Monrovia, Liberia – The Liberian government, led by President Joseph N. Boakai, has introduced the Pan African Payment and Settlement System (PAPSS) and the Finance Education and Literacy Program, an effort developed by the Central Bank of Liberia.
During the launch at the Monrovia City Hall on Thursday, March 27, 2025, President Boakai stated that the National Financial Literacy and Education Program and the Pan African Payment and Settlement System (the PAPSS) are both commendable initiatives that will have a positive impact on the ARREST Agenda.
The President stated that the FLEP and PAPSS have tangible evidence and a well-established global reputation for promoting financial education and financial inclusion, both of which may lead to inclusive economic development.
“The ARREST Agenda is about the people and for the people. The two projects are exactly what the agenda aims to accomplish,” President Boakai stated.
“People may better comprehend a range of financial services and products, including investments, credit, insurance, and savings accounts, with the aid of financial education. When individuals are financially educated, they will feel more comfortable interacting with financial institutions and managing their money,” he added.
According to President Boakai, this can result in more people using formal financial services, financial empowerment, the expansion of the private sector, and inclusive and sustainable economic growth.
Speaking about the significance of FLEP and PAPSS, the Liberian leader clarified that once people are financially included due to their understanding and utilization of financial products, they are more likely to invest in their future, establish and grow their businesses, and support the nation’s economic development.
“It is especially important for the financially excluded groups, like women and low-income communities,” he continued, adding that this is exactly what the ARREST Agenda aims to address and that it is possible with the support of the Central Bank-led Financial Education Program.
The idea that financial inclusion, facilitated by financial education, would empower women and other financially marginalized groups by giving them the means to create their own businesses, manage their finances, and make economic decisions is one that can never be overstated. According to President Boakai, noting that, this encourages social inclusion and gender equality.
He asserted that access to financial services like savings and insurance may be made possible by means of financial literacy.
The establishment of the Pan African Payment & Settlement System (PAPSS) and the Financial Literacy & Education Program at the same time is not a coincidence, he said; both are essential to achieving the ARREST Agenda.
According to the Liberian leader, the PAPSS streamlines the procedure and lowers the expenses and obstacles related to foreign exchange by enabling instantaneous and safe cross-border payments in local currencies throughout Africa. Additionally, he clarified that the PAPSS project is a crucial part of the African Continental Free Trade Area (AfCFTA), a free trade area that comprises all 55 member nations of the African Union (AU).
“Being able to do cross-border trade without needing to first convert the Liberian dollar to the US dollar would be a huge accomplishment, especially given the country’s ongoing foreign exchange issues. This would boost the Liberian dollar’s value and our nation’s external position by preserving our limited foreign exchange and increasing our international reserves,” he added.
By enabling transactions in local currency, PAPSS will expedite the government’s de-dollarization agenda, which would ultimately aid in stabilizing the Liberian economy and lowering exchange rate volatility, according to President Boakai.
In order to achieve financial inclusion, economic empowerment, and accelerate the ARREST Agenda for Inclusive Development, the President also urged all stakeholders to take advantage of opportunities in the nation’s financial system, especially the Financial Education Program and PAPSS.
