Liberia calls for stronger West African financial supervision
Henry F Saamoi, Executive Governor of the Central Bank of Liberia, called for strengthened regional financial supervision and integration at the College of Supervisors of the West Africa Monetary Zone meeting in Monrovia on February 4, 2026. He emphasized the imperative of cross-border cooperation for financial stability.
Guardians of cross-border stability
Supervisors are the guardians of financial stability, with their role in the West African Monetary Zone (WAMZ) extending beyond national borders to harmonize standards and build trust.
In today's interconnected financial system, risks transmit rapidly, rendering isolated supervisory approaches insufficient.
The College of Supervisors of the West Africa Monetary Zone (CSWAMZ) provides a structured framework for cooperation, information sharing, joint risk assessment, and coordinated intervention.
This platform enhances collective capacity to identify vulnerabilities early, ensure consistent responses, and strengthen crisis preparedness across the WAMZ.
Liberia remains fully committed to this vision, anchoring its comprehensive reforms in national development, ECOWAS benchmarks, the WAMZ framework, and international standards like the Basel Core Principles.
Liberia's reform agenda in action
The Central Bank of Liberia is implementing a phased increase in the minimum capital requirement for banks from US$10 million to US$15 million over 2026-2028, aiming to reinforce capital adequacy and support responsible credit expansion.
Significant progress is also being made in national payments system reform, with the successful launch of the Inclusive and Instant Payment System (IIPS) in 2025, achieving nationwide interoperability and improving financial access.
This complements the ongoing deployment of the National Electronic Payments Switch, targeting an increase in financial inclusion from 52 percent to over 70 percent by 2029.
Furthermore, Liberia enacted the Bank-Financial Institutions and Bank-Financial Holding Companies Act, 2025, strengthening consolidated supervision, corporate governance, and risk management, while advancing reforms in non-bank financial institutions, AML/CFT, and cybersecurity oversight.
Progress, but challenges persist
Despite Liberia's significant financial sector reforms, high non-performing loans and limited long-term financing remain key hurdles.
Regional supervisory cooperation is vital for cross-border risks, but its impact relies on robust national implementation and capacity.
The ambitious vision for a unified West African financial system demands sustained commitment and deeper structural reforms from all member states.