CBL & Afriland First Bank Signs Memorandum of Understanding for Currency Exchange

CBL & Afriland First Bank Signs Memorandum of Understanding for Currency Exchange.

The Central Bank of Liberia (CBL) has partnered with Afriland First Bank to streamline currency exchange operations through rural financial institutions in eight of Liberia’s 15 counties, including Lofa, Bong, River Gee, Rivercess, Nimba, Gbarpolu, and Sinoe.

Replacing the old currency has posed challenges, exacerbated by poor road conditions, particularly during the rainy season and amid the 2023 elections and transition period.

At a ceremony attended by Afriland First Bank Liberia Limited’s Managing Director and staff, the collaboration highlighted both institutions’ dedication to enhancing financial inclusivity.

Governor J. Aloysius Tarlue stressed the significance of teamwork, building upon a previous MOU signed two years ago with all commercial banks, laying the groundwork for this currency exchange initiative.

Under the new MOU, CBL will work closely with Afriland First Bank Liberia Limited, which, in turn, will collaborate with Rural Community Finance Institutions (RCFIs) in the designated counties.

Governor Tarlue noted the importance of the partnership, especially with the approaching March 31, 2024 deadline for the termination of legacy banknotes. He applauded Afriland for its support and acknowledged progress, with 84% of old banknotes already withdrawn and destroyed.

Despite challenges, including adverse weather conditions and political transitions, Governor Tarlue reiterated CBL’s commitment to withdrawing over 90% of old banknotes by the deadline. He urged businesses not to reject legacy banknotes, assuring full exchange value for deposits made by March 31, 2024.

To expedite the currency exchange process, CBL announced a nationwide initiative scheduled for March 16–30, 2024, targeting specific areas across ten counties. Teams, including one stationed in Voinjama, Lofa County, will oversee operations, ensuring broader coverage and accessibility.

Robert Nkous, CEO and Managing Director of Afriland First Bank Liberia, expressed gratitude for the partnership, emphasizing the bank’s dedication to economic growth and financial inclusion. He highlighted Afriland’s support for small and medium enterprises (SMEs) and agricultural financing, stressing the importance of bridging rural-urban divides.

Nkous reaffirmed Afriland’s commitment to supporting the government’s development agenda and expanding financial access to underserved regions. He concluded by stating that the partnership reflects shared commitment to national progress and collective responsibility in advancing Liberia’s economic landscape.