In a major step toward advancing Liberia’s digital economy, the Liberia Telecommunications Authority (LTA) and the Central Bank of Liberia (CBL) have signed a Memorandum of Understanding (MOU) to enhance financial transactions through telecommunications services while maintaining the independence and authority of both institutions.
The agreement, signed on August 30, 2024, establishes a framework for collaboration aimed at accelerating financial inclusion, bridging access gaps, and ensuring secure and compliant telecommunications networks. It also facilitates affordable access to economic and telecom services, supporting financial institutions’ efficient use of telecom networks while upholding consumer protection and data privacy.
As part of the MOU, the LTA will join the National Payments Council (NPC), which assists the CBL in maintaining secure and efficient payment systems.
During the signing ceremony, Acting Executive Governor of the Central Bank of Liberia, Henry F. Saamoi, emphasized the importance of this partnership in fostering socio-economic development by connecting more citizens, particularly in remote areas, to essential financial services. He highlighted the critical role of the convergence between telecommunications and financial services in driving national progress.
Abdullah L. Kamara, Acting Chairperson of the LTA, expressed his enthusiasm for the partnership, noting that the collaboration was overdue and crucial for developing a regulatory environment that leverages technology for digital and financial inclusion. Kamara also pointed out the challenges posed by the convergence of ICT and financial services, such as cybercrimes and fair competition, and stressed the need for a shared approach to address these issues.
The partnership has garnered strong support from Liberia’s legislature, with key figures such as Representative Dorwohn T. Gleekia and Representative Ivan K. Jones lauding the agreement as a significant milestone in the country’s history. They emphasized the potential of this collaboration to drive financial inclusion and strengthen the financial market, with a commitment to supporting the initiative through necessary legislation.
Mrs. Miatta O. Kuteh, Director of the Payment Systems Department at the CBL, underscored the importance of the MOU in strengthening regulations and oversight in the financial sector, with a focus on innovation and extending services to the underbanked.
The signing was attended by prominent government officials, including the Minister of Posts and Telecommunications, Sekou Konneh, and key representatives from both the LTA and CBL. This strategic partnership is expected to play a pivotal role in Liberia’s economic development by ensuring well-regulated, secure, and growth-oriented financial and telecommunications sectors.
