Central Bank of Liberia launches real-time digital payments

By Vriti Gothi

The Central Bank of Liberia (CBL) has launched the Inclusive Instant Payments System (IIPS), a real-time, interoperable payments platform designed to strengthen digital financial inclusion and reduce reliance on cash across the country. The system, built on the open-source Mojaloop infrastructure, connects Liberia’s two mobile money operators, Lone Star Cell MTN and Orange Liberia, and establishes the foundation for a broader national payments switch.

The launch marks a significant milestone in Liberia’s digitisation agenda, particularly as mobile money continues to drive financial access. According to the World Bank’s Global Findex 2024, account ownership in Liberia reached 52%, exceeding national targets, largely due to the rapid expansion of mobile wallets.

Deployed in 73 business days, IIPS is the fastest Mojaloop implementation to date and the first real-money deployment of Mojaloop version 17. The platform enables instant person-to-person transfers and supports government-to-person payments, with salary and social benefit disbursements now expected to settle in seconds rather than days.

Miatta Kutteh, Director of Payment Systems at the Central Bank of Liberia, said, “To remain on par with our neighbours, we knew we needed to digitise Liberia’s economy fully. Implementing IIPS is the first major step toward establishing a national electronic switch that integrates all market participants. Interoperability has been one of Liberia’s greatest challenges, especially for rural and underbanked communities. Mojaloop gives us a modern, open and secure infrastructure to drive change.”

Beyond mobile money interoperability, IIPS is designed to integrate Liberia’s nine commercial banks, the real-time gross settlement system, automated clearing house transfers, and the Pan-African Payment and Settlement System (PAPSS). This expanded connectivity is expected to support cross-border payments, FinTech integrations, and future innovation within the financial sector.

The IIPS launch positions Liberia among a small but growing group of African markets that are using open, interoperable payment rails to modernise their financial systems. As governments across the region seek scalable alternatives to legacy infrastructure, Liberia’s rapid deployment highlights the potential of open-source platforms to accelerate national payment reforms.