Liberia's Central Bank Establishes Consistent 2% Fee for Mobile Money Cash-outs to Enhance Transparency
Central Bank of Liberia Introduces Uniform Mobile Money Fee to Modernize Financial System
The Central Bank of Liberia (CBL) has announced a new policy effective August 1, 2025, to standardize mobile money cash-out fees at a flat rate of 2%. This move is a strategic component of Liberia’s broader plan to modernize its financial system and reduce dependence on physical cash.
With digital payments for goods, bills, and money transfers remaining a convenient and low-cost way to handle daily transactions in Liberia, the CBL aims to encourage greater use of digital financial services. The new policy is intended to ensure competitive and transparent pricing within the mobile money market, thereby protecting consumers and agents in Liberia's mobile money market.
The policy is a key enabler of Liberia’s transition to a modern, inclusive, and digital financial system. By standardizing fees, the CBL aims to promote transparency and fair pricing across mobile money operators, which enhances consumer protection. This standardization will also reduce reliance on physical cash, thereby cutting costs and logistical challenges tied to printing and distributing banknotes.
The CBL's strategy with the new policy also aims to enhance convenience and accessibility in Liberia's payment landscape. The implementation of the National Electronic Payment Switch (NEPS) is a testament to this commitment. The NEPS is a system for seamless, real-time transactions between Liberia's mobile money operators, allowing all Liberians to send and receive money across different mobile networks, regardless of their provider.
Moreover, the CBL is working to support financial inclusion, particularly for people in rural areas who lack access to traditional banking services. The NEPS will support efficient and transparent public payments, allowing the Government of Liberia to pay employees, contractors, and pensioners directly into their mobile money wallets.
The move to standardize mobile money cash-out fees is also intended to reduce risks and costs associated with handling cash. By making electronic payments more widely accepted, especially by businesses, the CBL aims to promote a less cash-reliant economy. This digital-first transformation agenda articulated by CBL's Executive Governor Henry F. Saamoi is aimed at driving innovation, resilience, and inclusiveness within Liberia’s payment ecosystem.
In summary, the new uniform 2% mobile money cash-out fee is both a regulatory measure to standardize the sector and a key enabler of Liberia’s transition to a modern, inclusive, and digital financial system. The CBL's implementation of the NEPS demonstrates its commitment to modernizing financial services and unlocking the full potential of digital platforms.
- As part of Liberia's drive to modernize its financial system, the Central Bank of Liberia (CBL) aims to promote the use of digital financial services in business, notably mobile banking, by standardizing fees and implementing the National Electronic Payment Switch (NEPS).
- The CBL's strategy to encourage mobile banking and digital payments also aims to reduce the risks and costs associated with handling cash, promoting a less cash-reliant economy, especially for businesses.
- The implementation of the NEPS by the CBL serves not only to standardize transactions between mobile money operators, ensuring competitive and transparent pricing, but also to increase financial inclusion, particularly in rural areas where access to traditional banking services is limited.
