CBL Governor Calls for Tougher Banking Oversight

MONROVIA, August 17, 2026: Central Bank of Liberia (CBL) Executive Governor Henry F. Saamoi has called for stronger cross-border banking supervision, improved cybersecurity, and accelerated financial sector reforms across West Africa to safeguard financial stability and deepen regional integration.

Governor Saamoi made the call while delivering the keynote address at the virtual 58th Meeting of the College of Supervisors of the West African Monetary Zone (CSWAMZ).

He said that growing regional links among banking groups, payment systems, and financial institutions mean that financial stability can no longer be effectively pursued within national borders alone.

According to the CBL Governor, regulators across the region must strengthen cooperation, improve information sharing and promote greater transparency in addressing risks within financial institutions.

He identified the timely exchange of supervisory information, convergence of reporting standards and supervisory metrics, and transparency in addressing emerging challenges as key priorities for regulators.

“These elements are essential for crisis prevention and long-term stability in the region’s banking sector,” Saamoi said.

The CBL Governor also highlighted the rapid expansion of digital financial services across Africa, calling for stronger regulatory oversight of fintech companies, cloud service providers and digital payment infrastructure.

He said cyber resilience has become a critical component of financial stability and urged regulators to coordinate cybersecurity standards, incident reporting and operational resilience across the region.

Saamoi also stressed the importance of Supervisory Technology, or SupTech, including automated reporting systems and advanced analytics, in strengthening the capacity of regulators to identify and respond to emerging financial risks.

Turning to Liberia, the Governor cited the December 2025 launch of the country’s Inclusive Instant Payment System, Pay Na-Na, as part of efforts to modernize the financial sector.

The system provides real-time interoperability among commercial banks, mobile money operators, microfinance institutions, fintech companies and government agencies, with the aim of improving financial inclusion, efficiency and transparency.

Saamoi also called for the modernization of banking laws and regulatory frameworks to keep pace with technological changes in the financial sector.

He urged continued implementation of the West African Monetary Zone Model Act, stronger bank-resolution frameworks, comprehensive legislation governing digital financial services and cybersecurity, and the adoption of international prudential standards, including Basel II and III.

Meanwhile, Governor Saamoi announced that the CBL will host a National Conference on the Resolution of Non-Performing Loans in Monrovia from September 9 to 11, 2026.

The conference is expected to bring together policymakers, regulators, financial institutions, development partners and legal professionals to examine ways of addressing non-performing loans, which remain a major constraint on private-sector lending and economic growth.

Concluding his address, Saamoi reaffirmed Liberia’s commitment to regional financial cooperation and modernization.

“The future of financial stability in West Africa will not be determined by the strength of any single institution, but by the strength of our collective resolve to cooperate, innovate, and build resilient financial systems that serve our people,” he said.