In a significant advancement for 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 preserving the independence of both institutions. The MOU aims to foster cooperation between the LTA and CBL, promoting financial inclusion and bridging access gaps. It will facilitate affordable access to economic and telecommunications services, support financial institutions’ access to telecommunications networks, and ensure compliance with consumer protection and data privacy standards.

Signed on August 30, 2024, the agreement outlines a commitment to enforcing relevant regulations, facilitating the convergence of Liberia’s telecommunications and financial sectors. As part of this collaboration, the LTA will join the National Payments Council (NPC), which aids the Central Bank in maintaining secure payment systems. During the signing ceremony, CBL Acting Executive Governor Henry F. Saamoi highlighted the partnership as pivotal for enhancing synergy between the sectors. He emphasized that this collaboration would leverage technology to improve financial inclusion and access to essential services, particularly for citizens in remote areas. LTA Acting Chairperson Abdullah L. Kamara expressed enthusiasm for the MOU, noting its importance in creating a regulatory environment conducive to digital and financial inclusion. He acknowledged the challenges posed by the convergence of ICT and financial services but stressed that enhanced cooperation is essential for addressing these issues.

House Chairman on Banking and Currency, Representative Dorwohn T. Gleekia, welcomed the agreement’s long-awaited implementation, affirming legislative support for initiatives that drive financial inclusion. Similarly, Representative Ivan K. Jones praised the MOU as a significant milestone in strengthening Liberia’s financial market. Mrs. Miatta O. Kuteh, Director of the Payment Systems Department at CBL, underscored the MOU’s role in enhancing regulations and oversight within the financial sector. Overall, this MOU represents a strategic move toward ensuring that Liberia’s financial and telecommunications sectors are well-regulated, secure, and poised for growth, ultimately contributing to the country’s economic development. The signing was attended by various officials from both institutions, reinforcing a collective commitment to this transformative initiative.