By: Antoinette Sendolo (Intern)
The Central Bank of Liberia has embarked on the West African Monetary Zone (WAMZ) payment system development project implementation.
The project is aimed at putting Liberia’s banking system on par with other African countries.
This project also seeks to prepare the transition of a single currency in the West African Monetary Zone by 2020.
The WAMZ project is being implemented in four African countries across the continent namely: Liberia, Guinea, Sierra Leon and the Gambia.
One of the components of the project is concerned with the implementation of an Automated Clearing House (ACH) which encourages the usage of credit transfers for domestic payments and is intended to further eliminate float and move the financial system into a credit-driven system.
The ACH will also be used to handle large volume and low value payment transactions in three of the WAMZ countries, Liberia, Sierra Leone and the Gambia.
In helping to implement the project, participating institutions will exchange electronic files, name remittance and structure according to pre-defined formats.
Speaking to a team of journalists at the kick-off of the project, the Director of ICT and payment system, Mr Will Bako Freeman, said the project is very important to Liberia as it will help change the status of the banking system in the country.
He said if the project is implemented successfully, the modernization of the payment system will take Liberia to the level of Ghana and Nigeria and ensure that its economic and monetary union program stay on course.
He however expressed his gratitude to Liberians and WAMZ authorities who have made the realization of the project a reality in the four beneficiary countries for their unflinching supports.