Finance Minister Ngafuan says digital payments are improving revenue collection and financial inclusion
By Lewis S. Teh
Monrovia, July 13, 2026: Finance and Development Planning Minister Augustine Kpehe Ngafuan says Liberia is expanding digital financial services through mobile money and a national instant payment system to bring more citizens into the formal economy.
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Ngafuan said the digitization of payments is intended to improve efficiency, strengthen compliance, and make revenue collection faster and more transparent as Liberia moves away from a cash-heavy economy.
"In a few short years, we have transformed how money moves in our country, bringing millions into the financial system and unlocking new opportunities for growth," Ngafuan said. "With transaction costs capped below one percent and a regulatory framework that encourages local participation, Liberia is building the foundation for sustainable economic transformation."
Ngafuan said data from the World Bank's Global Findex Database shows Liberia reached 52 percent account ownership by 2024, surpassing its 50 percent target.
He said the growth has been driven largely by mobile wallets, which now number more than 11 million, expanding access to financial services in a country where formal banking has remained limited outside urban areas.
A major part of the government's digital finance program is the Inclusive Instant Payment System, branded Pay Na-Na.
The platform allows users to send and receive money across mobile money networks, addressing previous limitations that required some users to maintain accounts on separate networks.
President Joseph Nyuma Boakai, who officially launched the platform, said it was intended to expand access to the financial system.
"This is not just about technology. It is about dignity, access, and ensuring that no Liberian is left behind in our financial system," Boakai said.
Officials said the system was deployed in 73 business days and has reduced some payment processing times from several days to seconds.
The expansion of digital finance is being supported by increased connectivity across the country.
According to officials, Orange Liberia and ZTE installed 128 solar-powered LTE sites in rural areas in 2024, expanding coverage to more than 580,000 residents.
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Internet use has also increased, reaching 32.4 percent of the population in early 2025, compared with 19 percent in 2019.
The Liberia Telecommunications Authority has granted Value-Added Services authorization to Orange Money, allowing mobile money, digital payments, and electronic transfers under a regulated framework.
LTA Chairperson Clarence Massaquoi described the initiative as strategic and transformative, saying it is designed to empower Liberian entrepreneurs and create opportunities for local participation.
Officials said the changes are expected to benefit rural farmers, small business owners, women, and young entrepreneurs by making payments, credit, and other financial services more accessible.
With interoperability, lower transaction costs, and expanded coverage, Liberia's digital finance push is positioning the country to accelerate inclusion, boost domestic revenue, and support long-term economic growth.
