The Executive Governor of the Central Bank of Liberia (CBL), Dr. J. Mills Jones is expected to implement series of reforms to revise the payment system in the country.
The reforms, according to its July and September, 2014 Financial and Economic Bulletin report the process will be implemented in line with international standards.
The report further said that the bank will implement the reform in partnership with the West African Monetary Institute.
The report said the key components of the modernization include Real-time Gross Settlement System, Automated Check Processing, Automatic Clearing House System, among others.
The report further said: “The goal is intended to upgrade the country’s financial infrastructure to the level of other countries, like Ghana and Nigeria, Gambia and amongst other.
Upgrading the country’s financial infrastructure is aimed at preparing for the launch of a single currency in the sub-region.
CBL also established a separate unit in 2012 to spearhead the modernization effort. Since its establishment, the report said “The unit has coordinated efforts with the relevant stakeholders in moving the process forward.”
The entire modernization effort involves the development of networks and shared physical infrastructure.
This, according to the report, will enable the effective operation of financial intermediaries, exchange of information and data.
The report also said during 2014, the CBL commenced the implementation on the infrastructure.
Following the commencement of infrastructure implementation, significant progress was reported in terms of getting the data environment ready, deploying the networks and telecommunication equipment.
Such significant progress encouraged information exchange between the system participants, the report said.
“The CBL is in discussion with the contractors to return to Liberia and resume work,” the report added.