‘DEFINING MOMENT’: CBL Governor Samoi Says IIPS Launch is a Boost To Liberia’s Economic Growth - FrontPageAfrica

Monrovia – Liberia has made a great statement with a bold and decisive step towards modern digital financial economy on the launch of Inclusive Instant Payment System (IIPS) otherwise known as Mobile Money Interoperability.

By Emmanuel Weedee-Conway

The launch of the IIPS, led by the Central Bank of Liberia (CBL), aims to enhance efficiency, transparency, and inclusion as lived realities for every Liberian.  

Speaking at the launch held at the EJS Ministerial Complex in Congo Town, outside Monrovia,  the Executive Governor of the CBL,  Henry F. Samoi,  revealed  that the initiative is the culmination of rigorous work, deep collaboration and evidence-based policymaking.

Governor Samoi pointed out that this landmark achievement is informed by lessons from across Africa, as captured in the State of Inclusive Instant Payment Systems (SIIPS) 2025 Report and grounded in the concrete achievements of Liberia’s own pilot phase, completed earlier this year.

According to SIIPS 2025 Report, 25 African countries now operate domestic instant payment systems with 36 Instant Payment Systems now operating in Africa, with billions of transactions processed annually.

These systems have been proven to increase the velocity of money, reduce informal cash dependency, and, in many countries, contribute directly to GDP growth. Across Africa, instant payment systems are reshaping economies.

The CBL Governor sees the IIPS as a milestone that speaks to the government’s vision, resolve and commitment through the CBL to the people of Liberia.

With the IIPS launch, he asserted that Liberia now joins the continental wave – not as an observer anymore, but as a participant and future contributor.

“Our system reflects the principles of inclusivity, interoperability, and fairness. We are proud that Liberia is now stepping firmly onto this digital public infrastructure pathway. At the Central Bank of Liberia, our mandate remains very clear: to ensure that payment systems are safe, reliable, and inclusive. With the IIPS, we fulfill that mandate. We have created a system that works for everyone — urban and rural, banked and unbanked, the served, the underserved and the unserved, businesses and individuals,” Mr. Samoi told the gathering.

For decades, he intoned that Liberia’s financial architecture has relied heavily on cash a system that is costly, risky, and inefficient, adding that the IIPS launch is a turn of a new page.

The IIPS, he believes, represents a major upgrade to the financial infrastructure as it enables real-time transactions, reduces reliance on cash, and opens the door to innovation.

By providing real-time, transparent, and low-cost payment rails, IIPS strengthens public financial management, improves service delivery, and expands financial opportunities for Liberians across all 15 counties.

“We are building an infrastructure that Liberians can rely on today and decades into the future. We ask you to think of the Inclusive Instant Payment System as a digital highway—a road that connects every Liberian to opportunity. Just as physical roads link communities, this digital road links people, businesses, and government in a seamless network of trust and efficiency.”

“Financial inclusion is not an option; it is an obligation. Our vision is to bring every Liberian —especially the unbanked and underbanked, the unserved and the underserved—into the formal financial system. Through accessible digital channels, we empower citizens to save, transact, and invest. We give them the tools to participate fully in the economy.”

Accordingly, Governor Samoi reckoned  that the IIPS inauguration is a move by the CBL to ensure that no Liberian is left behind in the digital financial market.

“No community should be excluded. No dream should be delayed because of distance or lack of access. This is the promise of the Inclusive Instant Payment System. One of the most powerful features of the Inclusive Instant Payment System is its ability to transform government payments.”

At the same time,  Governor Samoi told  the public how salaries, pensions, and social transfers will now be delivered instantly and transparently in a bid to strengthen trust, reduce leakages, and ensure accountability.

For the CBL boss, such a significant milestone is a clear manifestation of governance at its best, efficient, responsive, and people-centered.

“At the Central Bank of Liberia, we know all too well that trust is not given, but rather earned. That is why the IIPS is built on the state-of-the-art technology with robust cybersecurity measures. It is designed to protect users and ensure uninterrupted service. In a world where digital threats are real, we have made security our highest priority. Your money, your data, your trust — these are sacred to us.”

Among other things, he acknowledged that this achievement is not the work of one institution, but a product of collaboration—between the Central Bank, bank financial institutions, mobile money operators, government agencies, and development partners.