The African Development Fund (ADF) has approved a $3.9 million grant to upgrade Liberia's payments infrastructure and systems project.
Liberia has a financial inclusion rate of 44.2% (Findex 2021), and the project aims to improve financial inclusion by reaching disenfranchised populations including youth, women, smallholder farmers, Micro Small and Medium Enterprises (MSMEs), and other rural populations.
The improvements will reduce the financial inclusion gap by providing infrastructure support for the World Bank-financed NEPS project and prepare Liberia for the region's financial integration efforts and increased cross-border trade that requires robust payments infrastructure.
The project, which is being executed by the Central Bank of Liberia in partnership with banking and non-banking institutions, will include the upgrade of the Central Bank of Liberia's data centre and disaster recovery sites, benefiting commercial banks and their customers.
Commencing in June 2023, the project will build financial stability and strengthen the formal financial sector, contributing to greater private sector development.