The Central Bank of Liberia (CBL) has launched the third edition of the county-level Financial Education/Literacy Program along with the Pan African Payments and Settlement System (PAPSS) in Sanniquellie, Nimba County, drawing significant public support as residents turned out in large numbers to embrace the initiative.
The launch event was held in the auditorium of Nimba County University and brought together representatives from the Liberia Marketing Association, Village Savings and Loan Associations (VSLA), the Liberia Motorcyclist Union, the Transport Union, the Disabled Community, the Rural Women of Nimba County, youth and student groups, among others.
The program is being implemented by the Female Journalists Association of Liberia (FeJAL) and the Office of the Culture and Arts Ambassador of Liberia.
Nimba County Gender Coordinator Madam Yah Ballah Suah launched the program, encouraging local businesspeople to adopt proper planning practices to ensure the growth and success of their ventures.
"Many businesses fail because they are not planned well," she noted, urging residents to cooperate with the trained community mobilizers who will be providing practical lessons on financial planning and management. "This program will go a long way in improving the lives of your families and, by extension, the nation," she added.
Speaking at the event on behalf of the Central Bank, Cllr. P. Alphonsus Zeon, Chairperson of the Government of Liberia Working Group on Financial Education, provided background on the FinEd program. He explained that the initiative was first introduced in 2016 as a government response to the country’s economic challenges. The goal is to equip citizens with essential financial skills that empower them to better manage their money and grow sustainable businesses.
"When our people know how to manage their money, it reduces the economic burden on both them and the government," Cllr. Zeon stated.
He also spoke of the Pan African Payments and Settlement (PAPSS) , as a modern payment platform that allows cross-border payments in local currencies.
"Previously, doing business across border, whether in Guinea, Ivory Coast, Ghana, or Nigeria, required foreign currencies. With PAPSS, you can now make payments in Liberian dollars, saving time and reducing reliance on foreign exchange," he explained. “But if we don’t come out to share this with you, you won’t know or benefit from it.”
Cllr. Zeon applauded the large turnout and urged residents to welcome the community trainers who will be working with them in their villages and towns. He emphasized that the program is locally driven. “We are not bringing people from Monrovia who will come for a few days and leave. We are training local mobilizers -- people who know the community, speak the dialects, and understand your challenges – so they can stay and help you,” he said.
Also speaking at the event were FeJAL President Madam Lisa T. Diasay and Culture and Arts Ambassador Hon. Kekura Kamara. Both expressed delight in partnering with the CBL to support grassroots financial education and empowerment.
Twelve community mobilizers were awarded certificates after completing a two-day training facilitated by FeJAL in collaboration with the CBL and the Office of the Arts and Culture and Ambassador. These mobilizers represent the third cohort trained under the program, following previous sessions held in Grand Gedeh and Lofa Counties. Upcoming training sessions are planned for Bong, Margibi, Grand Bassa, Grand Cape Mount and other counties.
The Financial Education/Literacy Program and PAPSS have already been launched in Grand Gedeh on June 23 and Lofa County on July 12 as part of a nationwide rollout.