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CBL and IFC conduct workshop on payment system

By Naneka A. Hoffman

The Central Bank of Liberia in collaboration with the International Finance Corporation (IFC) is currently holding a two days workshop in Monrovia with stakeholders from over twelve (12) financial institutions in Liberia, focusing on payment systems and other business methods.

The workshop also focuses on functions of the National Payment Council and Business Models of the National Payment Systems with approximately 44 participants in attendance.

The Director of Payment Systems at the Central Bank of Liberia Mrs. Miatta Kuteh said the CBL is currently engaged with partners to ensure that implementation of basic reforms and other financial services are on course.

Speaking Tuesday, 24th January at Mamba Point hotel in Monrovia, she encouraged participants to take advantage of the exercise as it is poised to provide more opportunities for commercial institutions.

For his part, the Senior Financial Sector Specialist (Consultant) at the International Finance Corporation, Charles Niehaus, explained that Business Model of the National Payment Systems is about how different payment participants in the country can work together closely, adding that it happens in three ways.

Mr. Niehaus explained that payment participants work through observance of the rules of engagement, taking into account how important it is for one payment medium to work with another.

 He said this is achievable by technology that links them as payment models, adding that each different transaction is linked to the system and that the final way payment participants work together is by the business models involved along the way with the chain that forms the payment system.

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 Meanwhile, other activities captured in the financial consultant’s presentation were reliability of digital money transactions, including ATM services and mobile money operations.

“ATM is okay in a way that has to do with turning digital to paper and it is easy for anyone at any time,” he explained.

He added that business model applies to mobile money accounts, noting that is how financial transactions occur from deposits to withdrawals, including cash out along with the interparty pricing process.

The workshop is organized by the International Finance Corporation (IFC) in partnership with the Central Bank of Liberia. Other institutions in attendance include EcoBank Liberia Limited, Citi Trust, Afriland Bank, SIB, International Bank Liberia, and the Liberia Bank for Development Investment. Also in attendance are the Liberia Chamber of Commerce, Liberia Revenue Authority, MTN mobile money, Active Insurance, among others.

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The New Dawn is Liberia’s Truly Independent Newspaper Published by Searchlight Communications Inc. Established on November 16, 2009, with its first hard copy publication on January 22, 2010. The office is located on UN Drive in Monrovia Liberia. The New Dawn is bilingual (both English & French).
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