Central Bank of Liberia Sets Flat 2% Mobile Money Cash-Out Fee to Boost Transparency
The bank notes that while this fee applies to cash withdrawals, digital payments for things like goods, bills, and money transfers remain a convenient and low-cost way to handle daily transactions.
The Central Bank of Liberia (CBL) has announced a new policy to standardize mobile money cash-out fees at a flat rate of 2%. This change, which took effect on August 1, 2025, is a key part of the country’s strategy to modernize its financial system and reduce its dependence on physical cash. By setting a uniform fee for all withdrawals, whether done through a mobile wallet or an agent, the CBL aims to ensure competitive and transparent pricing within the mobile money market. The bank notes that while this fee applies to cash withdrawals, digital payments for things like goods, bills, and money transfers remain a convenient and low-cost way to handle daily transactions.
This standardization is part of a broader effort to build a stronger, more inclusive financial system. The CBL is working to protect consumers and agents, promote a less cash-reliant economy, and make electronic payments more widely accepted, especially by businesses. The move is also intended to reduce the risks and costs associated with handling cash and to enhance financial inclusion, particularly for people in rural areas who lack access to traditional banking services. According to Executive Governor Henry F. Saamoi, this transition is central to fostering innovation, resilience, and inclusiveness in Liberia’s payment landscape.
Looking ahead, the CBL is also implementing the National Electronic Payment Switch (NEPS), a system that will enable seamless, real-time transactions between Liberia’s two mobile money operators. This initiative will allow all Liberians to send and receive money across different mobile networks, regardless of their provider, thereby enhancing convenience and accessibility. The NEPS will also support efficient and transparent public payments, allowing the Government of Liberia to pay employees, contractors, and pensioners directly into their mobile money wallets. This series of directives demonstrates the CBL’s commitment to modernizing financial services and unlocking the full potential of digital platforms.
