By Decontee M. Wesseh
MONROVIA, April 13 (LINA) – The Central Bank of Liberia (CBL) has issued four regulatory frameworks to give access to other entities to be regulated by CBL and form part of the mobile money system.
CBL Executive Governor Milton Weeks named the four regulatory frameworks as the consumer protection guidelines, rural community finance institution regulation, agency banking regulation and the electronic payment system drive regulation.
Speaking during the official launch of the Liberia Revenue Authority (LRA) tax payment initiative via mobile money at the Monrovia City Hall Thursday, Weeks noted that all of the regulations that were issued will help to facilitate the expansion of financial inclusion and deepen financial inclusion through the use of a payment infrastructure system.
« If these frameworks can be expanded, financial inclusion will enable the CBL address full-force the central points of the government’s pro-poor agenda, » he indicated.
According to Weeks, the CBL has made various interventions in strengthening its regulatory regime and oversight of the two licensed mobile money provider system, as well as creating a network of agents that will provide agency banking relationship.
He further disclosed that the CBL has issued Agency Banking Regulations, true to its commitment and growth in the economy, adding, that the CBL is « looking forward to an aggressive roll-out of agency banking services using the mobile money. »