Central Bank of Liberia

What Central Bank of Liberia does

The Central Bank of Liberia (CBL) is the national monetary authority of the Republic of Liberia, established in 1999 under the CBL Act to succeed the National Bank of Liberia. Headquartered in Monrovia with 501-1000 employees, CBL executes monetary policy, supervises commercial banks and insurance companies, operates the national payment system, and manages foreign exchange and reserves. Its mandate spans price stability, exchange rate stability, financial system resilience, and financial inclusion under a 2019 transition to an interest-rate-based monetary policy framework with a Monetary Policy Rate currently set at 16.25% (April 2026).

CBL's core technology stack includes three flagship systems. The Inclusive Instant Payment System (IIPS / Pay Na-Na), launched on December 16, 2025, is a real-time interoperable payments platform powered by the open-source Mojaloop framework that enables instant mobile money transfers between Liberia's two mobile network operators, Lonestar Cell MTN and Orange Money. In its first ~2.5 months, IIPS processed nearly 1 million transactions valued at over US$11 million, deployed in a record 73-day timeline with AfricaNenda support. The Financial Sector Super Data Highway (FISSDaH), formalized via MOU in June 2019 and implemented with LIBTELCO, is a 1-gigabyte-capacity fiber ring beneath Monrovia replacing the prior 2-6 megabyte Metropolitan Area Network, interconnecting banks, mobile money operators, the Liberia Revenue Authority, and the Ministry of Finance. The Data Warehouse, launched June 2026 under Section 65 of the CBL Amended and Restated Act of 2020, provides public access to economic and financial indicators.

As a government monetary authority rather than a commercial enterprise, CBL does not operate a revenue-generating business model. Its operational income is generated through monetary operations, supplemented by grant funding from international development partners, notably a US$3.872 million African Development Bank grant for payment system upgrade and youth entrepreneurship (PAYEI). CBL supervises five commercial banks (IBLL, FIBLL, ECOBANK, LBDI, GBLL), the two dominant mobile money operators, and the insurance sector (five insurers placed under provisional administration in June 2018 for capital deficits). Its target market is the unbanked and underbanked Liberian population, where adult account penetration stood at 35.7% in 2019 with a 50% inclusion target by 2024. Distribution of financial services flows through mobile money operators and a 2% mobile money cash-out fee cap, with monetary policy decisions and exchange rate data published through cbl.org.lr.

Name

Central Bank of Liberia

Legal name

Central Bank of Liberia

Website

https://cbl.org.lr

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

501–1,000 employees

Short description

The Central Bank of Liberia is the national monetary authority of the Republic of Liberia, headquartered in Monrovia. It executes monetary policy, supervises commercial banks and insurance companies, and operates national payment infrastructure including the Inclusive Instant Payment System (IIPS) and the FISSDaH fiber network.

Ownership category

akta.pro rank

Product category

Central Banking

NAICS

Monetary Authorities-Central Bank (52111), Depository Credit Intermediation (5221), Commercial Banking (522110)

SIC

Functions Related To Depository Banking, Nec (6099), Federal & Federally-Sponsored Credit Agencies (6111)

akta.pro primary industry

Treasury, Cash & Liquidity Management (Custody Cash) (FSAAAOAL)

akta.pro secondary industries

Central Bank Reserve Management (FSAAAGAF), Treasury & Liquidity Operations (Cash Positioning, Funding, Collateral Ops) (FSABALAH)

Keywords

• Central banking services
• Monetary policy management
• Payment systems infrastructure
• Financial sector supervision
• Financial inclusion services

Headquarters

HQ city

Monrovia

HQ country

Liberia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Others

Distribution channels1 record

Marketing channels5 records

Core offering

The Central Bank of Liberia is the national monetary authority responsible for price stability, exchange rate stability, and financial system resilience in Liberia. Its core offerings include monetary policy rate management (Reference Rate/MPC Rate), banking and insurance supervision, currency issuance, financial market operations (Treasury Bills, CBL Bills, foreign exchange auction), and payment systems infrastructure — including the Inclusive Instant Payment System (IIPS / Pay Na-Na) and the Financial Sector Super Data Highway (FISSDaH) fiber backbone connecting financial institutions across the country.

Product overview

The Central Bank of Liberia operates as the nation's monetary authority providing core banking and payment infrastructure services. Its primary products include the Inclusive Instant Payment System (IIPS), branded as 'Pay Na-Na', which enables real-time interoperable mobile money transfers between MTN Mobile Money and Orange Money networks. The Financial Sector Super Data Highway (FISSDaH) provides the underlying fiber network infrastructure connecting financial institutions. Additional services include a Data Warehouse for economic data access, Reference Rate publication, and daily Market Exchange Rates. The CBL also maintains a Data Warehouse for statistical information and publishes monetary policy rates including the MPC Rate.

Differentiator

Problem solved

Functional benefit

Products and services

• Inclusive Instant Payment System (IIPS) / Pay Na-Na Real-time interoperable payments platform powered by Mojaloop that enables instant mobile money transfers between Liberia's two mobile network operators (Lonestar Cell MTN and Orange Liberia), designed to modernize payments infrastructure and improve financial inclusion.
• Financial Sector Super Data Highway (FISSDaH) Fiber ring network infrastructure beneath Monrovia that interconnects financial institutions, commercial banks, mobile money operators, government agencies (Liberia Revenue Authority, Ministry of Finance), and telecommunications companies, providing 1 gigabyte capacity for high-speed processing of financial transactions, interoperability, and connectivity within Liberia's financial sector ecosystem.
• Data Warehouse Data platform providing open access to key economic and financial indicators for policymakers, financial institutions, researchers, and the public to track developments in the Liberian economy.
• Reference Rate Monetary policy rate published by the Central Bank of Liberia as part of its interest rate-based monetary policy framework.
• Market Exchange Rates Daily market buying and selling rates for the Liberian Dollar against the US Dollar, providing transparency in foreign exchange transactions.

Quantifiable outcome

• 35.7% to 50% financial inclusion target by 2024
• +2 more outcomes

Named customers12 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature3 records

Partnerships

Twelve partnerships are on record, tiered flagship, core and major.

• Bank of GhanaflagshipStrategic or Co-development Partner · 17 February 2026Memorandum of Understanding signed for capacity building for CBL staff. Governor Saamoi emphasized the partnership as a reaffirmation of regional cooperation within the ECOWAS sub-region.
• Mojaloop FoundationcoreStrategic or Co-development Partner · 16 December 2025Partnership to launch the Liberia Inclusive Instant Payments System (IIPS), a real-time interoperable payments platform powered by Mojaloop open-source technology. The system enables mobile money transfers between Liberias mobile network operators.
• AfricaNenda FoundationcoreStrategic or Co-development Partner · 16 December 2025Support for deployment of the Inclusive Instant Payment System (IIPS), with AfricaNenda providing technical assistance and implementation support. Liberia deployed its entire national instant payment system in 73 days with AfricaNenda support.
• ThitsaWorkscoreStrategic or Co-development Partner · 16 December 2025Technical partner in the development and implementation of the Inclusive Instant Payments System (IIPS), contributing to the modernization of Liberias payment infrastructure.
• UN Capital Development Fund (UNCDF) / MM4PmajorStrategic or Co-development PartnerJoint initiative with Mobile Money for the Poor (MM4P) program for Digital Financial Services Working Group (DFSWG), promoting financial inclusion through innovative technologies.
• Liberia Telecommunications Corporation (LIBTELCO)coreTechnology or IntegrationImplementing partner for Financial Sector Super Data Highway (FISSDaH) fiber network. CBL serves as liaison between participants to ensure LIBTELCO provides required services.
• Commercial Banks and Financial InstitutionscoreChannel Partner/ Reseller/ DistributorStakeholders in FISSDaH MOU including commercial banks, non-bank financial institutions, participating in the financial sector infrastructure modernization.
• West African Institute for Financial & Economic Management (WAIFEM)majorStrategic or Co-development PartnerRegional training institute providing capacity building courses on economic and financial management, public debt auditing, and financial reporting for CBL staff and regional counterparts.
• West African Monetary Agency (WAMA)majorStrategic or Co-development PartnerAutonomous ECOWAS specialized agency for monetary cooperation. CBL participates in WAMZ statutory meetings and WAMA activities supporting sub-regional monetary integration.
• West African Monetary Zone (WAMZ)majorStrategic or Co-development PartnerCBL participates in WAMZ meetings discussing ECOWAS Monetary Cooperation Programme, convergence criteria, and preparedness for monetary union.
• Central Bank of Nigeria (CBN)flagshipStrategic or Co-development PartnerBilateral collaboration on capacity building, experience sharing on policy, and promoting trade relations. Scoping mission from Nigeria visited Liberia to discuss technical details of proposed collaboration including Naira availability through Liberian financial system.
• ECOWAS CommissionmajorStrategic or Co-development PartnerCBL participates in ECOWAS Committee of Governors meetings and supports the ECOWAS Monetary Cooperation Programme and sub-regional monetary integration objectives.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Bank of Sierra Leone: Sierra Leone's central bank; immediate Mano River/West African neighbor sharing ECOWAS/WAMZ convergence criteria, similar small-economy monetary policy challenges, and parallel payment-system modernization efforts.
• Bank of Ghana: Ghana's central bank and a direct West African peer; CBL signed an MoU with Bank of Ghana (Feb 2026) on capacity building, and both operate within the ECOWAS/WAMZ monetary cooperation framework with similar monetary policy and payment-system mandates.
• Central Bank of Nigeria: Nigeria's central bank and CBL's largest regional partner; both share ECOWAS/WAMZ obligations, conduct bilateral collaboration on capacity building and policy experience-sharing, and operate payment-system modernization initiatives.
• Banque Centrale de la République de Guinée: Guinea's central bank; fellow francophone-and-anglophone West African monetary authority pursuing payment-system reform and financial inclusion, with comparable exchange-rate and reserve-management challenges.
• Central Bank of The Gambia: The Gambia's central bank; small West African monetary authority within WAMZ focused on financial inclusion, payment-system modernization, and reserve rebuilding — directly comparable in scope and scale to CBL.

Broad incumbents

• Banque Centrale des États de l'Afrique de l'Ouest (BCEAO): Central bank for the eight WAEMU member states; a much larger regional monetary authority that CBL interacts with through ECOWAS/WAMZ convergence work and serves as a long-term benchmark for West African monetary integration.
• Bank of Mauritius: Mauritius's central bank; African central bank widely cited as a regional benchmark on payment-system modernization, financial inclusion, and central bank transparency initiatives relevant to CBL's reform agenda.
• Reserve Bank of Zimbabwe: Another African central bank navigating persistent high inflation, multi-currency dynamics, and exchange-rate volatility — useful comparable for CBL's dual currency and price-stability challenges.

Others

• Mojaloop Foundation: Open-source technology foundation and CBL's core IIPS implementation partner; comparable as an enabling/ecosystem player that builds the digital payment infrastructure other African central banks also adopt.
• AfricaNenda Foundation: African foundation accelerating inclusive instant payment systems; technical assistance partner for CBL's IIPS deployment and broader peer across 33 systems in 25 African countries, making it a key ecosystem reference.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/centralbanklib
• Facebookfacebook.com/centralbanklib
• LinkedInlinkedin.com/company/central-bank-of-liberia

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds1 record

Investors1 record

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M&A

Investments

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Frequently asked questions about Central Bank of Liberia