A New Era of Financial Inclusion in Liberia
In a groundbreaking move aimed at boosting financial inclusion and digitizing the national economy, the Central Bank of Liberia (CBL) has officially integrated Orange Money and Lonestar MTN Mobile Money into a unified national payment platform. This initiative is set to enable seamless, real-time money transfers between the two networks starting December 16.
The integration was formally announced during an intensive one-day media workshop held on Friday, November 28, in Monrovia. Journalists, social media influencers, and fintech communication officers were trained on Liberia’s new Instant Inclusive Payment System (IIPS), a national switch designed to power instant, secure, and inclusive digital transactions.
This development marks a historic moment for Liberia, as it is the first time that customers of the two leading mobile money providers can send and receive funds directly across networks without delays or barriers.
A Strategic Step Toward Modernization
James Wilfred, Deputy Governor for Operations at the CBL, welcomed participants to the training and described the system as a turning point for Liberia’s financial infrastructure. “This initiative represents a strategic step in our ongoing effort to modernize the national payment infrastructure and strengthen our mandate of promoting financial stability, inclusion, and innovation,” he said.
Wilfred emphasized that IIPS is more than just a technical upgrade. “The instant inclusive payment system is not merely a technological improvement. It is a bold policy intervention designed to close long-standing gaps in our national payment system,” he added.
He outlined the core goal of the new platform: universal access. “Our objective is simple and clear: to ensure that every citizen—regardless of where they live, their income level, or their social status—has access to fast, secure, and affordable payment services,” he said.
Enhancing Transparency and Efficiency
Miatta Kuteh, Director of the Payment System Department at the CBL, provided a technical overview of IIPS. She explained that the system is designed to move money instantly—any time, any day. “IIPS allows transfers of payments instantly. What that does for the economy is that it provides access to finance, promotes financial inclusion, and helps to spur economic growth,” she said.
Kuteh highlighted how the system streamlines government and financial processes through multiple levels of checks and approvals to ensure transparency. “We will input the data at the Ministry of Finance. Somebody will validate it, somebody will approve it. The issues surrounding the process, I won’t say we’ll eliminate them, but they will be really minimized,” she said.
She also described the safeguards built into the system, particularly for government payments. “The person who approves it is not the person who will do the data. The person who validates it is not the person who approves. We place it in that way to ensure that government payments are safe and transparent,” Kuteh said.
Promoting Competition and Affordability
Kuteh noted that the system also ensures market competition and affordability in mobile money services. “The Liberian people are benefiting. The dynamics in the market now provide information or help make decisions in terms of cost. If one company is too expensive, customers can switch. So the anti-competitiveness has been reduced. We are not just mediating, we are acting in the interest of the Liberian people,” she said.
She added that IIPS facilitates access to credit for users who maintain transaction histories, contributing to poverty reduction. “Financial inclusion reduces poverty. If you have an account with a bank, mobile money operator, or FinTech, you gain access to digital financial services and credit. This enables you to start or expand a business and participate fully in the economy,” she said.
Broader Socio-Economic Benefits
The CBL also highlighted the broader socio-economic benefits of financial inclusion and digital payments. “Access to bank accounts or mobile wallets reduces poverty, promotes economic activity, and empowers citizens to participate fully in the economy,” Kuteh said.
She reinforced this point, highlighting consumer protection measures. “There are myths that money on mobile wallets can be lost if your phone is stolen. Our regulatory framework ensures consumer protection, so citizens can confidently use these services,” she said.
Streamlining Government Payments
The workshop also highlighted the impact of IIPS on government-to-people (G2P) payments. Civil servants and public sector workers in remote counties who previously waited up to a week to receive salaries will now receive payments in seconds. “Before IIPS, the Ministry of Finance would cut checks, go through CSA, bank deposit processes, and clearing. This took up to seven days. Now, salaries are delivered in 10 to 15 seconds,” she said.
Marcus N. Davis, from the Payment System Department, presented the mechanics of IIPS, illustrating how it addresses inefficiencies in the current system. He explained that prior mobile money arrangements relied on numerous bilateral connections between banks and mobile money companies, creating complex and inefficient networks.
“We have nine commercial banks. Initially, the banks were connected to mobile money companies one by one. MTN had to connect to EcoBank, G2 Bank, Asset Bank, all banks individually. That’s nine links per bank, a total of 18 connections. It worked, but it was not efficient,” Davis said.
Davis emphasized that IIPS solves this problem by creating interoperability across all mobile money networks. “With this platform, you no longer need two phones to transact between MTN and Orange. It is seamless. That is the essence of interoperability,” he said.
Expanding the Digital Ecosystem
He also highlighted the system’s inclusion of fintech operators, ensuring a comprehensive approach to digital financial services. “TipMe, for example, allows users to put money into a wallet and push it to a bank account. Eleven Fintech companies now maintain the same connections as banks with mobile money companies. We are building an integrated house rather than wires everywhere,” Davis said.
The CBL official emphasized that IIPS is a critical tool for promoting financial inclusion, a core mandate of the Central Bank. “According to the World Bank, our financial inclusion rate is about 52%. That means almost half of Liberia’s adult population remains unbanked. IIPS is a key step to ensure more Liberians can access formal financial services,” Davis said.
He explained that the system will also serve as the hub for public financial transactions, ensuring that funds for government services and tax payments are routed directly through the central bank. “When you pay taxes using mobile money, the funds are routed through IIPS to the Central Bank. This ensures transparency and efficiency in government collections,” Davis said.
A Growing Trend in Africa
Davis noted that Liberia is joining a growing group of African countries that have implemented live instant payment systems, including Nigeria, Ghana, Sierra Leone, and Eswatini. “Twenty-five African countries have live instant payment systems. Liberia is now joining this group, and we are aiming to achieve the highest standards of efficiency and inclusion,” he said.
Throughout the workshop, CBL officials emphasized the media’s critical role in promoting IIPS adoption and dispelling myths about digital financial services. “Your engagement is essential in shaping public understanding, clarifying impact, and reinforcing trust among stakeholders. Consistent, fact-based reporting on digital payments is vital,” Davis said.
He stressed that IIPS is only the first step in Liberia’s broader financial modernization strategy. The system will eventually integrate commercial banks, fintechs, microfinance institutions, and government payment systems, creating a fully digitized economy. “The IIPS pilot focuses on mobile money interoperability between Orange and MTN, government-to-people payments, and person-to-person transfers. This is the foundation for a fully inclusive, modern financial system,” Davis said.
As Liberia prepares for the official December 16 launch, the Central Bank of Liberia’s Instant Inclusive Payment System promises to revolutionize the country’s financial landscape. By enabling seamless transfers between Orange and MTN Mobile Money users, improving access to credit, and expediting government payments, IIPS is positioned as a critical tool for financial inclusion, economic growth, and digital modernization.
