The Central Financial institution of Liberia (CBL), in collaboration with the Mojaloop Basis, ThitsaWorks, and The AfricaNenda Basis, has launched the Liberian Inclusive On the spot Funds System (IIPS). This new real-time interoperable funds platform is designed to digitize the nationwide financial system and improve monetary inclusion throughout the nation.
The launch marks a big milestone for Liberia, with the system being the primary real-money deployment of Mojaloop v17 globally. This model gives the nation with superior cross-border and fintech integration capabilities.
Speedy deployment and interoperability
One of many standout options of this undertaking was its pace; the system was deployed in simply 73 enterprise days, making it the quickest Mojaloop implementation up to now.
The IIPS will principally allow interoperability between Liberia’s two main Cellular Community Operators, Lone Star Cell MTN and Orange Liberia. Traditionally, the shortage of interoperability in Liberia’s cash-heavy financial system compelled residents to hold two telephones to transact throughout totally different networks. The brand new system removes this friction, permitting for seamless cell cash transfers.
Steve Haley, director of market vevelopment at The Mojaloop Basis, commented: “We’re thrilled to see IIPS deployed with such pace. Finishing the primary Authorities-to-Particular person (G2P) use case in 73 days and delivering Particular person-to-Particular person (P2P) functionality in 111 days, culminating in a totally interoperable platform connecting Lone Star Cell MTN and Orange Liberia is an outstanding and unprecedented achievement.”.
Advancing monetary inclusion
Liberia has already made strides in monetary entry, with account possession reaching 52 per cent in 2024, surpassing its 50 per cent goal. This progress has been largely pushed by the fast adoption of cell wallets, which now quantity over 11 million. The IIPS goals to construct on this by integrating all key market members, together with business banks, microfinance establishments, fintechs, and authorities businesses.
The system is anticipated to considerably enhance effectivity for presidency funds. Processes akin to wage disbursements, which beforehand took as much as seven days, will now be accomplished in seconds.
Miatta Kutteh, director of fee programs on the Central Financial institution of Liberia, acknowledged: “To stay on par with our neighbors, we knew we wanted to completely digitize Liberia’s financial system. Implementing IIPS is the primary main step towards establishing a nationwide digital swap that integrates all market members. Interoperability has been one in every of Liberia’s best challenges, particularly for rural and underbanked communities. Mojaloop provides us a contemporary, open and safe infrastructure to drive change.”.
The undertaking additionally highlights the rising functionality of the Mojaloop neighborhood. ThitsaWorks, a Singapore-based accomplice, performed a lead function within the implementation, demonstrating how home and regional companions have gotten main implementors of the expertise.
The official launch ceremony came about at present on the Ministerial Complicated in Congo City, with His Excellency President Joseph Nyuma Boakai, Sr. delivering the keynote deal with. The occasion reaffirmed the Authorities of Liberia’s dedication to digital transformation underneath its ARREST Agenda.
The brand new system will ultimately allow integration throughout Liberia’s 9 business banks and join with regional programs just like the Pan-African Cost and Settlement System (PAPSS), laying the groundwork for broader monetary resilience and innovation.
