The Central Bank of Liberia (CBL) has launched the Liberian Inclusive Instant Payments System (IIPS) in collaboration with Mojaloop, ThitsaWorks and The AfricaNenda Foundation.
IIPS is a real-time, interoperable payments platform driven by Mojaloop, an open-source payment infrastructure designed to support digital financial inclusion. The new solution will allow mobile money transfers between Lone Star Cell MTN and Orange Liberia, two mobile network operators, reflecting CBL’s goal to digitise the national economy and improve interoperability across key payment channels.
Supporting underbanked communities in Liberia
Liberia’s IIPS is the first real-money deployment of Mojaloop v17, providing access to modern cross-border and fintech integration features as early as possible. The system aims to optimise everyday life by enabling fast and secure digital transactions that reduce cash dependence and encourage financial participation. Government payments, like salaries and social benefits, will become faster and more transparent, taking seconds to process rather than days. The solution will also reduce the need for citizens to carry two phones, one for Orange and one for MTN, to transact.
The new system will enable integration across Liberia’s nine commercial banks, offering the base for faster development and stronger financial resilience. The CBL mentioned that the country needs to become fully digitised if it wishes not to be left behind. The implementation of IIPS is the first step in this regard, establishing a national electronic switch that integrates all market participants.
As interoperability is fundamental and challenging at the same time, especially for rural and underbanked communities, Mojaloop aims to deliver a modern, open, and secure infrastructure to drive more accessible and affordable payments for citizens and businesses. Liberia is currently making progress in advancing financial access, surpassing its 50% account ownership target and reaching 52% by 2024. This increase was driven by the rapid growth of mobile wallets, according to The World Bank Global Findex (2024).
