Published: March 28, 2025
MONROVIA – President Joseph Nyuma Boakai has officially launched the National Financial Education Program (Fin-Ed) and the Pan-African Payment and Settlement System (PAPSS), describing them as “transformative initiatives” that will significantly advance the Liberian government’s ARREST Agenda for Inclusive Development
The event was held yesterday at the Monrovia City Corporation under the theme “Inclusive Economic Growth Through Financial Education and PASS,” and it brought together high-ranking government officials, development partners, business leaders, and key other stakeholders.
President Boakai underscored the importance of financial education in promoting financial inclusion, a key driver of economic development.
“This is precisely what our ARREST Agenda seeks to achieve—empowering our people through financial literacy and access to financial services,” he emphasized.
The President noted that improved financial inclusion enables individuals, particularly women and low-income groups, to start and expand businesses, invest in their future, and contribute to national economic growth. “With the Central Bank-led Financial Education Program, we can ensure that financially excluded groups, including women and low-income earners, gain access to the tools needed to make informed financial decisions,” he added.
The Liberian leader also highlighted the alignment between the PAPSS initiative and the ARREST Agenda, noting that both efforts are crucial for enhancing financial integration and economic resilience. “By reducing dependency on foreign currency for cross-border transactions, PAPSS will help stabilize our economy, build international reserves, and strengthen the Liberian dollar.”
He further emphasized that PAPSS will support the government’s de-dollarization efforts by facilitating local currency transactions, ultimately reducing exchange rate volatility.
A Call for Stakeholder Engagement
President Boakai urged stakeholders across Liberia’s financial ecosystem to actively participate in the Financial Education Program and PAPSS to drive financial inclusion and economic empowerment. He also commended the Central Bank of Liberia’s leadership for its commitment to supporting the government’s national development agenda.
“With collaborative efforts, we can harness these initiatives to achieve inclusive economic growth and prosperity for all Liberians,” President Boakai concluded.
Financial Education and Economic Growth
The National Financial Education Strategy for Liberia (NFES) is a comprehensive framework designed to equip Liberians with essential financial knowledge to effectively manage their finances.
The initiative, led by the Central Bank of Liberia (CBL) with technical support from the World Bank Group, aims to enhance financial literacy, promote responsible financial behavior, and foster inclusive economic growth.
Meanwhile, the Pan-African Payment and Settlement System (PAPSS) serves as a vital financial infrastructure for Africa’s economic and monetary integration. It facilitates seamless intra-African trade by allowing payments in local currencies, with central banks acting as settlement agents. The PAPSS allows for crosCBborder traders in the region and other parts of Africa to purchase goods in another country using their country’s currency through the
CBL’s Role in Advancing Financial Education & PASS
CBL Executive Director, Henry F. Saamoi said the bank remains committed to serve as Liberia’s settlement agent for PAPSS. He noted that eight out of nine commercial in Liberia banks have already onboarded the system, helping cross broder traders to transfer money to other countries in Liberian dollars.
He named Ecobank Liberia, UBA, Sapele International Bank, IBLL, and Access Bank Liberia as the banks complying with the initiative.
Others named by Saamoi are GTBank, Afriland First Bank, and Bloom Bank Africa-Liberia.
“With PAPSS, a Liberian purchasing goods from Ghana no longer needs to convert Liberian dollars to U.S. dollars before making a transaction. The system allows seamless transactions using local currencies at prevailing central bank exchange rates,” Saamoi explained.
He emphasized that PAPSS will reduce the demand for U.S. dollars, ease inflationary pressures, and promote financial stability across African economies.
PAPSS Implementation in Liberia
Mike Ogbalu, CEO of PAPSS, provided insight into the system’s implementation, stating that PAPSS operates 24/7, allowing businesses and individuals to transfer money across African countries instantly. “With PAPSS, a textile supplier in Monrovia can purchase goods from Ghana or Nigeria without worrying about currency conversion delays,” Ogbalu assured.
He said transactions are processed in local currencies, with settlements facilitated by central banks, reducing reliance on foreign exchange markets. Ogbalu also clarified that PAPSS does not aim to eliminate trade with Western nations but rather to strengthen intra-African trade. “Currently, 85% of Africa’s trade involves external markets. Reducing this by just 10% will generate jobs, enhance economic stability, and increase Africa’s global economic influence,” he stated.
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