Liberia: CBL Breaks Ground for Regional Cash Hub in River Gee
..... The regional cash hubs will ensure the availability of liquidity to commercial bank branches and other related financial institutions in the rural parts of the country as well as enhance the CBL’s cash distribution capability in the economy.
The Central Bank of Liberia (CBL), has broken ground for a regional cash hub in Fish Town, River Gee County, which, when completed, would meet the banking demands of the country's rural population.
According to a CBL release, the selection of Fish Town is predicated on its central location in the region, making it accessible to the five counties of the southeast.
The regional cash hubs will ensure the availability of liquidity to commercial bank branches and other related financial institutions in the rural parts of the country as well as enhance the CBL’s cash distribution capability in the economy.
The hub, when completed, will be the first-ever regional cash center constructed in the southeast and the second of four cash hubs earmarked for construction across the country. The River Gee cash hub is expected to serve thousands of Liberians living in Maryland, Sinoe, Grand Gedeh, and Grand Kru counties.
At the groundbreaking ceremony on January 26, Nyemadi Pearson, CBL’s Deputy Governor for Operations, said the facility will be used to enhance CBL’s capacity to efficiently manage cash operations, which requires the movement of cash in the rural parts of the country, while serving as CBL’s replenishment point, including replacement of mutilated banknotes.
According to her, the initiative complies with President George Weah's mandate for the decentralization of the Central Bank. She assured the people of River Gee County that the building will be completed and dedicated before the end of 2023.
She expressed the belief that the construction of the regional cash hubs will attract a number of banking institutions and address one of the key challenges faced by commercial banks in the region which is cash movement between the branches of commercial banks and their head offices in Monrovia, especially during the rainy season.
The hub will be used to facilitate the provision of services to the government and its agencies, including revenue collection, and salary payments to civil servants, as well as attract commercial banks to the rural areas.
The hub will also contain a banking hall for handling liquidity requests of commercial banks and other regulated financial institutions in the rural parts of the country for enhancing CBL's distribution capability in the economy and the National Payment System infrastructure.
It will also facilitate the provision of services to the government and its agencies, including revenue collection and salary payments.
In CBL’s financial services decentralization plan, the Fish Town Hub is one of four facilities earmarked for construction across Liberia. When completed, it will add to the already nearing-completion cash hub in Voinjama, Lofa County, and the now fully functioning Gbarnga Cash Hub, in Bong County – Central Liberia.
In response, River Gee County Superintendent Philip Nyenuh lauded President weah and the leadership of the Central Bank of Liberia for what he termed as an economic boost and great relief to the people of the county.
He assured the CBL leadership of his county's commitment to ensuring the protection of materials intended for the construction of the hub.
Nyenuh recommends that priority be given to qualified residents in the southeast to enhance their economic capacities. He also called on his kinsmen to take ownership of the project and cooperate with contractors in whatever way possible for the successful implementation of the project.
It can be recalled that the Government of Liberia in early December 2022 dedicated the first ever modern regional cash hub in Gbarnga, Bong County.