Executive Mansion, Monrovia– President Joseph Nyuma Boakai, Sr., launched the Central Bank of Liberia’s Financial Education and Literacy Program and the Pan African Payment & Settlement System (PAPSS) at Monrovia City Hall.
The initiatives, which are under the auspices of the Central Bank of Liberia (CBL), are set to play a critical role in advancing the Government’s ARREST Agenda for Inclusive Development (AAID) by promoting financial inclusion and strengthening Liberia’s economic position.
In his launching address, President Boakai commended the Board of Governors and Management of the Central Bank of Liberia (CBL) for their commitment to supporting the Government’s development priorities through policies and initiatives that foster financial empowerment. He emphasized that financial education is a key driver of financial inclusion, which is essential for sustainable and inclusive economic growth.
“The ARREST Agenda is about the people and for the people,” the President stated, pointing out further that, “Financial education will empower individuals, particularly women and low-income communities, with the knowledge to effectively manage their finances, start businesses, and contribute to Liberia’s economic development.”
He referenced the 2022 World Bank Findex Report which indicated that Liberia’s financial inclusion rate stood at 52%, an improvement from 36% in 2017. However, the report also highlighted a gender gap of 15.4%, with women lagging behind in financial access.
President Boakai stressed that targeted financial education initiatives can help bridge this gap and ensure broader financial participation for all Liberians.
Additionally, President Boakai underscored the significance of PAPSS, a revolutionary payment system designed to streamline cross-border trade in Africa by enabling instant transactions in local currencies. The system, which aligns with the African Continental Free Trade Area (AfCFTA), is expected to reduce foreign exchange constraints, enhance economic stability, and support Liberia’s de-dollarization efforts.
“With PAPSS, Liberian businesses will no longer need to first convert our currency into US dollars to trade across Africa. This will help preserve our foreign exchange
reserves, strengthen our national currency, and foster economic resilience,” the President assured.
The Liberian Leader urged all stakeholders, financial institutions, and businesses to embrace the Financial Education Program and PAPSS as tools for economic empowerment, increased financial inclusion, and national development.
“I commend the Central Bank of Liberia for its continued efforts in promoting macroeconomic stability and ensuring that our financial system works for every Liberian. I encourage all citizens to take advantage of these opportunities to contribute to Liberia’s economic growth,” he concluded.
The launch event was attended by Government officials, financial sector stakeholders, development partners, and representatives from the business community, all of whom pledged their support for the successful implementation of these initiatives.
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