Open banking in Liberia – Open Banking Nigeria

Liberia

Overview

Liberia’s financial sector is under the regulatory purview of the Central Bank of Liberia (CBL), which oversees monetary policy, banking, and financial institutions. Despite its abundant natural wealth and favorable geographic location, Liberia is among the world’s poorest countries. The Central bank reains committed however, and has made strides in financial inclusion, primarily through mobile money adoption. The financial ecosystem is supported by initiatives like the National Payments Council (NPC), and the Financial Sector Development Implementation Plan, launched in 2024 to coordinate payment systems and promote interoperability between banks and fintechs, and the National Financial Inclusion Strategy (NFIS) (2020–2024) which emphasizes expanding financial service access points, enhancing digital payments, and fostering financial literacy in underserved communities.

Current Status of Open Banking

Open banking remains in its conceptual stage in Liberia, as no regulatory framework or formal guidelines have been introduced. However, Liberia’s commitment to digital financial services provides a foundation for potential advancements in the far future. Looking Ahead

The Central Bank of Liberia’s ongoing focus on DFS and the NPC’s efforts to modernize payment systems are promising steps toward creating a conducive ecosystem. Of course, the path forward will require regulatory clarity, technological investment, and stakeholder collaboration to unlock the potential of open banking in Liberia’s financial landscape.