, in particular as regards use of the systems, operational and risk management failures, breaches, compliance with system rules and with regional and international standards.
  16. Prepare and publish regular oversight reports on National Payment System developments;
  17. Devise strategies to receive and handle user complaints;
  18. Develop communication strategies, public education campaigns for the NPS;
  19. Coordinate stakeholder training;
  20. Ensure business continuity arrangements are adequate.

The duties are organized and carried out on two fronts; policy and oversight on one hand and operations on the other hand.

National Payment Council

In addition to the Payment Systems Department governance structure, the National Payment Council directs the activities of the payment systems. The Council plays a strategic role in the development of the payments system and its existence. The Council comprises a representative grouping of stakeholders charged with the ownership and implementation of the National Payments System (NPS) reform strategy. It operates as a consultative body, providing ongoing support to the Central Bank to ensure the payment and securities clearance and settlement systems are safe and efficient and a suitable array of modern, affordable payment instruments are available to the Liberian people.  The Council also serves as a forum to secure commitment and cooperation from the key stakeholders, encourage innovation, promote competition, contribute to the development of the financial markets and ensure that the NPS serves the interests of all stakeholders at all times.