In remarks at the joint launch of Liberia's Financial Education Program and the Pan-African Payment and Settlement System, Executive Governor Henry F. Saamoi said the Central Bank of Liberia is combining a nationwide financial literacy drive with the domestic rollout of PAPSS to expand financial inclusion and support cross-border payments in local currencies. The financial education program responds to a baseline study in eight of Liberia's 15 counties that found 77% of respondents had never received financial education, while budgeting, saving and investing were the main learning priorities. The bank said financial literacy training will begin across the eight surveyed counties through community workshops, radio programs, town criers, drama groups and targeted outreach to market women, motorbike riders and youth groups, with plans to expand the initiative nationwide. On digital payments, the speech highlighted that mobile money transactions rose to LRD 471 billion in 2024 from LRD 421 billion in 2023, USD mobile money transactions reached USD 3.47 billion, cross-border transactions increased 17.7% to USD 494.5 million, and active mobile money subscribers now exceed 3 million. PAPSS is positioned as a way to reduce reliance on third-party currencies, lower transaction costs and speed settlement for intra-African trade. Between June and December 2024, PAPSS transactions in Liberia reached about LRD 37.7 million, while outbound transactions totaled about LRD 169.5 million. Next steps include expanding financial education across the country and running a nine-month nationwide PAPSS awareness campaign aimed at commercial banks, cross-border traders and small and medium-sized enterprises, as well as border communities and economic zones. The Central Bank of Liberia also said it will work with Afreximbank and other African central banks on Liberia's participation in the system.
Central Bank of Liberia2025-04-02
Central Bank of Liberia launches financial education program and rolls out PAPSS with nine month awareness campaign
The Central Bank of Liberia used the joint launch of its Financial Education Program and PAPSS rollout to announce nationwide financial literacy and payments adoption efforts. The literacy program follows a study showing 77% of respondents in eight counties had never received financial education, while PAPSS will be promoted through a nine-month awareness campaign targeting banks, traders and border communities. The bank also highlighted strong digital payments growth in 2024, including LRD 471 billion in mobile money transactions and a 17.7% rise in cross-border transactions to USD 494.5 million.