The Africa Development Fund has given the green light for a $3.9 million grant to be allocated towards the Liberia payments infrastructure and systems project. The Central Bank of Liberia’s main data center and disaster recovery sites will undergo an upgrade in hopes of improving the payments ecosystem across the country.
Benedict Kanu, the African Development Bank country manager for Liberia, stated that this upgrade would strengthen the formal financial sector, increase financial stability, and improve private sector development. The project is set to begin in June 2023, with the upgrades in place.
The upgrades will allow Liberia to progress with its National Electronic Payments Switch (NEPS) initiative, which was approved by the World Bank in 2022. Liberia aims to enhance financial inclusion for small business owners, women, rural populations, and young people, with financial inclusion currently at 44.2 percent in the country.
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