World Bank Lauds CBL On Launch of IPS -Says County’s Payment Ecosystem Gets a Boost

MONROVIA – The World Bank has expressed its support for Liberia’s efforts to modernize its payment systems, with the recent launch of the Central Bank of Liberia’s (CBL) Instant Payment System. This move is expected to enhance financial inclusion, promote economic growth, and improve the overall efficiency of Liberia’s financial sector. According to Binta Massaquoi, Operations Officer and Acting Country Manager of the World Bank Liberia Country Office, the Instant Payment System is a critical step towards a more efficient, inclusive, and resilient financial system. The Analyst reports.

The World Bank has congratulated the Central Bank of Liberia (CBL) on the launch of the first phase of the Instant Payment System, describing it a significant milestone in modernizing Liberia’s payment ecosystem.

Binta Massaquoi, Operations Officer and Acting Country Manager of the World Bank Liberia Country Office, delivered remarks on behalf of World Bank Liberia Country Manager Georgia Wallen.

She highlighted the importance of instant payments in promoting financial inclusion and economic growth.

“The launch of the Instant Payment System is a critical step towards a more efficient, inclusive, and resilient financial system,” Massaquoi said. “Instant payments are a public good that will make everyday transactions faster, safer, and more affordable for households, businesses, and government alike.”

She said the Instant Payment System is expected to benefit Liberians by providing quicker access to funds, greater convenience, and increased trust in the financial system.

“The system will also improve efficiency, transparency, and reliability of public payments, and support small businesses and digital services,” the World Bank official noted.

She, on behalf of the World Bank, commended the CBL and its partners for their leadership and commitment to the project, and looks forward to seeing the platform grow and serve as a foundation for Liberia’s digital economy.

She said: “On behalf of Georgia Wallen, World Bank Country Manager for Liberia, I am pleased to join you today and to congratulate the Central Bank of Liberia and its partners on the launch of the first phase of the Instant Payment System.

“Today is an important milestone for Liberia’s financial sector and a significant step toward modernizing the country’s payment ecosystem laying strong foundations for a more efficient, inclusive and resilient financial system.”

 Why Instant Payments Matter

 Giving her perspectives on the scheme, Massaquoi said the instant payments are more than a technology upgrade.

“They are a public good. They make everyday transactions faster, safer, and more affordable for households, businesses, and government alike,” she added. “Through person-to-person payments and government salary payments, this first phase should help deliver real, tangible benefits to Liberians.

“For the private sector, they reduce transaction costs, support small businesses, and enable new digital services. And for citizens, they mean quicker access to funds, greater convenience, and increased trust in the financial system.”

 On the role of a National Switch / Interoperable Infrastructure, she said: “At the heart of modern payment systems is interoperability – this is the ability for banks, mobile money operators, and other financial institutions to connect through shared infrastructure, so payments can move seamlessly and securely across the system.”

According to her, the launch of the first phase is critical step in that direction. It lays the foundation for looking ahead.

“As usage grows, continued focus on integration, governance, and sustainability will be essential to unlocking the full potential of the system. Once again, congratulations to the Central Bank of Liberia on this achievement,” he further noted.

She commended the leadership and commitment that made today possible, and we look forward to seeing this platform grow and serve as a foundation for Liberia’s digital economy.