By Reagan S. Lebbie
MONROVIA, March 27 (LINA) – In an effort to reduce the stress on cross border traders, President Joseph Nyuma Boakai, Sr. has launched the Central Bank of Liberia’s (CBL) Financial Education and Literacy Program and the Pan African Payment and Settlement System (PAPSS).
The PAPSS is intended to facilitate cross-border payments by enabling instant and secured cross-border payments in local currencies across Africa, simplifying the process and reducing the costs and hurdles associated with foreign exchange.
He expressed profound thanks and heartfelt gratitude to the Board of Governors and Management Team of the CBL, for the invitation to launch the program, which will contribute immensely to the achievement of the country’s ARREST Agenda for Inclusive Development.
Speaking Thursday, March 27, 2025 at the Monrovia City Hall at the program marking the official launch of the National financial Education Program (Fin-ED) and Rollout of Pan-African Payment and settlement system, the Liberian leader applauded that Management and Staff of the Central Bank of Liberia for taking seriously its mandate of lending support to the Government’s National Development Plan, the ARREST Agenda for Inclusive Development (AAID).
According to him, there is no doubt that the two initiatives which were launched are laudable initiatives, which will positively impact the ARREST Agenda.
He noted that it has been well established, globally and supported by empirical evidence, that financial education can contribute to financial inclusion, which in turn can contribute to inclusive economic development, adding that “this is precisely what our ARREST Agenda seeks to achieve.”
The Chief Executive also lauded the CBL for the distinguished role it continues to play, citing that it is not only promoting macroeconomic stability, but also making efforts toward the fulfillment of the ARREST Agenda and, consequently, Liberia’s economy.
President Boakai urged all stakeholders to take advantage of opportunities in Liberia’s financial system, particularly the Financial Education Program and the PAPSS, to achieve financial inclusion, economic empowerment and contribute toward the acceleration of the ARREST Agenda for Inclusive Development
He explained that financial education can enable those who are financially literate to access financial services such as insurance and savings.
The PAPSS project is an important component of the African Continental Free Trade Area (AfCFTA), which is a free trade zone that includes all 55 African Union (AU) member states.
The PAPSS project is a financial market infrastructure for Africa’s economic and monetary integration.
It is a centralized payment and settlement system for intra – African trade and commerce and is designed to effect payments in local currencies and use the Central Bank as a settlement agent, PAPSS is a 24 hours payment system, making it possible to transfer money at all time.
