The Central Bank of Liberia (CBL) has taken a decisive step toward transforming the country’s digital financial landscape with the signing of participation and service level agreements with Lonestar Cell/MTN Mobile Money and Orange Money. The agreements, signed on Friday, December 12, are aimed at advancing the operations of the Inclusive Instant Payment System (IIPS), a national digital platform designed to enable real-time, interoperable transactions across Liberia’s financial ecosystem.
The signing brings together the CBL, MTN Mobile Money, Orange Money, and ThitsaWorks, the national switch operator, under a unified framework that defines their roles and responsibilities in operating a secure, efficient, and inclusive instant payment platform. The participation agreement establishes the operational collaboration among the parties, while the Service Level Agreement (SLA) sets performance standards to ensure reliability and accountability as the system goes live with real funds. Under the participation agreement, which runs for an initial three-year period with the possibility of renewal, the Central Bank of Liberia assumes a central settlement and oversight role.
The CBL will hold and manage settlement or liquidity accounts in both United States Dollars and Liberian Dollars, process daily settlements, and ensure the timely transfer of funds among participating institutions. The Bank will also provide daily reports to promote transparency, support transaction reconciliation across networks, and move funds between providers based on instructions received from the switch operator. Speaking at the signing ceremony, CBL Executive Governor Henry Saamoi described the moment as a fulfillment of a long-held vision to expand financial inclusion across Liberia.
He emphasized that economic growth and poverty reduction cannot be achieved if large segments of the population remain excluded from financial services. According to him, the IIPS represents a critical tool for bringing all Liberians into a single, inclusive financial ecosystem. The agreement also places clear obligations on the mobile money operators. MTN Mobile Money and Orange Money are required to maintain their settlement accounts at the Central Bank of Liberia, keep minimum liquidity balances to support smooth daily transactions, and allow the switch operator to issue settlement instructions.
They are also expected to share necessary information with the CBL to support compliance, monitoring, and effective supervision. Lonestar Cell/MTN Mobile Money General Manager, Abubakari Halidu, hailed the signing as a major breakthrough for Liberia’s financial inclusion agenda. He described the agreement as a giant step forward for the Liberian people and praised the spirit of cooperation among stakeholders, including Orange Money.
Orange Money Chief Executive Officer, Maxwell Dodd, also welcomed the development, calling it a great milestone and expressing optimism that Liberians will benefit significantly from the new system. As the national switch operator, ThitsaWorks plays a critical technical role under the agreement. The company will operate the national switch technology, support daily transaction reconciliation using Mojaloop transaction data, provide advance notice of system maintenance, and train participating institutions on IIPS processes.
ThitsaWorks is also responsible for sending all settlement instructions to the Central Bank of Liberia, ensuring the smooth flow of funds across networks. Beyond operational roles, the agreement establishes procedures for dispute resolution, limits on liability, and conditions for termination or renewal. These provisions are intended to safeguard fairness, manage risks, and ensure the long-term stability of the instant payment system. Complementing the participation agreement, the Service Level Agreement sets high performance and reliability standards as the IIPS enters live operations.
The SLA defines expectations around system uptime, settlement timelines, and liquidity management, while also introducing penalties for late settlements, liquidity shortfalls, or system downtime. These measures are designed to enforce discipline and ensure that all participating institutions meet their obligations to customers and to one another. Together, the participation agreement and the SLA underscore the Central Bank of Liberia’s commitment to building a modern, safe, and inclusive national payment system. With MTN Lonestar Cell Mobile Money, Orange Money, government agencies, and ThitsaWorks operating under clearly defined rules, Liberia is moving steadily toward a fully interoperable digital financial ecosystem.
The launch of the Inclusive Instant Payment System is scheduled for December 16, with President Joseph Nyuma Boakai expected to officially unveil the platform. Owned and managed by the Central Bank of Liberia, the IIPS is designed to support seamless, real-time transactions among citizens, businesses, companies, mobile money operators, and other financial institutions, with the CBL serving as the central supervisory and regulatory authority. Ahead of the official launch, the Central Bank of Liberia is hosting a one-day workshop for journalists, social media influencers, and artists to build public awareness and understanding of the system’s features, benefits, and operations.
According to the CBL, once the system goes live, customers of Orange Money and Lonestar Cell/MTN Mobile Money will be able to send and receive funds instantly between the two platforms. This long-awaited interoperability milestone will allow users to transfer money across networks in real time, making transactions faster, easier, and more secure.
Author: Zac T. Sherman
