The Central Bank of Liberia is expected to dedicate its first regional Cash Hub Bong County today as a means of facilitating government services including revenue collections and salary payments.
The Cash Hub is the first of four cash hubs earmarked for construction across the country and contains 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 cash distribution capability in the economy and the National Payment System infrastructure.
CBL Executive Governor, J. Aloysius Tarlue, Jr. said: “The location of the Cash Hub in Gbarnga, Bong County is ideal for accessibility because of the central location in Bong County. It will attract banking institutions to rural areas as it will address one of the key challenges faced by commercial banks operating in the rural areas with respect to cash movement between commercial bank branches and their head offices in Monrovia, especially during the rainy season”.
Operators of huge cash, such as petrol stations, department stores, and merchants, will also have easy access to their funds at commercial banks, as those banks will now be able to deposit and draw down on their accounts at the CBL Hub.
The Cash Hub, a flagship project of the CBL Project, which aimed at modernizing financial centers, will be dedicated on December 10, in Gbarnga, Bong County. This Hub will serve as a blueprint for subsequent cash hubs to be constructed in other parts of the country.
The dedicatory ceremony is expected to be performed by President George Weah in the presence of members of the Cabinet, Chairmen of the Banking Committees of the House and Senate, the President of the Liberia Bankers Association, and International Partners. Local county officials are also expected to attend the occasion.