Liberia: African Development Fund grant to modernise payments infrastructure and systems -The African Development Fund’s Board of Directors has approved $3.9 million grant to finance upgrade of Liberia's payments i... -
The African Development Fund’s Board of Directors has approved $3.9 million grant to finance upgrade of Liberia’s payments infrastructure and systems projectThe approval of the grant from the Bank’s concessional lending window, was made on 17 March. The project’s primary objective is to strengthen the payments ecosystem in Liberia for increased efficiency and to foster growth and innovation.
The project will also contribute to increased inclusion and fostering of regional integration through technological upgrade to required standards. Implementation of the new project will commence in June 2023 and will be executed by the Central Bank of Liberia working in close collaboration with banking and non-banking institutions.
He added that the impact of these improvements would contribute to reducing the financial inclusion gap through the provision of infrastructure support for the World Bank financed NEPS project. The project will also serve to prepare Liberia for the region’s financial integration efforts and increased cross border trade which require robust payments infrastructure.
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