CBL Executive Governor Henry F. Saamoi, Promises To Rebrand The CBL, Oulines New Ambitious Plans For The Institution , Commissions By President Boakai

The Executive Governor of the Central Bank of Liberia Henry F. Saamoi has outlined new and ambitious plan for the CBL.

Making reemarks on behalf of the honorees during the commissioning ceremony Tuesday, March 4, 2025 , Mr. Saamoi reaffirmed their commitments to serving Liberia in their respective roles with diligence, transparency, accountability, and integrity in the discharge of our respective duties.

“We pledge to implement policy measures that not only strengthen monetary policy, but to also build strong international reserves which are crucial for preserving the value of the Liberian dollar.

He assured the Liberian leader that under his leadership he is committed to rebranding the Central Bank as the cornerstone for resetting Liberia’s economy on a viable trajectory.

“This economic reset is about macroeconomic stability and addressing key issues such as inflationary and exchange rate pressures, while fostering a stable economic environment through policy reforms”, he added.

The CBL boss told the gathering that since he assumed the leadership of the CBL in August 2024, he worked with our colleagues on the Board of Governors, the Executive and Senior Management Team to implement urgent reforms to address issues raised by the General Auditing Commission (GAC) and other external audit reports.

Moreover, he stated that they have developed new Strategic Plan (expected to be launched soon) which defines the new direction they envision for the Central Bank.

According to him , the CBL’s new plan SP (2025-2029), which is aligned with the ARREST Agenda, includes the three key initiatives among others:Modernization of Liberia’s Payment Infrastructure.

In said plan, the CBL he stressed will devote its time, energies and resources ensuring that they achieve a robust payments system environment that is fundamental to the development of the financial sector.

At same time and while working with partners, the CBL he indicated hopes to deploy a National Electronic Payment Switch by end 2026, with the capability of linking commercial banks, mobile money operators and the fintech operating within its financial sector nothing that they are currently engaged with the two largest MNOs for a bilateral integration that will allow economic agents in the country to transact via mobile money seamlessly, just as calls are made between the two telcos seamlessly something he pointed out will lower transactions cost and remove the burden of carrying two mobile phones for mobile money transactions.

“Currently, Mr. President, our country is witnessing a shift to a new kind of retail banking system where a large segment of the population, previously unbanked, are being absorbed into the financial services sector, via, mobile money. This evolution clearly presents a huge opportunity to bring most of these economically active people into the formal economy; and it also presents a huge potential for domestic revenue mobilization, in support of the ARREST Agenda”, he informed President Boakai.

The CBL boss further told President Boakai that their goal is to achieve full interoperability when the NEPS is fully deployed, further deepening financial inclusion, advancing Liberia’s cash-lite agenda, and most importantly, serve as a viable vehicle for financial intermediation.

He re-emphasized that the Bank’s goal is to achieve a cashless economy, which will bring significant benefits to the country, in terms of financial transparency, savings on high cost of printing banknotes and promoting an inclusive financial system and fostering economic growth.

Speaking more about “Enhance regulatory Environment”, as part of his three plans, he said such key initiative will focus on realigning the regulatory mandate to promote greater levels of financial intermediation to support economic growth.

“Our banking system requires targeted reforms to address legacy challenges, while ensuring the continued resilience of our banking system. Under our leadership, we shall endeavor to enforce strict prudential regulations while fostering an enabling environment for responsible lending and innovation in the banking sector. We shall: tackle the problem of high non-performing loans (NPLs), working with your Office, the National Legislature, the Judiciary, and all other stakeholders, while at the same time addressing the weak risk management practices in the industry”, he reassured the public.

Also he disclosed that they are closely with banks to improve cybersecurity preparedness as the CBL advance towards the digital financial and payments phase of Liberia’s payments system evolution, strengthen our prudential standards and ensure that the banking system is strong, resilient and viable.

Additionally, Mr. Saamoi lamented that with the anticipated passage of the Bank Financial Institutions Act, we the CBL will work towards establishing a deposit insurance scheme with the creation of a deposit insurance fund to protect small depositors and to develop a bank resolution framework, to ensure that distressed financial institutions are effectively managed while maintaining financial stability as well as working with all stakeholders – including banks, financial institutions, technology partners, businesses, and regulators – to build a modern, inclusive and resilient financial system for the promotion of trade and investment.

On the end of Financial Inclusion, the CBL boss told President Boakai that the CBL’s third area of priority is expanding financial inclusion to promote inclusive economic growth, reduce poverty, empower the citizens, and ensure the stability of the financial system.

In a move to address such, he added that they will continue to support initiatives that expand access to financial services, leveraging fintech and mobile banking solutions to broaden the scope of access, especially in underserved communities, Work with banks, fintech and our international partners to build a stronger digital finance ecosystem – one that supports secured transactions, faster cross border payments and financial accessibility.

Moreover, he assured the Liberian leader that they will take further step to improve operational efficiency at the Bank by ensuring an efficient and productive personnel, prudent financial management, and transparent and value-for-money in our procurement practices to maintain financial stability, credibility and public trust.

Already and in a drive to achieving these objectives, Saamoi said they have begun examining the Bank’s non-core operations where savings can be made and used for the broader goals and objectives of the Bank.

He maintained and reinterates his leadership commitment to rebuilding confidence, restoring public trust, and ensuring that Liberia’s economy is stable, and ready for the future.

This he pointed out will be done through responsible financial sector governance, digital transformation, and sound economic policies.

“We want to create an economic and financial system that is transparent, predictable, and stable, We want to ensure that businesses can have the confidence to plan, and individuals can have access to a secure financial system that fosters growth, opportunity, inclusivity, and promote development”, he added.

The CBL head recommit and promise to the people of Liberia, that he will serve with diligence, impartiality, and an unwavering commitment to the mandate of the Central Bank of Liberia and for the interest of the ordinary Liberians out there.

“We will remain engaged with all segments of our society as we drive the new vision and agenda of the CBL, We will strive to uphold the independence of the CBL with unwavering commitment and integrity and we commit that we will carry out our duties, guided by no other interests other than the interests of the Liberian people.