EG Saamoi Speaks at Joint Launch of FinEd & PAPSS in Monrovia

Your Excellency, Amb. Joseph Nyuma Boakai, Sr.

President, Republic of Liberia

Members of the National Legislature

The Dean and Members of the Cabinet

The Chief Executive Officer of PAPSS, Hon. Mike Ogbalu III

The Doyen and Members of the Diplomatic Corp

Our Development Partners (IMF, WB, AfDB, UNDP)

Commercial Bank Executives

The President and Members of the Liberia Business Association

The President and Members of the Liberia Chamber of Commerce

Members of the Fourth Estate

Distinguished Ladies and Gentlemen

Good morning.

On behalf of the Board of Governors and the entire Central Bank of Liberia (CBL) family, I am delighted to extend a heartfelt welcome to all of you on this historic occasion marking the joint launch of Liberia’s Financial Education Program and the Pan-African Payment and Settlement System (PAPSS).

This event marks a significant milestone in our commitment to fostering a financially inclusive and technologically advanced economy. Financial education and digital payment systems are twin pillars of economic empowerment, equipping citizens with knowledge, while providing them with the tools to transact efficiently within Liberia, across the Africa continent and beyond.

A Special Acknowledgment

Before proceeding, let me take this moment to recognize and appreciate the dedication and support of our esteemed partners:

• The Office of Technical Assistance (OTA) of the U.S. Treasury Department for its continued technical expertise,
• The World Bank and the African Development Bank for their commitment to financial inclusion and economic development,
• The Ministries of Education and Gender for integrating financial literacy into their national development frameworks,
• The Female Journalists Association of Liberia (FEJAL) for its role in promoting financial awareness, and
• PERT Consultancy for conducting the critical research that informed our strategic direction.

Your contributions are invaluable, and we look forward to strengthening our collaboration as we move forward.

The Power of Financial Education

Your Excellency, Ladies and gentlemen, financial literacy is more than a concept—it is a driver of national prosperity. An informed population makes better financial decision, leading to economic resilience and sustainable development.

A recent baseline study in eight of Liberia’s fifteen counties revealed that:

• 77% of respondents had never received financial education.
• They identified Budgeting, saving, and investing as top learning priorities.
• 84% preferred in-person training for better engagement.

It is in response to these findings that the CBL, in partnership with FEJAL, is rolling out financial literacy training across these counties, utilizing:

• Community workshops with local entrepreneurs and financial experts,
• Radio programs, town criers, and drama groups to engage rural populations, and
• Engagement with market women, motorbike riders, and youth groups to ensure grassroots impact.

This initiative will be expanded across the entire country, ensuring that every Liberian, regardless of location, has access to financial education.

Liberia’s Digital Financial Transformation is thriving

Your Excellency, distinguished guests, at the CBL, we are excited to inform you that our financial sector is undergoing a massive transformation, driven by digital payment systems. Over the past year, we have witnessed remarkable growth in mobile money and digital transactions, reinforcing the critical role of technology in financial inclusion.

• Mobile money transactions surged to L$471 billion in 2024, up from L$421 billion in 2023.
• USD transactions via mobile money reached $3.47 billion in 2024.
• Cross-border transactions, a key component of PAPSS, grew by 17.7% in 2024 to $494.5 million.
• Liberia now has more than 3 million active mobile money subscribers, making it the dominant form of electronic payment in the country.

This evolution in digital payments is a direct result of the CBL’s policy focus to optimize technology for financial inclusion and economic growth. Our efforts to modernize Liberia’s financial system are yielding tangible results, bridging the gap between traditional banking and digital finance.

Your Excellency, today’s event is even more significant as we officially launch PAPSS in Liberia. This system is a game-changer for intra-African trade, providing businesses with the ability to transact across borders seamlessly and efficiently in local currencies.

The benefits of PAPSS include:

• Eliminating reliance on third-party currencies,
• Reducing transaction costs for businesses and consumers,
• Minimizing exchange rate volatility, thereby stabilizing the economy, and
• Accelerating trade by streamlining payment settlements.

Between the period June – December, 2024, PAPSS transactions in Liberia reached approximately L$37.7 million, with outbound transactions totaling about L$169.5 million. However, to fully harness its potential, we must drive awareness and adoption.

To this end, CBL is launching a nine-months nationwide PAPSS awareness campaign, targeting:

• Commercial banks to facilitate integration and usage,
• Cross-border traders and SMEs to enhance their trade capabilities, and
• Border communities and economic zones to strengthen regional commerce.

We are committed to working with Afreximbank and other African central banks to ensure that Liberia is an active participant in the continent’s financial integration.

We will continue to leverage Strong Partnerships for driving a digital economy.

Distinguished guests, today’s launch is further strengthened by the commitment of two visionary African leaders:

• His Excellency, President Joseph Nyuma Boakai, Sr., whose leadership is supportive of economic reforms, financial stability and inclusive growth, and
• Professor Dr. Benedict Okey Oramah, President of Afreximbank, represented by the CEO of PAPSS, whose unwavering commitment to African trade and financial innovation has been instrumental in the success of PAPSS.

To Professor Oramah, we deeply appreciate Afreximbank’s support—not only in financing PAPSS but also in fostering economic diversification and trade growth across Africa. The CBL stands ready to collaborate fully in this initiative.

As a Call to Action, let me reaffirm the CBL’s full commitment to these two landmark programs. Financial education and digital payments are not just initiatives—they are the foundation for a stronger, more inclusive drivers of sustainable economic development.

To our small, medium, and large business communities, I urge you to embrace financial literacy. I encourage you to take charge of your financial future, and I implore you to leverage PAPSS to explore more business opportunities.

To our partners, let us continue working together to ensure Liberia’s full participation in Africa’s digital payment transformation.

Conclusion

Your Excellency, distinguished guests, today is a defining moment for Liberia’s financial sector. With the CBL’s focus on financial education for empowering our people and PAPSS connecting us to the rest of Africa through cross border payments, I can confidently assure you that Liberia’s economic future in trade is bright.

But let me also warn that these prospects can only be realized when we seize this opportunity to think Liberia for inclusive growth, build Liberia through enhanced financial stability, and love Liberia as a key player for supporting digital economic transformation for macroeconomic stability.

Thank you, and may God bless our efforts!