The recent signing of participation and service level agreements between the Central Bank of Liberia (CBL) and the country’s two leading mobile money operators Lonestar Cell/MTN Mobile Money and Orange Money marks a defining moment in Liberia’s journey toward a modern, inclusive, and efficient financial system. By formalizing the operational framework for the Inclusive Instant Payment System (IIPS), the CBL has signaled that digital financial transformation is no longer a future aspiration but a present reality.
At its core, the IIPS is about interoperability, trust, and inclusion. For years, Liberia’s digital payments space has grown rapidly, yet largely in silos, with customers often constrained within individual networks. The agreements signed on December 12 bring these fragmented systems together under one national platform, enabling real-time transactions across providers. This is a critical step in ensuring that digital finance works for everyone regardless of which mobile network or financial institution they use. The structure of the agreement reflects a deliberate and well-thought-out approach.
By assuming the central settlement and oversight role, the CBL reinforces its mandate as the guardian of financial stability. Managing settlement and liquidity accounts in both United States Dollars and Liberian Dollars, processing daily settlements, and providing transparent reporting are not merely administrative tasks; they are confidence-building measures. They reassure both market participants and the public that the system will be safe, accountable, and professionally managed.
CBL Executive Governor Henry Saamoi’s remarks at the signing ceremony captured the broader significance of this initiative. Financial inclusion is not a slogan; it is an economic necessity. In a country where large segments of the population remain outside formal banking, digital platforms like the IIPS can bridge long-standing gaps. When people can transact instantly, securely, and affordably, they are more likely to save, invest, and participate meaningfully in the economy.
Equally important are the obligations placed on MTN Mobile Money and Orange Money. By requiring them to maintain settlement accounts at the CBL, uphold minimum liquidity balances, and share information for monitoring and compliance, the agreement balances innovation with discipline. This ensures that the pursuit of convenience does not come at the expense of stability or consumer protection. The role of ThitsaWorks as the national switch operator deserves special attention.
Often, the success of such systems hinges on technical reliability rather than lofty policy goals. By assigning ThitsaWorks responsibility for operating the switch, reconciling transactions, training participants, and issuing settlement instructions, the agreement anchors the IIPS in a robust technical backbone capable of sustaining real-time transactions at scale. The inclusion of clear provisions on dispute resolution, liability, and termination further strengthens the framework.
These safeguards recognize that systems can face challenges, and that resilience depends on clear rules for managing risks and resolving conflicts fairly. The Service Level Agreement adds another layer of seriousness to the initiative. By setting measurable performance standards and introducing penalties for failures, the CBL has made it clear that participation in the IIPS comes with responsibilities. Reliability, uptime, and timely settlements are not optional they are essential to maintaining public trust. As Liberia prepares for the official launch of the IIPS on December 16, to be unveiled by President Joseph Nyuma Boakai, the promise of true interoperability is finally within reach.
The ability for Orange Money and MTN Mobile Money users to send and receive funds instantly across networks will transform everyday transactions for individuals and businesses alike. Ultimately, the success of the IIPS will be measured not by agreements signed, but by lives improved. If implemented as envisioned, this system can lower transaction costs, expand access to financial services, and accelerate economic activity across Liberia. The CBL’s decisive action, supported by key stakeholders, deserves recognition—and sustained commitment to ensure that this milestone delivers lasting impact.
