The Central Bank of Liberia has officially announced the upcoming launch of a national electronic payment switch, a transformative initiative aimed at modernizing Liberia’s financial infrastructure, promoting financial inclusion, and reducing reliance on physical cash.
What's wrong with this picture?
Yep, electrical power is unreliable, even in Monrovia. And the climate isn't kind to electronics.
“If someone in Liberia can pay for goods in Ghana without U.S. dollars, that’s not just convenience—it’s transformation,” Ngafuan said.
OK, that seems like a nice ambition.
“Digitization helps fight corruption. You can trace every payment,” Balogun said. “We, the banks, are ready to support."
That, if true, sounds like a good reason for the system to never get implemented. Who in the government has an interest in fighting corruption?
Although it opens the door for spying on business rivals, so maybe... And it suggests ways of doing taxation or asset seizure conveniently.
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