The Central Bank of Liberia (CBL), in partnership with Afreximbank, Wednesday hosted a one-day capacity building seminar in Monrovia, focused on enhancing correspondent banking and cross-border payment systems for Liberian banks. The event, attended by senior executives of financial institutions, members of the banking community showcased Afreximbank’s Cross-Border Interbank Payment System (CIPS) and AfPAY platforms, designed to broaden settlement options, reduce transaction costs, and strengthen Africa’s financial infrastructure.
In his opening remarks, Executive Governor Henry F. Saamoi emphasized that Liberia’s economic transformation agenda depends on modern financial infrastructure that supports seamless cross-border transactions and deeper regional integration. He highlighted Afreximbank’s participation in China’s CIPS as “particularly noteworthy given the growing importance of China as a major trading partner for Liberia,” noting its potential to expand access to Renminbi clearing and reduce reliance on traditional correspondent banking corridors.
The seminar featured technical presentations on AfPAY, compliance, treasury management, and trade finance, led by Afreximbank experts including Omar Salah Eldin, Fungai Nyamahowa, Yves Mafolo, and Cyril Bitanda. Participants also engaged in bilateral meetings to explore practical partnerships.
Governor Saamoi outlined three priority areas for Liberia:
- Strengthening correspondent banking linksto de-risk and broaden access to international payment networks.
- Advancing digital payments and financial inclusionthrough CBL’s Inclusive Instant Payment System (IIPS), promoting interoperability among banks and mobile money operators.
- Supporting trade and private sector growth, particularly SMEs, by lowering transaction costs and improving access to trade finance.
He stressed that collaboration among multilateral institutions, regulators, and commercial banks is essential to advancing regional financial integration under the African Continental Free Trade Area (AfCFTA). He reaffirmed CBL’s commitment to innovation, financial stability, and compliance with international standards, while announcing plans to host a National Conference on the Resolution of Non-Performing Loans later this year.
The seminar concluded with certificate presentations and a call for participants to translate discussions into tangible outcomes for Liberia’s financial sector. Governor Saamoi commended Afreximbank for its continued support, stating: “It is my sincere hope that this seminar will mark another step forward in strengthening Liberia’s integration into the global financial system.”
