Central Bank of Liberia Implements Flat 2% Mobile Money Cash-Out Fee to Boost Financial Inclusion
In a move aimed at modernizing Liberia’s financial system, the Central Bank of Liberia (CBL) has set a flat 2% mobile money cash-out fee, effective from August 1, 2025. This new policy is designed to promote transparency, reduce reliance on cash, and improve the overall financial inclusion of the country.
Standardizing Mobile Money Withdrawals
The decision to standardize mobile money cash-out fees at 2% comes as part of Liberia’s broader initiative to streamline its digital financial infrastructure. This fee will apply to all withdrawals made via mobile wallets or through agents, ensuring competitive and transparent pricing within the mobile money sector. The CBL emphasizes that while cash withdrawals will incur this fee, digital payments for goods, bills, and money transfers will continue to be an affordable and convenient option for everyday transactions.
Promoting a Less Cash-Dependent Economy
The CBL’s action aligns with its vision to build a stronger and more inclusive financial system. By promoting digital payments and reducing the country’s reliance on physical cash, the bank aims to protect consumers, support agents, and foster a cashless economy. This policy change is particularly beneficial to rural communities where access to traditional banking is limited, helping to enhance financial inclusion across Liberia.
The National Electronic Payment Switch (NEPS)
To further streamline digital payments, the CBL is also working on the implementation of the National Electronic Payment Switch (NEPS), which will enable real-time transactions between mobile money providers in Liberia. This system will allow users to send and receive money across different mobile networks, facilitating easier and more accessible transactions. The NEPS will also support the government in making direct payments to employees, contractors, and pensioners through mobile wallets.
Looking Ahead: Modernizing Liberia’s Financial Landscape
Executive Governor Henry F. Saamoi stated that these developments reflect the CBL’s commitment to building a modern financial system, fostering innovation, and resilience. The introduction of the 2% flat fee and NEPS are steps toward an inclusive economy, ensuring that every Liberian can benefit from the growing digital financial ecosystem.
By continuing to enhance Liberia’s mobile payment systems, the Central Bank of Liberia is taking crucial steps in unlocking the potential of digital financial platforms to create a more inclusive, accessible, and transparent economy.
