The Central Bank of Liberia (CBL) has taken a major step toward transforming the country's digital payments landscape with the signing of Participation and Service Level Agreements with Lonestar Cell/MTN Mobile Money and Orange Money, aimed at advancing the full operation of the Inclusive Instant Payment System (IIPS).
The agreements, signed on Friday in Monrovia, establish the operational, technical, and performance framework for Liberia's national instant payment platform, paving the way for a modern, secure, and fully interoperable payment system that allows customers to send and receive money instantly across different mobile money networks.
Under the Participation Agreement, the CBL, MTN Mobile Money, Orange Money, and ThitsaWorks, the national switch operator, are formally bound to work together to ensure the smooth, secure, and transparent operation of the IIPS. The agreement, which runs for an initial period of three years and is renewable upon mutual consent, defines the roles and responsibilities of each institution involved in the system.
As part of its obligations, the Central Bank of Liberia will hold and manage settlement or liquidity accounts in both United States dollars and Liberian dollars, process daily settlements, and ensure timely fund transfers among participants. The CBL will also provide daily settlement reports to support transparency and oversight, facilitate proper reconciliation of transactions across networks, and move funds between providers based on settlement instructions issued by the switch operator.
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Speaking at the signing ceremony, CBL Executive Governor Henry F. Saamoi described the moment as a fulfillment of a long-standing national aspiration to deepen financial inclusion.
"For me, today's signing is a dream come true, because it has been our aspiration to enhance financial inclusion," Governor Saamoi said. "We cannot operate in an economy where others are excluded from financial services. We cannot eradicate poverty from our midst if we don't bring everyone into the same financial ecosystem."
The agreement also requires MTN Mobile Money and Orange Money to maintain their designated settlement accounts at the CBL, keep minimum liquidity balances to support smooth daily transactions, and allow ThitsaWorks to transmit settlement instructions and share relevant transaction data with the central bank for compliance and monitoring purposes.
Describing the agreement as a milestone for Liberia's financial sector, Lonestar Cell/MTN Mobile Money General Manager, Abubakari Halidu, said the signing represents a major breakthrough in advancing financial inclusion.
"Today's signing marks that giant step towards the financial inclusion agenda of the Liberian people," Halidu said, while commending the strong collaboration between MTN and Orange Money throughout the process.
For his part, Orange Money Chief Executive Officer, Maxwell Dodd, called the signing "a great milestone," expressing optimism that the new payment system will deliver tangible benefits to ordinary Liberians.
"We hope the Liberian people will be happy with what this system brings," Dodd said.
Under the agreement, ThitsaWorks, as the national switch operator, will operate the core switching technology, support daily transaction reconciliation using Mojaloop data, provide advance notice of system maintenance, train and guide all participating institutions on IIPS processes, and transmit all settlement instructions to the Central Bank of Liberia.
The agreement further establishes clear procedures for dispute resolution, defines liability limits, and outlines conditions for termination or renewal, ensuring fairness, safety, and predictability for all parties involved.
Complementing the Participation Agreement, the Service Level Agreement (SLA) sets strict performance and reliability standards as the IIPS transitions into full live operations involving real funds. The SLA outlines system availability requirements, response times, and operational benchmarks, while also introducing penalties for late settlements, liquidity shortfalls, and system downtime to ensure discipline and accountability among all participants.
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Together, the two agreements underscore the CBL's commitment to building a safe, inclusive, and reliable national payment infrastructure. With MTN Lonestar Cell Mobile Money, Orange Money, government institutions, and ThitsaWorks operating under clearly defined rules, Liberia is moving decisively toward a fully interoperable digital financial ecosystem.
Following the official launch of the IIPS on December 16, Liberians are expected to benefit from faster, easier, and more secure transactions across participating networks, marking a significant leap forward in the country's digital finance and financial inclusion agenda.
