Monrovia — As it celebrates its 60th year of existence in the banking sector, Liberia's oldest bank, the Liberia Bank for Development and Investment (LBDI) has been extolled for its pivotal role played in nation building.
The Executive Governor of the Central Bank of Liberia (CBL), Henry F. Saamoi, recounted the Bank's support to Liberia's economic growth and laying the foundation for a more prosperous future.
Speaking at a dinner night that culminated the LBDI 60th anniversary celebration held at the weekend in Monrovia, he said the CBL views LBDI as a vital partner in our shared mission to promote financial stability, foster economic growth, and ensure that the benefits of development reach every corner of our nation.
Samoi recounted LBDI's contributions to financing critical infrastructure, supporting small and medium enterprises, and having the highest branch network across the country and highest Liberian ownership, have been invaluable to Liberia's economic progress.
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On the heel of the mammoth achievements, LBDI is being reminded to take cognizant of the digital world as the global financial landscape has become an imperative for transformation driven by digital technology.
Samoi explained the critical importance of Mobile banking, digital payments, blockchain technology, and artificial intelligence that are reshaping how financial services are delivered and consumed.
"For Liberia, digital transformation represents both an extraordinary opportunity and a significant challenge," said the CBL boss.
"The digital revolution has fundamentally transformed the global financial services industry, and Liberia stands at a very critical juncture in this transformation. The rise of mobile banking, digital payment platforms, fintech innovations, and blockchain technologies presents both extraordinary opportunities and significant challenges for our banking sector," he noted.
With the growing technological/digital world, Samoi recognized that digital financial services are no longer optional, but essential to financial inclusion, economic efficiency and competitiveness.
"We are committed to developing a comprehensive regulatory framework for digital banking that encourages innovation while managing risks associated with cybersecurity, data privacy, consumer protection, and financial crimes prevention."
In the bank's effort to digitalize the financial system and support an efficient payment system, Governor Samoi revealed CBL's current agenda in working to build a modern, robust National Electronic Payment Switch (NEPS) with funding from the World Bank.
"As a first step, we are poised to launch the first instant and inclusive payment and settlement system (IIPSS) with support from our strategic partners to promote interoperability between the two mobile money operators. This is a major development that we should all celebrate!"
Founded in 1965, LBDI celebrated its diamond jubilee (60th anniversary) under the theme: "From Challenge to Triumph: The Journey of Renewal" in grand style with several activities lined up that touched the lives of ordinary Liberians. It's also clothed under the Bank's vision to expand its visibility across all sectors.
In his message, President and CEO, Dr. Dr. Christian N. Allison, recommitted the bank's renewed vigor to driving Liberia's economic renewal and transformation.
In recognition that Liberia stands at a pivotal moment, emerging from recent global challenges and poised for accelerated growth, the Liberian financial expert intoned that LBDI is committed to being at the forefront of this renewal, financing innovative projects that will shape the nation's economic future.
Though the bank has gone through different hurdles that have the propensity to cause lasting insolvency to any financial institution, Dr. Allison bragged that each of these challenges has only tested the bank's resolve and has emerged stronger, more determined, and better equipped to serve our nation.
Through periods of uncertainty, when other institutions faltered, he recalled that LBDI remained steadfast, continuing to provide essential financial services and supporting the economic activities that kept hope alive.
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"Our strategic priorities for the next decade are ambitious yet achievable. We will continue to leverage technology to enhance financial inclusion, recognizing that digital financial services can reach communities that traditional banking models cannot. Through mobile money partnerships, agency banking, and innovative digital products, we will bring banking services to every corner of Liberia," said the head of LBDI.
Looking at the future ahead, he vowed LBDI's readiness to strengthen partnerships with international financial institutions, development agencies, and technology providers to bring world-class solutions to Liberian customers while building local capacity and expertise.
At the same time, the Minister of Finance and Development Planning or MFDP and Chairman of the Board of LBDI, Finance Minister, Augustine Kpehe Ngafuan, also lauded LBDI's commitment to responsible banking within the corridors of the country's banking sector.
The bank is remembered by Minister Ngafuan for its long-standing trustworthiness over the past decades.
