- Search Results
CBL To Modernize Payments System In Liberia
Date Uploaded: Jan 29, 2015

Central Bank of Liberia (CBL) Executive Governor J. Mills Jones



CBL To Modernize Payments System In Liberia

By Joseph Toe/LINA

MONROVIA, January 29 (LINA) -The Central Bank of Liberia (CBL), in partnership with the West African Monetary Institute (WAMI), is to implement series of reforms to modernize the payment system in the country in line with international standards.

This is contained in the CBL 2014 Annual Report signed by Executive Governor J. Mills Jones and submitted to the Government for the period January 1 to December 31, 2014.

According to the report, the key components of the modernization include Real-time Gross Settlement System (RTGS), Scripless Securities Settlement System (SSSS), Automated Check Processing (ACP) and Automatic Clearing House (ACH) system.

The goal is to upgrade the country’s financial infrastructure to the level of other countries, like Ghana and Nigeria, in preparation for the launch of a single currency in the sub-region, said the report quoted by the Liberia News Agency.

“This will enhance the country’s participation in intra-regional trade and commerce,” the report said.

It noted that CBL established a separate unit in 2012 to spearhead the modernization efforts, stating that since its establishment the unit has coordinated efforts with the relevant stakeholders in moving the process forward.

The entire modernization effort involves the development of networks and shared physical infrastructure that enable the effective operation of financial intermediaries, exchange of information and data.

During the course of 2014, the CBL commenced the implementation on the infrastructure with significant progress reported in terms of getting the data environment ready, deploying the network and telecommunication equipment that will enable the exchange of information between the system participants, the report said.

“However, the project suffered a serious setback due to the escalation of the Ebola epidemic, causing the contractors to withdraw their engineers from the country with 80 percent of the work completed,” the reported noted.

According to the report, CBL is in discussion with the contractors to return to the country and resume work.


latest headlines
Judge Kaba Reserves Ruling In E.J. Roye Building Case
Judge Yussuf D. Kaba of the Civil Law Court has reserved ruling in a motion for Declaratory Judgment filed by some individuals calling themselves ...more
CENTAL Raises Eyebrow About Political Parties Spending
The Center for Transparency and Accountability in Liberia (CENTAL) has expressed concern over the expenditure of political parties on fleets of n ...more
LTA, Partners End Int’l Internet Workshop
The Liberia Telecommunications Authority (LTA) and partners have ended a two-day international workshop on ICANN (the Internet Cooperation for As ...more
Liberia To Host GIABA Plenary, Ministerial Meetings
Liberia will host the Intergovernmental Action Group against Money Laundering in West Africa (GIABA) 27th Technical Commission/Plenary and 17th M ...more
GOL, Sweden Sign US$21.6m Accord On Feeder Roads In 7 Counties
The Governments of Liberia and Sweden have signed a US$21.6 million agreement to support the third phase of the Liberia-Swedish Feeder Roads Proj ...more
Defense Ministry Relaxes Camp Ramrod Eviction
The Ministry of Defense has with immediate effect put on hold its notice of eviction to inhabitants of the 72nd Camp Ramrod Barracks in Paynesvil ...more
All rights reserved © 2013 - 2014
Liberia News Agency