MONROVIA – President Joseph Nyuma Boakai launched two critical financial initiatives on Thursday, March 27, 2025, aimed at bolstering Liberia’s economic position and advancing the Government’s ARREST Agenda for Inclusive Development. The Central Bank of Liberia’s Financial Education and Literacy Program, alongside the Pan African Payment & Settlement System (PAPSS), was unveiled at a ceremony held at Monrovia City Hall.
In his remarks, President Boakai highlighted the significance of financial literacy in empowering Liberians, particularly women and low-income communities. He commended the Central Bank of Liberia (CBL) for its role in advancing policies that promote financial inclusion. The President noted that financial education is a key pillar for achieving sustainable economic growth, underscoring that initiatives like this will help individuals better manage their finances, create businesses, and contribute to national development.
Referencing the 2022 World Bank Findex Report, which indicated that Liberia’s financial inclusion rate had increased to 52% from 36% in 2017, Boakai emphasized the continued need for financial education to close the gender gap. He pointed out that women still face a 15.4% disparity in financial access, and targeted programs are necessary to ensure equitable participation in the economy.
The President also discussed the importance of PAPSS, which will facilitate cross-border trade by enabling instant transactions in local currencies, eliminating the need for foreign exchange conversions. This, Boakai said, would help preserve foreign exchange reserves, strengthen the Liberian dollar, and foster economic resilience in alignment with the African Continental Free Trade Area (AfCFTA).
“With PAPSS, Liberian businesses will no longer need to convert our currency into US dollars to trade across Africa. This will help strengthen our national currency and improve our economic standing,” Boakai explained.
The event was attended by government officials, financial sector representatives, development partners, and the business community, all of whom expressed their support for the successful implementation of the programs. The launch marks a significant step in Liberia’s ongoing efforts to enhance financial inclusion and promote economic stability.
