The Central Bank of Liberia (CBL) launched the National Financial Education Program (Fin-Ed). It rolled out the Pan-African Payment & Settlement System (PAPSS) during a ceremony held at Monrovia City Hall. The initiatives, which seek to boost financial literacy and streamline cross-border transactions, were unveiled by high-level government officials, business leaders, and key stakeholders.
The event, attended by President Joseph Boakai, Finance Minister Augustine Ngafuan, and CBL Executive Governor Henry Samoa, was hailed as a crucial milestone for Liberia’s financial sector. It marks an effort to position the country as a leader in Africa’s integrated financial markets while equipping its citizens with essential financial knowledge.
The Fin-Ed program, spearheaded by the CBL with support from the World Bank Group, is designed to improve financial decision-making and awareness among Liberians. The program’s centrepiece is the National Financial Education Strategy (NFES), a comprehensive framework to empower individuals to manage their finances responsibly. The initiative focuses on enhancing financial literacy, promoting sound money management practices, and expanding access to financial services, particularly for underserved communities in rural and urban areas.
A key feature of the strategy is integrating financial education into Liberia’s national curriculum, ensuring that young people gain essential financial skills from an early age. Additionally, various educational tools, such as classroom instruction, community outreach programs, and multimedia campaigns, will be used to spread financial knowledge nationwide. A nationwide Training of Trainers (ToT) program will further decentralize the initiative, reaching individuals and communities across Liberia.
In parallel with the launch of Fin-Ed, the introduction of the Pan-African Payment & Settlement System (PAPSS) is set to transform the way Liberians engage in cross-border trade. PAPSS enables instant, secure payments in local currencies, allowing businesses and individuals to bypass costly and time-consuming currency exchanges when conducting transactions across African borders. The system operates around the clock and simplifies transactions by facilitating payments directly between participating countries’ central banks.
For example, a Liberian importer purchasing goods from Ghana or Nigeria can now pay in Liberian dollars, with the recipient receiving the equivalent amount in their local currency. This eliminates the need for intermediary foreign currencies and long processing times. Already, eight of Liberia’s nine commercial banks have signed up for PAPSS, which is expected to enhance Liberia’s role in intra-African trade and reduce its dependence on external financial institutions.
During the launch, CBL Executive Governor Henry Samoa emphasized the importance of both initiatives in Liberia’s economic development. He stressed that financial education is essential for building a resilient economy, fostering responsible financial behavior, and promoting entrepreneurship. He also described PAPSS as a game-changer, highlighting how it will simplify business and consumer transactions.
Finance Minister Augustine Ngafuan echoed these sentiments, noting that financial education and modernized payment systems are key drivers of Liberia’s economic transformation. He stated that the initiatives would empower individuals and businesses to actively contribute to the country’s economic growth, while PAPSS would open doors for seamless trade and investment across the continent.
