CC image courtesy of US CIA World Factbook.
The Central Bank of Liberia has launched the implementation of the West African Monetary Zone (WAMZ) payment development system, in order to improve the company’s banking system.
Working towards a shared currency within the WAMZ by 2020, the system is to operate in African countries Gambia, Guinea, Liberia and Sierra Leone.
Financial institutions in participating regions will share electronic files, remittance and mutual structure formats.
Will Bako Freeman, ICT and payment system director for the West African Monetary Institute (WAMI), said the project is essential in its improvements for the Liberian banking system,Technology Banker reported.
Automated Clearing House (ACH) is to be introduced as part of the system, encouraging financial systems of WAMZ countries to use credit transfers for domestic payments and eliminating float.
Freeman believes the economic and monetary programme will enable Liberia to step up to the same level as Ghana and Nigeria.
