CBL Hosts Forum on National Payments System

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The Central Bank of Liberia (CBL), in collaboration with stakeholders in the financial sector, will host a National Payment Systems Stakeholders Forum at the Bella Casa Events Center on Thursday, January 18, 2018.

The Forum will bring together financial institutions, business houses, government agencies, educational and health establishments, utility companies, and mobile network operators, giving them an overview of a modernized payment systems, including its status and opportunities. It will also streamline the current deliverables and formulate a revised roadmap that will enhance the strategic objectives of the National Payment Systems Modernization.

There will be presentations and a panel discussion focusing on CBL’s Strategic Plan for financial inclusion and the need to enhance digital financial services, moving towards an electronic means of payment.

CBL’s Executive Governor, Milton A. Weeks, said: “In a move to reform the National Payments System so as to bring it in line with international standards, the strategy of the Central Bank of Liberia is to educate the Liberian Public about the payment systems modernization initiatives, thereby creating popular support for it”.

In addition to its legislative responsibility to promote and maintain monetary stability, efficient financial system, and issue legal currencies and coins, the Central Bank of Liberia is also mandated in Part 11, Article 2 of “The New Payments System Law of Liberia” to establish and designate systems to provide safe and efficient mechanisms for payments, clearing and settlement, including the settlement of securities as a means of promoting efficiency and stability in the financial system of Liberia.